Best way to pay a private seller of a car?

DavidT67

Cash paid in at your bank in presence of seller over the counter to the cashier and then keys exchanged is fine. It's a safe place, you are on CCTV and no doubts over fake notes. Have done this for amounts up to £10K.

Otherwise, 'Faster payments' bank transfer performed at the point of sale by the purchaser, so seller knows money is there and it's the purchaser's account it came from. Far as I know 'Faster payments' is not reversable, limit is £100K and it's immediate 24x7 for mainstream banks.

Don't rely on other electronic payment methods, or any form of cheque.

Ectophile

There may be a lower limit than £100k for faster payments from some banks or building societies, as I discovered yesterday (but not buying a car). I tried transferring £15k and the computer said "no". The on-line help said the limit was £10k.

MX5huggy

Bank Transfer both as a seller or buyer. The only problem I had was I sent a small amount to check all the details were correct. Then the rest was caught by an anti fraud check, had to wait 2 hours for it to clear and as it was about 9pm no bank to talk to get it cleared so didn’t get the car till 11pm then had a 5 hour drive home.

neilmcl

Ectophile wrote: »

There may be a lower limit than £100k for faster payments from some banks or building societies, as I discovered yesterday (but not buying a car). I tried transferring £15k and the computer said "no". The on-line help said the limit was £10k.

There are usually transaction limits but that doesn't stop you from making multiple transactions.

Penelopa.Pitstop

My last buyer paid £25K by online transfer and then had to call bank to transfer the rest on the phone, as he hit online limit.

sevenhills

Penelopa.Pitstop wrote: »

My last buyer paid £25K by online transfer and then had to call bank to transfer the rest on the phone, as he hit online limit.

I paid £2,500 in cash to a elderly lady I bought my present car from, I thought that was strange, I put it down to her age.