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blackram
Newbie


Joined: 11 Jul 2017
Posts: 24



PostPosted: Thu Oct 05, 2017 5:12 pm    Post subject: Paying for the car..... Reply with quote

Turns out that you can only transfer a max of £20k on instant transfer from your bank in a day. I was going to take the seller to a branch of my bank and do the transfer - he will see it online on his phone once made, job done.
Question is how have others done this? Many cars bought privately by other forum members must have been over £20k....what did you do.

I can do a CHAPS payment but although that is guaranteed same day, it does mean possibly a few hours of sitting around not letting the seller and his keys out of my sight? Any ideas would be great please?
 
  
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AdeD
Hockenheim


Joined: 10 Oct 2010
Posts: 641



PostPosted: Thu Oct 05, 2017 5:25 pm    Post subject: Reply with quote

bought mine with my debit card using chip and pin, went straight through, no security checks or anything!!!!! Surprised
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blackram
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Joined: 11 Jul 2017
Posts: 24



PostPosted: Thu Oct 05, 2017 5:27 pm    Post subject: Reply with quote

Aah! Sorry forgot to say that this is a private purchase so can't use debit card.
 
  
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mzmini
Suzuka


Joined: 30 Jan 2015
Posts: 1208
Location: Somerset


PostPosted: Thu Oct 05, 2017 5:29 pm    Post subject: Reply with quote

I went to the seller bank and did a transfer in front of him took minutes Thumb
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Windy101
Silverstone


Joined: 05 Jun 2015
Posts: 112



PostPosted: Thu Oct 05, 2017 5:36 pm    Post subject: Reply with quote

If you have more than one account I think the £20k faster payments limit is per account.

As discussed before the payment is actually make a payment of a token amount (can be pennies) to establish the payment details between accounts and the recipient can confirm they have received £0.74p for example.
 
  
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blackram
Newbie


Joined: 11 Jul 2017
Posts: 24



PostPosted: Thu Oct 05, 2017 5:45 pm    Post subject: Reply with quote

[/quote]I went to the seller bank and did a transfer in front of him took minutes
Quote:

Was it a CHAPS payment which just happened to be quick that day or was it under £20k?

As discussed before the payment is actually make a payment of a token amount (can be pennies) to establish the payment details between accounts and the recipient can confirm they have received £0.74p for example.
Quote:

Sorry not quite sure what you mean here?
 
  
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jonttt
Reims


Joined: 20 Aug 2012
Posts: 4145
Location: Liverpool


PostPosted: Thu Oct 05, 2017 6:44 pm    Post subject: Reply with quote

The type of payment you are referrring to is a "faster payment". The problem is banks have different limits even between online and face to face transactions e.g. Santander the limit is £100k but nationwide is £10k. Most are £20k though (the real limit is actually £250k).

Its worth speaking to your own bank as they may allow multiple payments same day or for a higher limit if pre arranged at a set branch with proof of ID (passport).

Failing that its CHAPS which is same day but as you say you will probably have to wait longer for it to clear and they will charge you £25-£30 for the pleaseure Rolling Eyes
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Windy101
Silverstone


Joined: 05 Jun 2015
Posts: 112



PostPosted: Thu Oct 05, 2017 7:43 pm    Post subject: Reply with quote

[/quote]As discussed before the payment is actually make a payment of a token amount (can be pennies) to establish the payment details between accounts and the recipient can confirm they have received £0.74p for example.
Quote:

Sorry not quite sure what you mean here?


If you want to pay say £30,000 to somebody - and you are limited to £20k faster payment limit you will be able to pay £15000 from two accounts to achieve this (assuming you have more than one account).

For each account you are making a transfer from in order to make sure you are paying into the correct account and to speed up the payments, pay a nominal amount into the target account and get the person who will recieve the money confirm they have recieved the cash amount you sent. That has 2 advanatges, it makes sure you are paying into the correct account, and secondly once you have made a payment into an account using faster payments the more likely it is the subsequent payment is to go through quickly and smoothly without any intervention.
 
  
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blackram
Newbie


Joined: 11 Jul 2017
Posts: 24



PostPosted: Fri Oct 06, 2017 9:08 am    Post subject: Reply with quote

Thanks guys. I understand now. They really don't make it easy but I guess we should be grateful that they are being more secure with our money.
 
  
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imac
Newbie


Joined: 04 Dec 2013
Posts: 40
Location: Durham


PostPosted: Fri Oct 06, 2017 10:22 am    Post subject: Reply with quote

Depending on your bank and relationship with them, they may authorise a one off payment of a larger amount, especially if the funds have been sitting there for a few days. Have done this before.
 
  
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Maxie
General
General


Joined: 11 Mar 2007
Posts: 8369
Location: London


PostPosted: Fri Oct 06, 2017 10:56 am    Post subject: Re: Paying for the car..... Reply with quote

blackram wrote:
Turns out that you can only transfer a max of £20k on instant transfer from your bank in a day. I was going to take the seller to a branch of my bank and do the transfer - he will see it online on his phone once made, job done.
Question is how have others done this? Many cars bought privately by other forum members must have been over £20k....what did you do.

On selling my 911 recently, I also had to endure two payments as the buyers' limit was the same £20k as you speak about. Hopefully, some solutions quoted above have assisted you.

~ Maxie thumbsup
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jonttt
Reims


Joined: 20 Aug 2012
Posts: 4145
Location: Liverpool


PostPosted: Fri Oct 06, 2017 1:11 pm    Post subject: Reply with quote

blackram wrote:
Thanks guys. I understand now. They really don't make it easy but I guess we should be grateful that they are being more secure with our money.


Its all about Anti Terrorism, er sorry money laundering. Be prepared to justify how you came to be in possession of enough money to buy a porsche Rolling Eyes

Then they may ask you :

- "how do you know the account you are paying into is correct ?"

- "erm he is stood next to me"

- " blah blah blah accepts no responsibility if the account proves fraudulent"

- "well yeh, I kind of figured that, but thanks for wasting another 20 seconds of my life"

As you can guess I deal with banks a lot frustrated
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rabbitstew
Nürburgring


Joined: 21 Aug 2015
Posts: 427



PostPosted: Fri Oct 06, 2017 4:17 pm    Post subject: Reply with quote

I had to spread the payment for my 997 turbo over 3 separate bank transfers. Luckily the seller was understanding.

Banks do seem to have various different limits and change them. Im with Lloyds and a few years back the daily limit was 30k. Now its 20k or 25k (cant remember which).
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blackram
Newbie


Joined: 11 Jul 2017
Posts: 24



PostPosted: Sun Oct 08, 2017 4:59 pm    Post subject: Reply with quote

Happily the seller banks with the same bank as I do and my banking manager will transfer the full amount in one go on the day and it will be instant. So no need to go to the bank. So much easier than sitting around waiting for a CHAPS payment to go through.
12 days to go.....
 
  
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