hello all,
I am going to sell my RR privately, the guy will have a look the car say he will bank transfer me the money if he decide to buy, may I ask is this safe? if I can check online and see the money arrived, it means it's nothing to worry about? and what I should look out for?

thanks a lot
James

discussing this with your bank would be the first step.. ... - .- -.




Y. O. L. O.
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different bank will have different results?

Thats what I did - he transferred it at my house & then I called my bank to confirm that it had been transferred, was in my account and couldn't be reversed - then I handed over the keys & V5

Make sure it will transfer instantly & you can verify it with your bank

and yes - different banks have different standards - so check with yours - and you will also need to know the bank its coming from.

Certainly, any transfers to Barclays accounts, once they show up, cannot be pulled back.

I bought my FF in August and transferred £13k to the seller whilst sat in his place. He checked on-line and the payment showed up instantly. Job jobbed and away we went.

When I sold the previous car the seller transferred money via his iThingy and again, it arrived instantly. Away he went with my blessing.

Seems so much easier, and safer, these days. No more taking buyer to the bank and watching him pay £15k into the bank in cash. 2017 5.0 Autobiography Supercharged
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When I sold the Caravan buyer did an instant transfer. Money in the account in a few mins, It's a good system. However I would check with your bank for larger amounts. Mine was a blue one!

Ive done it several times buying cars from dealers etc and seams to be an industry standard... Never had a problem!

It's FASTER PAYMENTS and its what I use. If the money is in your account you are OK.

I move it to associated account just to be sure its there!

Gary

Last edited by Gazellio @ Prestige Cars on 12th Nov 2015 5:25pm. Edited 1 time in total

Took me 5 days to send the money for my new wheels to Craig and yes it was save - not sure about Craig hahaha  All my spelling errorz are belong to me!

2023 FFRR L460
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The Faster Payments Service (FPS) varies from Bank to Bank in terms of response times. My Business Account transfers instantly, as does my Building Society Account, however my main personal Bank Account with a well known high street Bank does not do the transfer until midnight of the day you requested the transfer.

Best check online  SDV8 AB MY 2019
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" I move it to associated account just to be sure its there! "
Very smart move Sir!🙏

FPS can be reversed if the transaction is fraudulent. It's a small risk but it's a risk.

If he brings cash during banking hours and you transfer it into the bank there and then, that's safe but a bit inconvenient carrying around tens of thousands of pounds.

The day after a CHAPS transfer it can't be reversed but there's usually a £30 fee.

Ultimately it comes down to how much you think you can trust the buyer.

All i can say is Cash is King

Ive done FPS a few times and as above, moved it into the savings account straight away or transferred to another banks account(diff bank) to ensure it was good. FFRR MY06 facelift With TDV8 Alloys Zeros/ATR's
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I would trust a bank transfer more than I would someone turning up with a pile of notes in their hand the only real way a transfer goes wrong is when you get the account numbers wrong L322 2008 vogue
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