Selling car: best payment method?
Discussion
I know this a very basic question, but I'm after some real-world advice, in the modern world
I'm about to put a car up for sale. It will most likely be a private sale, so what is the safest way to get payment? It will be £15-£20k
I'm thinking bank transfer only. No cash apps or similar, just a straight transfer into my account?
Is there anything else?
Is a transfer reversible after I've got the funds?
Obviously, I want to avoid cash and cheques of any kind, so is there anything else I should avoid?
Sorry for the simple questions, but it's years since I've sold anything
I'm about to put a car up for sale. It will most likely be a private sale, so what is the safest way to get payment? It will be £15-£20k
I'm thinking bank transfer only. No cash apps or similar, just a straight transfer into my account?
Is there anything else?
Is a transfer reversible after I've got the funds?
Obviously, I want to avoid cash and cheques of any kind, so is there anything else I should avoid?
Sorry for the simple questions, but it's years since I've sold anything
yep, bank transfer only. car doesn't get released until the funds are showing in your account.
no cheques, no paypal, no western union, no cash. if anyone insists on these, ignore them, its probably a scam.
personally, i like to have the buyer transfer a small amount first (like, £10) so both you and the buyer can verify that he is paying into an account that you can then show that you have received, before he fires off £20,000 into the ether.
the only real concern is that if your bank gets funny about you transferring a large amount of money, and delays the transfer. 2 years ago i tried to transfer £6k for a car and bank said no until i went through a lengthy phone call with them - but then last year i transferred £9k for a car and it went straight through with no problems.
no cheques, no paypal, no western union, no cash. if anyone insists on these, ignore them, its probably a scam.
personally, i like to have the buyer transfer a small amount first (like, £10) so both you and the buyer can verify that he is paying into an account that you can then show that you have received, before he fires off £20,000 into the ether.
the only real concern is that if your bank gets funny about you transferring a large amount of money, and delays the transfer. 2 years ago i tried to transfer £6k for a car and bank said no until i went through a lengthy phone call with them - but then last year i transferred £9k for a car and it went straight through with no problems.
Most I have paid in cash was £6k for a car. It was a privste sale. Laying out 60 £100 notes on the guys coffee table helped me negotiate a decent discount.
£100 notes are real in Scotland btw.
I would expect a bank transfer these days as you can do it on a banking app now. RBS let you transfer upto £100k.
£100 notes are real in Scotland btw.
I would expect a bank transfer these days as you can do it on a banking app now. RBS let you transfer upto £100k.
brillomaster said:
yep, bank transfer only. car doesn't get released until the funds are showing in your account.
no cheques, no paypal, no western union, no cash. if anyone insists on these, ignore them, its probably a scam.
personally, i like to have the buyer transfer a small amount first (like, £10) so both you and the buyer can verify that he is paying into an account that you can then show that you have received, before he fires off £20,000 into the ether.
the only real concern is that if your bank gets funny about you transferring a large amount of money, and delays the transfer. 2 years ago i tried to transfer £6k for a car and bank said no until i went through a lengthy phone call with them - but then last year i transferred £9k for a car and it went straight through with no problems.
Yup, I had this blocked transfer nightmare with Nationwide. Very awkward 2hrs hanging around the sellers house, on phone to bank on a Sunday, trying to make them release the payment.no cheques, no paypal, no western union, no cash. if anyone insists on these, ignore them, its probably a scam.
personally, i like to have the buyer transfer a small amount first (like, £10) so both you and the buyer can verify that he is paying into an account that you can then show that you have received, before he fires off £20,000 into the ether.
the only real concern is that if your bank gets funny about you transferring a large amount of money, and delays the transfer. 2 years ago i tried to transfer £6k for a car and bank said no until i went through a lengthy phone call with them - but then last year i transferred £9k for a car and it went straight through with no problems.
Bank xfer all the way.
Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
Whem I buy - I send a few quid and check the seller received it, then I send the balance. I recommend buyers do the same to me.
Make sure your buyer knows that the transaction will 100% have to be shown as cleared before they take the car, before they come. You can do this without being accusatory, "bank xfer is perfect mate, as soon as they funds have 100% cleared we will be good to go, might be worth checking with your bank if you have any max transaction limits, and that their support line is open when you'll be here- speaking from experience". That's the kind of thing I say in any pre-meeting chat. Makes it clear they need to get their ducks in a row.
Only ever issue I had was buying a car and there was a 45 min delay on the xfer. Was a few years back. I just sat around and waited.
If they pay cash, you need them to accompany you to the bank to pay it in. That way any forgeries are caught at source. Never happened to me mind you.
Again, faster payments are NOT reversible, even though someone is about to come along and tell you "they did it to me". In every case on here, the money was frozen and then released after more checks. The BACS system does not have the facility to "take" or "reverse" money - it is a one way deal. Only the (your) bank can freeze funds.
Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
Whem I buy - I send a few quid and check the seller received it, then I send the balance. I recommend buyers do the same to me.
Make sure your buyer knows that the transaction will 100% have to be shown as cleared before they take the car, before they come. You can do this without being accusatory, "bank xfer is perfect mate, as soon as they funds have 100% cleared we will be good to go, might be worth checking with your bank if you have any max transaction limits, and that their support line is open when you'll be here- speaking from experience". That's the kind of thing I say in any pre-meeting chat. Makes it clear they need to get their ducks in a row.
Only ever issue I had was buying a car and there was a 45 min delay on the xfer. Was a few years back. I just sat around and waited.
If they pay cash, you need them to accompany you to the bank to pay it in. That way any forgeries are caught at source. Never happened to me mind you.
Again, faster payments are NOT reversible, even though someone is about to come along and tell you "they did it to me". In every case on here, the money was frozen and then released after more checks. The BACS system does not have the facility to "take" or "reverse" money - it is a one way deal. Only the (your) bank can freeze funds.
Be aware there's fake banking apps out there that will show money being transferred, but it won't end up in your account. As someone said earlier, do a small transaction first of a very small amount to confirm that the details are correct and only hand over the keys once you see the money in your account and not the money leaving their account.
most ive done in cash was £8k - which when the stupid bank of england only has £20 notes in wide circulation, takes fricking ages to count.
i wish the BoE adopted the Euro model and had notes going all the way up to £500 - would be so much more efficient for large cash transfers (though more potential for fraudulent notes)
i wish the BoE adopted the Euro model and had notes going all the way up to £500 - would be so much more efficient for large cash transfers (though more potential for fraudulent notes)
I did bank transfer for a car that cost £32k.
I sent £3k deposit the day we agreed the sale. Then I sent £4k the day before collection as £25k was the max per day. Then I sent the rest when I went to collect, and it showed up minutes later.
Perhaps this was slightly risky sending £7k before collection, but not sure what other way I could have done it really.
I sent £3k deposit the day we agreed the sale. Then I sent £4k the day before collection as £25k was the max per day. Then I sent the rest when I went to collect, and it showed up minutes later.
Perhaps this was slightly risky sending £7k before collection, but not sure what other way I could have done it really.
Phateuk said:
Griffith4ever said:
Bank xfer all the way.
Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
What do you do if this happens?Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
If the name didn't match I'd have turned down the sale.
The other thing I do as a seller is write a reciept and get both parties to sign 2 copies. 1 for me 1 for them.
Its easy enough to get a blank online that you can print off.
Saves any sort of claim and you van write that payments recieved etc so theres no comebacks.
Something like this.
Its easy enough to get a blank online that you can print off.
Saves any sort of claim and you van write that payments recieved etc so theres no comebacks.
Something like this.
Phateuk said:
Griffith4ever said:
Bank xfer all the way.
Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
What do you do if this happens?Not reversible. (make sure the sender is the person who is with you - this is the only time you can run into issues, if the payment comes from "Alex Jones" but you are stood in front of Atesh Mahmood)
Thanks for all the detailed replies.
You've basically confirmed what I already thought so, it's reassuring to also learn the extra tips.
A pal got taken on his doorstep by a couple of guys turned up to buy a playstation and only wanted to pay through cash app. Naturally he didn't get paid......
You've basically confirmed what I already thought so, it's reassuring to also learn the extra tips.
A pal got taken on his doorstep by a couple of guys turned up to buy a playstation and only wanted to pay through cash app. Naturally he didn't get paid......
Sold my fathers car last year for £5 k , the buyer insisted on cash payment only , I’ve no problem with that .
He turned up with 5 sealed freezer bags each with £1k in , they were still cold to the touch so it was obvious where he stored his wedge.
Mind you hasd a Spanish Inquisition when paying the money into the bank.
He turned up with 5 sealed freezer bags each with £1k in , they were still cold to the touch so it was obvious where he stored his wedge.
Mind you hasd a Spanish Inquisition when paying the money into the bank.
Revolut or any other banking app also works.
I've payed 17k thorough revolut without any issue. I did a small amoutn first just to make sure all the details were correct, then the full amount without issue.
It generally appears in their account in seconds.
Can be done both ways, so you could recieve a large amount through Revolut.
I'm not aware of any way to reverse these transactions, so should be safe.
Caveat: I did get my Revolut account locked for 24hrs when I was testing large transfers (10k) between different accounts and I made several transfers back and forth etc. You may also get asked a million and one questions during the transfer to ensure you know what you are doing and are not being scammed.
I've payed 17k thorough revolut without any issue. I did a small amoutn first just to make sure all the details were correct, then the full amount without issue.
It generally appears in their account in seconds.
Can be done both ways, so you could recieve a large amount through Revolut.
I'm not aware of any way to reverse these transactions, so should be safe.
Caveat: I did get my Revolut account locked for 24hrs when I was testing large transfers (10k) between different accounts and I made several transfers back and forth etc. You may also get asked a million and one questions during the transfer to ensure you know what you are doing and are not being scammed.
I realize Switzerland is different to the UK, but between private individuals, cash is the most common used method of payment IME.
We do have 1k banknotes, which makes even large sums pretty easy to hand over. Largest sum I paid cash myself was CHF 20k+ and I wouldn't hesitate taking the same from someone else (checking for counterfeit ones obviously).
We do have 1k banknotes, which makes even large sums pretty easy to hand over. Largest sum I paid cash myself was CHF 20k+ and I wouldn't hesitate taking the same from someone else (checking for counterfeit ones obviously).
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