Paying a private seller for a car over 30K

[orinoco13]

What is the best way of paying a private seller for a car bearing in mind that most banks have a 20K limit to daily transfers? Just looking for folk with recent experience of this issue.

[limpsfield]

orinoco13 said:

What is the best way of paying a private seller for a car bearing in mind that most banks have a 20K limit to daily transfers? Just looking for folk with recent experience of this issue.

I don’t know if that is bank specific but I recently did more than 20k for a car purchase privately and it went through while we were sorting the paperwork out over a cup of tea.

I would suggest you call your bank and ask.

[TownIdiot]

Arrange with your bank to increase your limit for one transaction.

[SteBrown91]

I have recently done this and just paid over 2 days.
Guy then settled finance, transferred the car in advance and I collected the next day.

[Dave200]

orinoco13 said:

What is the best way of paying a private seller for a car bearing in mind that most banks have a 20K limit to daily transfers? Just looking for folk with recent experience of this issue.

If you visit a branch with ID and your bank card, you can often transfer over that amount in a single transaction.

[RGG]

This is what I did

TSB Faster Payment - 5 X higher than your purchase cost.

Instead of doing at the sellers house.

We, the seller and myself went into the closet TSB Bank.

Ask for some assistance.

Go into the office.

Explain you want to make a high figure faster payment.

They set it up, and you make the faster payment there and then.

It was very easy.

[sixor8]

I paid over £22k for my Griffith in 2021. I did it with three online bank transfers under £10k using my phone app (Santander's limit at the time). I did a transfer of £200 first as a deposit and to create the payment pathway.

[Hammy98]

Having just done this with Santander last week...

Seller should call their bank and make them aware of the incoming payment in advance so that it isn't subject to any holds.

Call your own bank, you should be able to instigate the payment over the phone which isn't limited the same way your online banking is (for me anyway).

Wait for funds to clear - should be within the hour but to be safe I'd make sure this is all done early in the day with plenty of time to call or visit a branch if there is an issue.

[orinoco13]

Thanks for all the info and suggestions. Much appreciated.