How do you pay?

[sprintster]

I'm planning on travelling 200 miles next weekend to buy a car privately for £5800.I'm happy to pay the asking price as the ad said no offers and the price has already been reduced.I'm wary of travelling by train into the centre of Glasgow with six grand stuffed in my pocket so would a bankers draft be the best way to pay and do I need to give my bank notice if I want one? If I set up online banking will the money go into her account instantly? I read somewhere that it can take up to 2 hours,is this correct? :unsure:

[AirbusPaul]

Can you not transfer the funds by Internet banking ?

[Simon_100]

I pay and receive money by internet banking all the time. Although it usually says 'up to two hours' in general it's almost instant. I've never thought to check but I think it this happens more often during business hours. That's within the UK, international payments are annoyed matter ...

OK, this is HSBC so no promises, maybe you should ask at you bank.

The other alternative is to have you seller watch as you make the payment - shielding your phone when you enter the password of course! :whistle: As I don't think you can cancel once you've done this. Maybe also check whether a large amount goes through so quickly, especially if it's your first time.

Another hint, make a 'test' payment of £1.00 before you set off. The makes sure the seller receives it and you also set up a recipient in advance so save time when you're with the seller.

Another hint, tell her in advance how you like your tea, coffee, fried eggs, etc. for her to make for you while you both wait for the transfer and hand-over of the keys! (thumbs)
Regs

Simon

[Tramp]

Ive bought 30,000 pound motorhomes before and ask the seller to take me to my local to them bank and get a over the counter cheque ...i prevoiusly arranged with my bank to do this in advance of purchase....never a problem as they wont issue a cheque unless funds are available......

[sprintster]

Ive bought 30,000 pound motorhomes before and ask the seller to take me to my local to them bank and get a over the counter cheque ...i prevoiusly arranged with my bank to do this in advance of purchase....never a problem as they wont issue a cheque unless funds are available......

I'm meeting on Saturday afternoon so wouldn't be able to go into a bank that's why I was thinking of arranging a banker's draft in advance.Do I just need her name for a banker's draft or her account details too?

[Tonibe63]

In my experience online bank transfers are usually instant and are done at the buyers when collecting the bike. Simon's idea of sending a pound before travelling is a good one.

[jaffa1963]

Every vehicle (car or motorcycle) I've bought or sold privately since 2007 has been via bank transfer using internet/ phone banking and its always been almost instant (to or from my bank) and I've never had any issues.

[allanmac]

As long as the transfer is to a current account its pretty much instant as long as you are using the faster payment type of transfer. I tried it with a transfer between the nationwide & tsb with two windows open I watched the money leave one account & arrive in the other within 30 seconds or so.

Cheers Allan

[OnHellas]

Looking at it from the other side.....if I was the seller I would only take a bankers draft if I was with the buyer at the time the draft was issued.
Unfortunately people fake these as well.

I think the advice above is the way to go. Ask your at local bank.
Just be prepared to sit around for an hour or two for the money to clear.

Good luck.

[sprintster]

In my experience online bank transfers are usually instant and are done at the buyers when collecting the bike. Simon's idea of sending a pound before travelling is a good one.

Yeah,that sounds like a good idea.I'll set up online banking then.Thanks guys. (thumbs)