I've sold a car, not for as much but the purchaser transferred the funds by 'faster payments' transfer.
A couple of minutes later I logged on to my Internet banking service and the cash was there.
As long as the funds are available and the transfer confirmed, it cannot be reversed. My bank issues this as a warning on the transfer confirmation page.
Worst case - if transfer goes through but doesn't show on your account, tell the buyer he will have to return once its shown as cleared.

I sold my GSXR 600 and was paid in Scottish £50 notes that I had never seen before.
When I deposited them at my local branch the cashier said
"Oh, I've never seen these before'
Talk about heart-stopping moments, every cashier in the bank then carefully inspected the £4k of notes.
How safe are bank transfers? How safe is accepting cash? 
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£10k is the money laundering limit, so expect questions if you try to deposit more than that in cash in 1 go - because the bank will need to report it.

Some may operate a lower threshold, but that would be their internal policy and not imposed on them.

To many choices now
I'm still nervous about transferring the cash on Saturday

When I purchased my FF, I arranged provisionally with my Building Society (Nationwide) to be able to withdraw the sum (just over 10k) at the counter on a Saturday morning, at the branch near to the vendor in Yorkshire. The vendor thus was able to see the money being withdrawn, so was assured that the notes were genuine.

£10k in £20 notes isn't that bulky. Less than half the size of a shoebox.

I would be very dubious regarding a lot of bank transfers, they can be reversed in some circumstances, and any transfer that is started on a Saturday may not be totally complete (i.e. 'have value', as it is known) into your account on the Monday

Also, no fees. Unlike electronic transfers. That applies even if they decide not to buy, the arrangement just lapses on the Monday morning

Last edited by robjp on 28th May 2013 8:20pm. Edited 1 time in total

How far are you from the main banks ?

Sounds like the best option is for the transaction to happen in a branch of his bank & you to walk away with the cash

If you can get to a branch of the purchasers bank he can arrange to draw a bankers draft from that branch payable to you,

You can then take this to your branch at your leisure. And hand over the keys in the branch. If he banks with the same bank as you it could be paid straight in. There is nothing that can't be fixed with a hammer😜😜
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^Providing he comes for the car in the morning as most banks shut Saturday afternoon

True enough. If it were me buying the car id be there asap as i would have been up all night with excitement. There is nothing that can't be fixed with a hammer😜😜
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Unless he's willing to pay a CHAPS fee for guaranteed same day transfer, over 10k will be at least 1 working day...not even sure CHAPS works on Saturdays...

Best bet is for you both to go to a branch of his bank and get them to draw up the bankers draft with you there as a witness to the transaction. Either that or you get the cash instead, but he'll need to arrange that a few days upfront as most banks wont let you withdraw that amount in cas even over the counter without notice '08 Audi S6 Avant 5.2 V10 with Milltek non-resonated. Vrrrrrrmmmmmph
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As above, in £100 notes its not much but £100 is not legal tender...

In £50's it's still 200 notes and as I paid £12k for my ff without issue.

Tell him it's worth the cash and cash is king, simples  FFRR MY06 facelift With TDV8 Alloys Zeros/ATR's
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Then take the cash home spread it on the bed and have a good roll around in it  There is nothing that can't be fixed with a hammer😜😜
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I transferred the money from Holland to Germany where the account of the seller was for the FFRR I bought here. Everything went well but I was helluva nervous while it was going through. Biggest gamble I ever took, buying a car from a Nigerian with "strong government ties" Don't regret it though, our admin manager knew his boss and said he "checked out OK"

The easiest would be to transfer the money at the bank, if that is an option. That way none of you have to walk around with the money. I don't like walking around with large wads of money, not even in Wassenaar or Bloemendaal in the Netherlands (supposedly quite safe places in NLD). Transfers are the way to go. MY 2010 5.0 SC Galway green and sand interior!!
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Personally, I think it is unreasonable to ask the buyer to carry £10k cash if they are unnerved about it - there's no way I'd carry that amount for anything.

I've just sold my Caterham to a dealer in Austria. He didn't view the car - only via pics - and paid by bank transfer. Granted, I had time to check verification before the car went though.

If you can check, then do the bank transfer.

Perhaps Gary could assist as he may be a better advisor in this kind of transaction ?

 Where do you go after one of these . . . ?

http://forums.moneysavingexpert.com/showthread.php?t=4112337


Had to laugh at Andystrikers reply

The guy wants to pay half tomorrow via transfer so it's clear for Sunday . He then wants to transfer the rest on Sunday once he has viewed the car and take it away there and then. What do you's think ?