# BACS For A Car



## SKY (Sep 25, 2011)

Would you accept BACS payment for a car (£8k).

Buyer can view my wifes BMW tomorrow evening and pay by BACS from her iphone. when I confirm its in my account she will take the car.

Is there any going back on the BACS.


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## rob3rto (May 23, 2007)

I thought BACS took a few days to clear? Read somewhere minimum 24hrs to see if sending bank reverses it.
Personally, cash or bankers draft confirmed in bank for me.


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## SKY (Sep 25, 2011)

I think BACS is now called "Faster Payments" so is normally in the account within 2hrs.


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## hoikey (Mar 9, 2011)

If your with the same bank its instant I think. My mum transfered me some last night which took a few seconds


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## Natalie (Jan 19, 2011)

I transfer to my Nationwide from my Halifax account & vice versa and it shows within in about a minute.

Some banks have limits on the amount that can be sent via FP
http://www.ukpayments.org.uk/faster_payments_service/value_limits/

Not sure on "reversibilty" though?


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## cmillsjoe (Jun 20, 2012)

i honestly wouldnt take it , id say if you want it come back with the cash or write a cheque and collect when it has cleared


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## Natalie (Jan 19, 2011)

Apparently if it's a Faster Payment it can't be reversed once it's in your account http://forums.moneysavingexpert.com/showpost.php?p=37043478&postcount=4
however BACS can.


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## Serkie (Dec 8, 2007)

I sold a car recently and took a 10K+ BACS payment, I did however insist the buyer provide me Photo ID and proof of address. Quick check on 192.com and I was happy to proceed.


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## Kerr (Mar 27, 2012)

Maybe worth speaking directly to your bank to be 100% sure.


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## davies20 (Feb 22, 2009)

Ive just bought my new car (BACS) to the loan company (owner owed 5k on it)

And sold my car, £6k via BACS. Dont see what the deal is myself. If its showing in my account take the bloody car lol


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## t1mmy (Dec 9, 2006)

I thought the limit on FP was £1k, with anything over that taking 3ish working days to clear.


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## Buck (Jan 16, 2008)

BACS is one of the safest ways of paying. 

Once the money is in your bank account the sender cannot reverse the payment.


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## rizo (Jul 14, 2012)

i have transfered 2 payments for 15k to solicitors when i purchased my house via faster payments.


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## ardandy (Aug 18, 2006)

There's also CHAPS which is same day.


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## GJM (Jul 19, 2009)

t1mmy said:


> I thought the limit on FP was £1k, with anything over that taking 3ish working days to clear.


There was only a bank or two who had such a low limit set but they soon got the boot to get that sorted out.

As the link shows : http://www.ukpayments.org.uk/faster_payments_service/value_limits/

The days of 3 working days are long gone, other than cheques but for online payments virtually all are instant


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## andyboyo (Dec 4, 2009)

I sold a car recently and accepted BACS or faster payments. The guy sent me a test payment to be sure it reached my account, then sent the balance straight away. He made the payment as I was speaking to him on the phone and it was in my account instantly. Same banking group (HSBC to First Direct)


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## Beancounter (Aug 31, 2006)

I recently had to send a payment for circa £25k to my solicitors.
My bank (First Direct), advised me to use CHAPS as all payments over £5,000 are flagged up for possible for fraud Money Laundering and random checks and that could result in a delay to the payment.
Might be worth checking with your bank before you say a definite yes :thumb:


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## Nanoman (Jan 17, 2009)

I would definately check with your bank. A quick search online would suggest a BACS payment can be reversed. 

Soooo many people get caught out by this kind of thing... money appears in the account so they hand over the goods... x hours/days later the money has disappeared from their bank account, bank says it's the sender's bank that did it and there's nothing can be done... the person who paid the money can't be traced.


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## GJM (Jul 19, 2009)

Beancounter said:


> I recently had to send a payment for circa £25k to my solicitors.
> My bank (First Direct), advised me to use CHAPS as all payments over £5,000 are flagged up for possible for fraud Money Laundering and random checks and that could result in a delay to the payment.
> Might be worth checking with your bank before you say a definite yes :thumb:


With both FD and Santander I've seen the likes of above 5k and above 10k get through with no issues or questions asked....then had temporary holds on the likes of £100 where they have called just to ask if was myself who action it....couldn't get my head round that


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## Rob_Quads (Jul 17, 2006)

BACS can be reversed so there is a danger with it.

Personally, I found cash was the easiest when we recently sold two cars of similar value. Made sure we went to the bank together to cash it. Was then happy to hand over the keys knowing it could not be reversed


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## Guest (Aug 8, 2012)

I usually take cash but I have physically been in the bank with a buyer whilst they transfered the cash.


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## Tricky Red (Mar 3, 2007)

t1mmy said:


> I thought the limit on FP was £1k, with anything over that taking 3ish working days to clear.


Faster payment limit is £100k.


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## macca5050 (May 17, 2008)

Hi, payments are sent by faster payments automatically and bacs if the account it's crediting doesn't accept fast payment (very rare now) and if the payment is over the faster payment limit. You'll be way under this limit. 

Bacs can be recalled upto 9am the morning after the payment has been sent, not easy to do and cannot be garunteed to be returned either. 

Faster payments are safe, not easy to get back if you send one to the wrong place. 

I'd be happy with a faster payment. 

Chaps are good, safe once it's in, if you want to do a recall it can be expensive and once credited to the account the beneficiary will need to give permission to debit the account. 

Best bet is a call to your bank to confirm its in, not going to take long an d I'm sure the remitted won't mind! 

Andy


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## Sparky160 (Aug 12, 2011)

Would only accept cash or bankers draft if it were me


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## Rob_Quads (Jul 17, 2006)

Do you know what a fake Bankers draft looks like?

A friend checked with the bank how he would validate one and was told that he could NOT phone up the bank if someone presented one to him to check its valid i.e. they would not give out any details about the bankers draft

Even banking it there and then it can be pulled back. Only way would be to be there when he gets it from the bank.


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## Ravinder (Jul 24, 2009)

You'll find that most transfers between differerent banks go through the faster payment service so the funds normally reach the destination account within 2 hrs. Banks will have a limit as to how much can be sent via faster payment and the limit will differ per bank. You may find as well that the limit thresholds are greater with some banks when funds are sent online as opposed to on the phone. Halifax for instant - you can send up to £25,000 online as a faster payment. However, some payments can still be flagged up for extra security checks and this may delay the transfer.

You'll find that BACS payments are usually paid in as salary payments, tax credits, pensions etc. Not between different banks. The days of payments taking 3-4 working days between different banks are no longer.

If the payment doesn't leave the account on the same day as a faster payment, then it will leave the next business day at the latest and reach the destination account on the same day. Thanks.


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## RaceGlazer (Jan 10, 2007)

This is such a risky area I'd get advice from your bank. 

If the buyer is genuine and wants the car they will understand and whilst you don't want to risk the sale, you have a lot more to lose if there is fraud. 

What do you know about the buyer ? Can they not do cash ? Go to the bank with them and your keys/papers, get the bank to pay into your account. Nil risk.


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## ChuckH (Nov 23, 2006)

When I bought the XF I had to travel near 400 miles for it so one trip was the only way....

So I spoke to the bank and had a transfer set up ready so that once I had arrived and inspected the car and was happy all I had to do was ring the pre arranged number and the transfer was made immediately....

This cost nothing to do.. CHAPS costs on average 25 quid and I would not want to pay the bank for that !!

Building society cheques and Bank drafts are really easily forged and a few unsuspecting sellers have been caught !

One the transfer has taken place it cannot be reversed unless the account holder agrees..


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## SimonBash (Jun 7, 2010)

Rob_Quads said:


> BACS can be reversed so there is a danger with it.
> 
> Personally, I found cash was the easiest when we recently sold two cars of similar value. Made sure we went to the bank together to cash it. Was then happy to hand over the keys knowing it could not be reversed


This is what I do, then the bank tell you it is immediate cleared funds, no potential for reversals:thumb:


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