how do I safely get my car money?
Discussion
A guy from europe if flying in on tues to buy the tuscan. willing to pay half now and half on collection via bank transfer. Is this safe or do I get the rest in euros then change it up? Or how else can you get a bank transfer the same day done. As I dont want him driving off in the car for half the money.
shimmey69 said:
find out what bank he banks with and set up an account with that bank, then you get a same day transfer easily!??
hopefully he banks with a uk bank!??
Unfort not, he is Abn-amro. I dont even want the hassle of a whole load of euros. Hoping he can get the half in sterling by tuesday. hopefully he banks with a uk bank!??
I take it from your post he is willing to pay the second half in cash? (albeit Euros)
This sounds better to me but obviously brings up its own risks/problems. Guess you'll lose the cost of exchanging for sterling.
This is the arrangement I had when buying my Elise. Worked OK but I had the benefit of at least meeting the previous owner in person beforehand and establishing he was a decent bloke!
Borrow a machine gun from work for extra insurance
This sounds better to me but obviously brings up its own risks/problems. Guess you'll lose the cost of exchanging for sterling.
This is the arrangement I had when buying my Elise. Worked OK but I had the benefit of at least meeting the previous owner in person beforehand and establishing he was a decent bloke!
Borrow a machine gun from work for extra insurance
I would also explain that all Euro> Sterling exchange rate loss is at his end, he can ask his bank to deposit the value in Sterling.
And Just say you need it in Sterling Cash on collection, international bank transfers can be slow....
Also heres there UK office for Abn Amro
Tel: (020) 7678 8000
Fax: (020) 7857 9000
250 Bishopsgate
London
EC2M 4AA
Might be worth a call to find out there UK Affiliated banks.
D
And Just say you need it in Sterling Cash on collection, international bank transfers can be slow....
Also heres there UK office for Abn Amro
Tel: (020) 7678 8000
Fax: (020) 7857 9000
250 Bishopsgate
London
EC2M 4AA
Might be worth a call to find out there UK Affiliated banks.
D
t load of £££s either where he is or when he comes over here.The second half was/is going to be a SEPA transfer, max 3 days, and non reversible. He is from the netherlands, so not to france 
I can ask if he wants to bring euro pete, but it still ends up being alot more through a cash transfer, over 700 euro more. I wanted uk cash, but he thinks he wont be able to get it by tuesday....
I can ask if he wants to bring euro pete, but it still ends up being alot more through a cash transfer, over 700 euro more. I wanted uk cash, but he thinks he wont be able to get it by tuesday.... tuscan_al said:
The second half was/is going to be a SEPA transfer, max 3 days, and non reversible. He is from the netherlands, so not to france I can ask if he wants to bring euro pete, but it still ends up being alot more through a cash transfer, over 700 euro more. I wanted uk cash, but he thinks he wont be able to get it by tuesday....
If he walks into his bank tomorrow he will be able to get sterling by Monday easy... Ive moved similar funds and have managed to get BG Lv with 48hours notice and thats easter european monopoly money!!! I can ask if he wants to bring euro pete, but it still ends up being alot more through a cash transfer, over 700 euro more. I wanted uk cash, but he thinks he wont be able to get it by tuesday.... One call should fix this, Simples!
I think time and exchange rate cost is his concern for not wanting to get sterling. Its doing my head in this car selling, I will be happy when it is gone. If I use a third party to transfer the money xe.com then maybe that will be better. arrhgh i dunno, just have to do a trip to europe if he dont pay up!
tuscan_al said:
I think time and exchange rate cost is his concern for not wanting to get sterling. Its doing my head in this car selling, I will be happy when it is gone. If I use a third party to transfer the money xe.com then maybe that will be better. arrhgh i dunno, just have to do a trip to europe if he dont pay up!
Whats his fecking concern?He is buying the car in the UK at a price set in sterling...
At some point he needs to pay the price set in sterling?
At the moment the longer he holds on the more it will cost him as sterling is presently getting stronger....
exch rate tracking
The upfront transfer makes sense, the rest should be the balance in sterling paid in sterling.
"feck it I'll keep it"
tuscan_al said:
A guy from europe if flying in on tues to buy the tuscan. willing to pay half now and half on collection via bank transfer. Is this safe or do I get the rest in euros then change it up? Or how else can you get a bank transfer the same day done. As I dont want him driving off in the car for half the money.
I do lots of foreign bank transfers, and I cannot think of a way that can guarantee same day international payments. Most take between 3 and 5 days.I would try to persuade him to come with the necessary cash in sterling.
If he cannot get the cash, then his bank may have a branch (or an affiliate) near you who might be able to accept a "same day" transfer.
I think that you should put the ball back into his court by saying that you will only hand the car over on receipt of cleared funds. You need to be aware that cleared funds can be reclaimed by the bank in the case of a "fraudulent transaction".
I am a little suspicious that he is willing to transfer half of the money without having seen the car. What happens if he doesn't like it? How can he be sure that he would get his money back? It sounds like he already knows that he will take the car, and therefore I would be worried.
Personally, I would insist on cash.
Don
--
+1 If it's an overseas buyer, then I would insist on cash only and take it to a bank and pay it in there and then before handing over the keys.
If he's coming over here then it's unlikely he'll want a wasted journey. If he's honest and genuine then surely it's possible for him to somehow deposit the correct amount in an account that's accessible within the UK? That way you can both go and sort the money out within the bank and effectively withdraw/pay in cash at the same time?
As a random thought, might be worth contacting Fernhursts as I know they've been selling lots of stock to overseas buyers so they may have some good advice. From the sounds of things, all the Tuscans are going to Europe at the moment
If he's coming over here then it's unlikely he'll want a wasted journey. If he's honest and genuine then surely it's possible for him to somehow deposit the correct amount in an account that's accessible within the UK? That way you can both go and sort the money out within the bank and effectively withdraw/pay in cash at the same time?
As a random thought, might be worth contacting Fernhursts as I know they've been selling lots of stock to overseas buyers so they may have some good advice. From the sounds of things, all the Tuscans are going to Europe at the moment
he has wired me half sterling, and I have that. Rest can either be cash in euro but then needs to be a alot more as exchange tourist rate is bad. So I have said to put the correct amount in euro's in a third party wire transfer exchange, xe.com. Then the money will be wired to my account to me in sterling at a good rate and only 15 euro fee. He already lost £145 by sending euro to my nat west account.
How about Travellers Cheques? They are easy to get hold of for him and are just like cash for you. Once they are paid into your account that's it, there is no way for the payment to be withdrawn (unless they are faked but I doubt he'd have time to find someone who could do that).
Be very careful - there are loads of scams where foreign buyers pay only part or sometimes even none of the purchase price (withdrawn or faked cheques, withdrawn direct transfers or transfers from faked accounts etc.) and by the time you find out the car is abroad and there is little you can do about it.
Be very careful - there are loads of scams where foreign buyers pay only part or sometimes even none of the purchase price (withdrawn or faked cheques, withdrawn direct transfers or transfers from faked accounts etc.) and by the time you find out the car is abroad and there is little you can do about it.
Gassing Station | Thames Valley & Surrey | Top of Page | What's New | My Stuff