17 replies to this topic

[Craig89]

Hello all,

Looking for a bit of advice, im going to have a second look at a car tomorrow with the view to buy and bring it home.

I'm just wondering the best way to go about payment if I wanted to do this (too much money for cash). From what I have read CHAPS transfers seem to be the preferred method but that says it could take a few hours. Is it possible to go and find a bank nearby and do the transfer instantly within the bank?

Any help much appreciated

Craig

[Jordie]

Doing in a bank usually is subject to a charge.

 

If both banks are faster payments, i do it online free and usually instant.

 

You could get a bankers draft, which is like a cheque but its from the bank. They take the money off u and give you a bankers draft. Seller would take it to bank and be instantly cleared, unlike a cheque which would take 3+ days.

[Craig89]

Doing in a bank usually is subject to a charge.
 
If both banks are faster payments, i do it online free and usually instant.
 
You could get a bankers draft, which is like a cheque but its from the bank. They take the money off u and give you a bankers draft. Seller would take it to bank and be instantly cleared, unlike a cheque which would take 3+ days.

Thanks for the fast reply

I don't mind being subjected to a charge if it gets the job done.

Isn't there a limit to faster payments?

I heard bankers drafts aren't quite as safe as they used to be?

[ANON]

just stick the money on a prepay card and give the seller that.

[Bungle]

laptop at the sellers house and do a bank transfer ?

[Jordie]

How can a bankers draft not be safe?

 

The bank only issue them after removing the funds from you/your account + a fee.

 

This is now the bank that is guaranting the amount of the bankers draft, so any issues would be with the bank.

[Tamworthbay]

laptop at the sellers house and do a bank transfer ?

I would never use someone else's computer. The chances are 99.99% that they are decent and honest but if they are the 0.01% who aren't then you have just typed in your personal info for them. Not good advice.

[Tamworthbay]

How can a bankers draft not be safe?
 
The bank only issue them after removing the funds from you/your account + a fee.
 
This is now the bank that is guaranting the amount of the bankers draft, so any issues would be with the bank.

I think the issue is more for sellers. There were fake bankers drafts going around a couple of years back. Not sure if its still happening.

[Bungle]

 

laptop at the sellers house and do a bank transfer ?

I would never use someone else's computer. The chances are 99.99% that they are decent and honest but if they are the 0.01% who aren't then you have just typed in your personal info for them. Not good advice.

 

 

i would take my own , that's why i didn't suggest a desk top

 

imagine carrying in a computer , screen , keyboard , power supply , mouse

[Craig89]

Well it looks like I am able to do a "faster payments" bank transfer up to £25000 so that will cover it, I will just do it on my phone and hope that it goes on through quickly

[AVV IT]

You don't really need a laptop do you? Most Internet banking can be accessed from via mobile internet from a smartphone these days. That way you can make an instant bank transfer to the sellers bank account from your device, then they can confirm that the transaction has gone through using theirs, assuming they have online banking/internet access I suppose. Obviously this is also dependent on having a 3G signal or whatever at the sellers address in order to use your device.

[Black.Ghost]

I did a large bank transfer at the house of the person I bought the car from. I had already paid the deposit and paid the rest when I collected the car about a week later. I'm with HSBC but I can't remember who they were with. I would do that something like that (just remember to take any log in device with you, nothing more embarrassing than not having it with you!)

You could also leave a deposit and then go and withdraw all the cash. There is no limit on withdrawal in a branch. You just need photo ID. What about PayPal as a gift?

There are many ways to do it these days.

[Jordie]

Most highstreet banks require notice if you plan to withdraw more then £2000-3000 in one day.

[MCFastybloke]

For such a large transfer it will be subject to additional security checks and could be held up by the bank.I do numerous smaller transfers less than 5k a time to avoid this.

[AVV IT]

You could also leave a deposit and then go and withdraw all the cash. There is no limit on withdrawal in a branch.

Depending on the bank/branch there can be a daily cash withdrawal limit, usually around the £5k mark. It's generally just due to in branch cash availability though, especially in smaller branches. You can usually withdraw more than that, so long as you give them 24-48 hours for them to get the cash in branch for you.