Getting paid safely?

[Tomotto]

What advice can you give to someone selling privately regarding safe payment methods? How can you be sure the money is there before you hand over the keys without worrying the buyer that it is a scam of some kind?

 

[Jewellbags]

Get it transfered into your account on line and pass the keys over then , no different really that receiving a bundle of cash (except the online transfer must be genuine dosh )

 

[Tombola]

Online transfers are almost instant.
But don't let them show you they have "sent it" make sure it is in your bank before you let it go.out of sight

 

[MisterB]

when i sold mine privately, i asked for £500 deposit first, to be paid into my bank account, so i could check it had all gone through and it was a legitimate account. come the day of the sale i waited until the money was in my account and then transferred it into a different account before handing over the vehicle.
i also included their payment details etc on the bill of sale which also said no refunds. returns and sale is contingent on monies being paid in full - not sure of the legalities of all that, but it made me feel 'safer' ...

 

[edgewood175]

I did online back in December. Flew to Scotland with my laptop. I made my bank aware that on that day i would be paying x amount to the same person i had paid 1k deposit too. I met the guy and i did the transfer and within a minute or to he had it in his account. The other thing i would do is make sure you do it in the week so you can speak to someone at the bank.

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[Just smiffy]

Just pay by bank transfer on your app on your phone, no need to call the bank or transfer it after, it absolutely cannot be recalled or taken back…

Gone are the days of only being able to transfer so much in one one day, if it’s in your account you can pay them or receive any amount…

 

[rob1234]

just to make you aware ,,my bank has a £25k limit on transfer per day ,,i had to pay the remainder on a credit card that the dealer was happy to accept ,,or i would have stuck 5 hours away from home waiting till i could trans the rest ,,

 

[Miggs]

just to make you aware ,,my bank has a £25k limit on transfer per day ,,i had to pay the remainder on a credit card that the dealer was happy to accept ,,or i would have stuck 5 hours away from home waiting till i could trans the rest ,,

Most banks will have a high value transfer dept which will handle the transfer over the phone.
I did this with Lloyds where I paid £65k in one go.

 

[Two Owl Ones]

What advice can you give to someone selling privately regarding safe payment methods? How can you be sure the money is there before you hand over the keys without worrying the buyer that it is a scam of some kind?

receive bank transfer first then move it into another account then hand over the keys and documents minus the V5 that is filled in by both parties and kept and posted by the seller, with the buyers details you can register it online, which is time and date stamped to ensure you don't receive any parking, speeding ect whilst still in the seller's name.

 

[rod_vw]

No problem when I sold my last VW albeit to a good friend. He had made sure that his bank would transfer too ours OK with a small payment in advance. We delivered the van to him and he simply transferred the monies and we confirmed it had arrived in our account via our bank's app.
Then we all went out to lunch!

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[edgewood175]

Another thing to remember is make sure the device you use is a trusted device. When a couple came to buy my van her phone app was playing up so she asked to use my laptop. She did the transfer but no money came to my account. She rang her bank (hsbc) who said the money had been transferred. She had to go home without her new van and 25k out of pocket. Turns out because her bank had rightly detected a new device ( my laptop) had been used the money was now in a holding account until the bank could verify that it was her using my laptop.

 

[KASPAR]

Just pay by bank transfer on your app on your phone, no need to call the bank or transfer it after, it absolutely cannot be recalled or taken back…

Gone are the days of only being able to transfer so much in one one day, if it’s in your account you can pay them or receive any amount…

Not necessarily so.

When we bought our MH in June the rule at our bank had changed. We could do £25k per day on the app, or the full amount in a branch with ID. As it was in Devon, not home we opted for transfers over a few days with final on taking possession of the van.

Having just completed on my late mother's house sale the proceeds went into 1 account immediately; after advising the bank of how much, when and from where. To transfer it to other accounts there was a limit on App amount, and required an in person visit to branch to transfer further sums.

That set of rules had changed in the period twixt exchange of contracts and completion, as had the interest rates.

The banks are a law unto themselves these days despite it being our money, not theirs.

The financial institution that the funds transferred to is not a bank, and acts differently to a bank.

 

[Dolmen]

See post 6. Absolutely no need to move the money on, they cannot under any circumstances take it back

 

[MichaelT]

Just pay by bank transfer on your app on your phone, no need to call the bank or transfer it after, it absolutely cannot be recalled or taken back…

Gone are the days of only being able to transfer so much in one one day, if it’s in your account you can pay them or receive any amount…

Lloyds limit is 25k a day.

 

[Guigsy]

Make it legal too. Lots of car websites like the RAC and AA have vehicle sale templates.

I sold my van privately. I told them in advance that I was going to ask to see their drivers license so I had some confidence I knew who I was dealing with.

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[rob1234]

Lloyds limit is 25k a day.

as is nationwide

 

[Minxy]

Just pay by bank transfer on your app on your phone, no need to call the bank or transfer it after, it absolutely cannot be recalled or taken back…

Gone are the days of only being able to transfer so much in one one day, if it’s in your account you can pay them or receive any amount…

Nope, still limits with some banks and they can be different depending on if you are using a phone app or online via a browser.

 

[Just smiffy]

Well it seems I have been misinformed then as when I was with Lloyd’s I went in and said I’m transferring a fair amount and they said there was no limit…

 

[Minxy]

Well it seems I have been misinformed then as when I was with Lloyd’s I went in and said I’m transferring a fair amount and they said there was no limit…

But transferring £10 isn't a fair amount.

 

[Just smiffy]

But transferring £10 isn't a fair amount.

It is to me…..

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[Nanniemate]

The bank stopped my payment even though they had been told it would happen.
Half out of 2 different accounts same bank hsbc
First payment no problem
2nd took five hours .
Really embarrassing.
Got home after all the twoing and throwing.
And the thought crossed.my mind why did I not use the TSB account

 

[gus-lopez]

The other thing i would do is make sure you do it in the week so you can speak to someone at the bank.

This^^^^^^^^^^

Well it seems I have been misinformed then as when I was with Lloyd’s I went in and said I’m transferring a fair amount and they said there was no limit…

Ûsed to be the cleared balance of the account & it also used to be the same for cash withdrawals at the branch?

 

[starquake]

just to make you aware ,,my bank has a £25k limit on transfer per day ,,i had to pay the remainder on a credit card that the dealer was happy to accept ,,or i would have stuck 5 hours away from home waiting till i could trans the rest ,,

Barclays have this if you use the app. If you however use the webpage it's a more useful 100k.

For above that you just need to ask for a chaps payment, these can go to like nearer a million. Phone banking or branch for these. CHAPS payments are the method for any payment thats above the same day payments limit (which is I think 100k last time I checked). £25 fee for these at most banks.

No reason anyone cannot do a bank transfer same day unless it's million plus to my understanding (I used to work for a bank).

Should add interestingly I've had INTERNATIONAL same day payments too to US when buying property out there, a lot of things are possible if you know how to approach them.

 

[starquake]

Nope, still limits with some banks and they can be different depending on if you are using a phone app or online via a browser.

I would say use the webpage from a known device for the highest limits (ie, one you have used before).
The app on a phone usually is the lowest limit (as it's most likely to be used in fraud from scammers etc).

 

[starquake]

Well it seems I have been misinformed then as when I was with Lloyd’s I went in and said I’m transferring a fair amount and they said there was no limit…

I used to work in banking and I can inform you ALL banks have a limit.
LLoyds limit is £25k per day, so it's one of the lower in UK banking (from app or online). Using CHAPS (ie, branch or phoen call) you can do potentially a lot more (up to a multiple million) even with Lloyds. These settle near instantly inside working hours (hours) but interestingly have zero clawback or fraud protection, and are typically used for transactions over £10k, and the cutoff daily for these is usually 4:30pm on a weekday (beyond which it's next day).

So it's complex as if you arrange to buy something at 5pm, you'd need to do the chaps payment likely ardoun 3pm at latest to "guarentee" same day payments. I've seen peoples house moves fall apart over late chaps payments, so early is better.

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[Minxy]

Once exception to the above CHAPS charge is that if the transaction is between accounts at the same bank, eg Lloyds to Lloyds, sometimes they go through without any charge being made at all.

 

[dom_k]

I sold mine a couple of weeks ago. The guy did a deposit of £500 then the balance on collection via app. He had 3 accounts and did 20k out of 2 with the balance out of the third as the transfer limits are per account and not per person. Worked fine and all good

 

[Brains]

I made two payments last week on the same day, both to personal accounts I have not used before.

The second one, made at 14.30h was for £72 and went through within 10 mins.

The first one, made at 10.30h was for £15, to a sole trader to fix a tyre.
Not unreasonably he would not release the tyre until he had been paid.
The payment finally went through at 01.40h the next day, 15 hours after I made the payment.

I got a text when he woke up at 6am to say my tyre could be found around the back of his container.

Bottom line, until the money has been received, you can not pass over the product.
In the case of large amounts (over £10k), I would immediately move the money to another account, to stop clawback.

(Many years ago we delivered a lot of IT equipment to a company, they paid whilst we waited. As soon as we had left they called the bank and claimed back the money. We eventually got back our IT kit months later after they had used it for 6 months and the company was liquidated)

 

[starquake]

(Many years ago we delivered a lot of IT equipment to a company, they paid whilst we waited. As soon as we had left they called the bank and claimed back the money. We eventually got back our IT kit months later after they had used it for 6 months and the company was liquidated)

This is why paymnets for large sums use CHAPS, you cannot claw it back. It's literally part of the spec.

Lesson here is insist on a CHAPS payment for a large load, not faster payments. £10k+ use CHAPS.

 

[MichaelT]

This is why paymnets for large sums use CHAPS, you cannot claw it back. It's literally part of the spec.

Lesson here is insist on a CHAPS payment for a large load, not faster payments. £10k+ use CHAPS.

But you can't claw it back now as the bank has to have permissions to debit your account.