Bank transfer

gchild · 09-16-2012, 02:36 AM

Someone looking to buy my car today and suggested online bank transfer.
Is this ok, any pitfalls withies approach?
Does it being Sunday make a difference?

AlanYoro35i · 09-16-2012, 02:53 AM

Different bank transfer can take up a few days.. Make sure funds are cleared before you let the card go. Funds that are not cleared can be stopped bu calling the bank .

-TARBY- · 09-16-2012, 03:38 AM

Yep... All is ok with this as long as you can see the funds creditted to you account. Make them sign something also..

SteveC · 09-16-2012, 03:57 AM

ALWAYS draw up a contract of sale for the vehicle. That way, if something does go awry with the payment, you have legal grounds for repossession.

davyk31 · 09-16-2012, 04:00 AM

A BACS payment can be recalled whereas a CHAPS payment cannot. The later is a same day transfer so it's the one you want.

QLD · 09-16-2012, 04:23 AM

Quote:

Originally Posted by Yoro35i

Make sure funds are cleared before you let the car go. .

gchild · 09-16-2012, 04:54 AM

Thanks all.

J44KPR · 09-16-2012, 05:09 AM

I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine

Dragon88 · 09-16-2012, 05:30 AM

Quote:

Originally Posted by J44KPR

I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc.

should be fine

Had the same problem with Halifax two months ago, payment blocked in the morning, but a quick call sorted it out and picked my car up that same Sunday afternoon!

OP if in doubt, give your bank a call to verify the payment.

shrink · 09-16-2012, 06:28 AM

i bought my current car on a bank transfer. INstant payment through RBS... however sadly on the day I bought my car, RBS were having a computer melt down, screwed up the payment and put it on hold for almost 3 days.

I phoned and went mental at them. They eventually sorted it out, and compensated me for the weekend lost without a car, as well as the additional expense for having to go back out again to collect the car.

But generally, instant payments are safe, effective and secure.

09-16-2012, 02:36 AM	#1
gchild First Lieutenant 24 Rep 340 Posts Drives: honda Join Date: Jan 2012 Location: london iTrader: (0)	Bank transfer Someone looking to buy my car today and suggested online bank transfer. Is this ok, any pitfalls withies approach? Does it being Sunday make a difference?
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09-16-2012, 02:53 AM	#2
AlanYoro35i Senior Troll 221 Rep 3,378 Posts Drives: Coming soon-718 Cayman S Join Date: Aug 2010 Location: South West iTrader: (1)	Different bank transfer can take up a few days.. Make sure funds are cleared before you let the card go. Funds that are not cleared can be stopped bu calling the bank . __________________ Gone: N54 335i is the Legend! N55 435i Now: 718 Cayman GTS / F83 M4
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09-16-2012, 03:38 AM	#3
-TARBY- Private First Class 11 Rep 183 Posts Drives: 07 330d M Sport Saloon 6 Speed Join Date: Jun 2012 Location: Orpington iTrader: (0)	Yep... All is ok with this as long as you can see the funds creditted to you account. Make them sign something also.. __________________ 2007(07) : e90 - 330d - M Sport - Saloon - 6 Speed
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09-16-2012, 03:57 AM	#4
SteveC Major 219 Rep 1,233 Posts Drives: M5 Join Date: Jan 2009 Location: North East iTrader: (1)	whatever else you do ALWAYS draw up a contract of sale for the vehicle. That way, if something does go awry with the payment, you have legal grounds for repossession.
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09-16-2012, 04:00 AM	#5
davyk31 Major General 1071 Rep 6,992 Posts Drives: Macan GTS :-) & F40 M135i Join Date: Sep 2009 Location: Northern Ireland iTrader: (0)	A BACS payment can be recalled whereas a CHAPS payment cannot. The later is a same day transfer so it's the one you want.
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09-16-2012, 04:54 AM	#7
gchild First Lieutenant 24 Rep 340 Posts Drives: honda Join Date: Jan 2012 Location: london iTrader: (0)	Thanks all.
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09-16-2012, 05:09 AM	#8
J44KPR Private 13 Rep 91 Posts Drives: BMW E92 335i Join Date: Sep 2012 Location: London iTrader: (0)	I bought my car on a sunday with bank transfer, Lloyds have an instant payment system which is cool, although they blocked the payment so I had to ring up to get it approved, but was instant etc. should be fine __________________ Wanted; Gloss Black Interior Trim - Gearstick/centre piece & door inserts
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09-16-2012, 06:28 AM	#10
shrink Captain 19 Rep 752 Posts Drives: E90 325i SE Join Date: Jun 2012 Location: Edinburgh (UK) iTrader: (2)	i bought my current car on a bank transfer. INstant payment through RBS... however sadly on the day I bought my car, RBS were having a computer melt down, screwed up the payment and put it on hold for almost 3 days. I phoned and went mental at them. They eventually sorted it out, and compensated me for the weekend lost without a car, as well as the additional expense for having to go back out again to collect the car. But generally, instant payments are safe, effective and secure.
	Appreciate 0 Quote