# Bank transfer's



## lee66 (Jan 4, 2016)

I have somebody coming to look at buying my car tomorrow morning but they have asked me if a bank transfer will be ok.
Everytime I have either bought or sold a car/bike in the past has always been with cash so I am a little dubious this time.
I do realise it is a bank holiday tomorrow and that the bank won't be open so maybe I am just thinking into it more than I should but I am wondering how safe this actually is (is there anyway he can cancel the transaction later that day etc?)

I mean I do transfer's to the mrs on a regular basis and I pay some of the bills this way and don't have any bother.. but I know there not trying to rip me off lol.

I am sure everything will be fine just wanting a little reassurance really as I can't afford to give my car away to some stranger lol :thumb:


Thanks, Lee.


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## Kerr (Mar 27, 2012)

A bank transfer is probably safer than cash.

We bought a car on Friday which was also a bank holiday. 

I'd have preferred to have gone into the bank and done a transfer there and then, but as the bank was closed they said phone banking was the next best thing. 

The money instantly shows in he other person's account, but it is a few days before they can actually use the cash. 

The bank said the money can't be recalled at a later date.


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## lee66 (Jan 4, 2016)

I thought as much just needed abit of reassurance really.
Only reason I doubted it is because I was reading online and was getting different answers, some of them said if they contact the bank before lunch time they can get the transaction cancelled (and if this did happen, where would I stand?)

Many thanks for your reply :thumb:


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## justina3 (Jan 11, 2008)

They can stop the transaction if it is pending, once it shows in your account they can't stop it


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## lee66 (Jan 4, 2016)

Brilliant thank you very much 

When I send money to the other half it sometimes says it can take upto 2 hours (I bank with Lloyds, she banks with Nationwide) yet sometimes it goes in there instantly.
Im sure it will be fine it's just because I have never bought/sold a car this way before so wern't too sure if I could of been scammed at all.

Thanks, Lee.


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## MagpieRH (May 27, 2014)

Simple- don't let the car go until you have the money available in your account. Treat it like a cheque :thumb:


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## Cookies (Dec 10, 2008)

Hi Lee 

I sold my Exeo at the start of Feb and the people did a bank transfer via a phone app while sitting in my kitchen. It showed on my bank account within 10 seconds. I was a wee bit nervous about it but it was No hassle at all and probably a lot safer than cash or bankers draught. 

Good luck - just make sure the money is showing in your account before giving them the keys. 

Cooks


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## dholdi (Oct 1, 2008)

MagpieRH said:


> Simple- don't let the car go until you have the money available in your account. Treat it like a cheque :thumb:


That's the way I would go too.


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## lee66 (Jan 4, 2016)

Great advice thank you, I will make sure it shows up in my account.

Only thing is the guy is travelling a few hours to come and get the car so if it shows pending for a couple of hours im not really sure how I can tell him he can't have the keys if he has just sent it infront of me from his phone/my computer.

Thanks, Lee.


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## Clancy (Jul 21, 2013)

Just make him fully aware of that before he drives down then he can't complain mate


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## justina3 (Jan 11, 2008)

If he expects anything else other to wait for it to show in your account he is the one with issues any sane person would expect to wait


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## lee66 (Jan 4, 2016)

Sorted, just sent him a message now telling him I would rather cash but if its not possible a transfer will be fine but I will want to wait until the funds have cleared into my bank first. Not heard back from him but least he will know the script when he comes in the morning.

Big thanks for the heads up everyone, hopefully he will buy it and it will all go nice and smooth


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## Clancy (Jul 21, 2013)

Ideal mate you'll be fine, a genuine buyer will have no issue at all


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## Jaggs (Mar 17, 2016)

Bank transfer for me, sold a few high value items with no problems, there is an awful lot of counterfeit currancy about at the moment and you can't prove the seller gave you it. If there is an issue with the transfer the vehicle could be reported as stolen as a result of fraud and you stand a chance of getting t been recovered, more difficult on the cash front IMHO


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## Simz (Jun 7, 2013)

I bought a car 3 weeks ago by transfer, although it showed as leaving my bank it didn't show in the sellers account for 2 hours.


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## Andy from Sandy (May 6, 2011)

I have paid by bank transfer and people have paid me in the same way. For people to people transfers in my experience it takes just a few minutes for it to happen. If you sat down in your front room and do the transfer online you could chat about the weather until it goes through and then let the person drive his new car away.

Your account is safe as you have only told the payee your name, sort code and account number. There is nothing about those pieces of information that would allow them to take your money.

EDIT: Good point from Jaggs is that cash could be money laundering and you might loose everything.


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## lee66 (Jan 4, 2016)

Never really thought about the fact paying with cash could be money laundering!

Anyways it all went through instantly and the guy just drove off in it, he seemed to be pretty happy with it  Now to find its replacement!

Thank you all for any advice given, appreciate everybody's comments they was a big help.


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## Andy from Sandy (May 6, 2011)

https://www.thecarexpert.co.uk/how-to-sell-your-car-for-cash/


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## adamb87 (Jan 13, 2012)

Also did bank transfer when selling motorbike. Was really good and painless. Much easier than counting out 1000s of pounds of paper money.


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## Vossman (Aug 5, 2010)

Bank transfer is safe, everyone is using it now because it can't be reversed, once it shows in your account (same bank is usually instant too) the money is yours. I have done a lot of transfers now and never ever had a problem, though I have probably jinxed it now.


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## Ravinder (Jul 24, 2009)

Hi

Bamk transfer is fine and safe.

Bank transfers don't pend. It clears straight away. The only time it will show as pending, is if the payment has been set to leave the account on a future date. Once the funds are in your account, it's yours. It's not like a cheque where it takes several days.

Faster payments do take up to two hours max, but 99.9% of the time, it will go through instantly.

A person in some instances, can dispute a bank transfer with their bank and the bank will review it on a best endeavour basis, unless of course it's been a banking error. But it is highly unlikely that the person will get their money back. A dispute can only be raised in certain cases. I doubt a car purchase will be one of them, however so I wouldn't worry.

Hope that helps.


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## Tjbakewell (Jan 28, 2016)

Bank transfers are fine, banks will always chase the dispute up if they is a problem. Visa control all the transactions!


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