Whats the best way to do this....

newwifey

We intend to travel to the UK shortly to buy a caravan that costs 11K sterling. We wont be staying long, once everything is in order we will hand over the money, hitch up and head home - no more than 24 hour stay hopefully.
So what is the best way to handle the payment?
Get the sterling here? Bit nervous carrying that amount in cash! Obviously the seller will want a sterling cheque to clear before we can take the caravan.
Is there another way?
Thanks

murphaph

Get a sterling bank draft (assuming you'll be there on a weekday so seller can lodge it). Confirm with seller that this is OK with him. Should be as UK residents mostly wouldn't want to be carrying 11k in cash around either.

Marcusm

murphaph wrote: »

Get a sterling bank draft (assuming you'll be there on a weekday so seller can lodge it). Confirm with seller that this is OK with him. Should be as UK residents mostly wouldn't want to be carrying 11k in cash around either.

Most won't be too happy with a bank draft either. NOt sure if you're buying privately or from a dealer. Most dealers are now accustomed to taking payment via debit card as the merchant fees are now so low; drafts for this purpose are almost dead. A GBP draft on an Irish bank would have little by way of attraction to them from a fraud or clearance perspective. If you look over on the Motors forum, you'll find this is a common experience with people buying cars.

Bank transfers are much more comon as within the UK system they are generally effective in less than an hour. Use of a currency exchange service such as currency fair or transfermate are also regularly used.

If you knwo from whom you are buying, the best way is to discuss it with them.

Cash is also less attractive to the seller due to fraud and handling issues. I'm not saying you can't use it but you won't get the best deal that way.

newwifey

Apologies, I should have clarified that we are buying privately.
Marcusm, do you mean that if I did an online transfer from my irish bank acc to his British one, that it would appear in a few hours?

murphaph

It's been a few years since I bought my last motorbike over in GB and I used drafts, but as Marcus says, perhaps times have changed. However, as it's a private sale he won't have any payment provider so you're left with cash, draft or bank transfer (but that won't go through in an hour from an Irish account to a UK one. More like a couple of days).

Marcusm

If it's private, ask them. If they're happy to accept a draft then bring a draft - they might not know any better. Bank transfers between my Irish and UK accounts will go through in less than an hour (generally 10 mins) but that's because I have them set up properly, have all the details correct and it's not the first time. The currency fair/transfer mate is a way of buying GBP from Ireland and the ultimate transfer would be from their account in the UK to the seller's so not an international transfer as such. A lot of people on the mOtors forum swear by it (as it can generally involve a much better GBP/EUR rate) but frankly speaking with the seller is the first step.

nlgbbbblth

A sterling bank draft purchased here will be issued by the Irish bank but drawn on their UK equivalent.

i.e.
AIB / First Trust
BOI / BOI
UB / Nat West
NIB / Northern

There is a difference.

I've never had a seller refuse to accept one nor have they insisted on waiting for clearance. To be fair - dealt in much smaller sums than OP.