Whats the best way to transfer money?

Freddy101

I am about to buy a car privately, I need to pay the guy a large sum of money. I was thinking maybe a Chaps payment? How quick are they?
You see I want to take possesion of the car at the same time the money transfers for obvious reasons, but dont want to be hanging around all day waiting for it to clear in his account. I dont want to go down the bankers draft route. Any ideas?

Thanks

JimBlizz

How much is the payment? Depending on the banks you might get it across as a Faster Payment. The other option is always a Banks Draft.

Freddy101

The amount is about £55k

Lokolo

CHAPS is done in a day, but costs money to do it.

I hope the seller is reputable though, thats a lot of money to send someone....

chris_m

Sounds like a lot of car too ;-)

Extant

Even sending it by CHAPS won't give you an instant credit to his account, if it's between banks. It's not quite as simple as pushing a button.

You may be waiting until late in the afternoon for it to credit his account. If you have any doubts about this person's honesty, I'd suggest this isn't the best deal to undertake. There's no solution for you to take the car as soon as you've made the payment instruction, unfortunately.

456789

pay in cash?

brookerbabyisababy

Always wondered what was the safest way to transfer money for a second car.