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Payment options for buying in the UK

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  • 18-07-2016 11:46am
    #1
    theGIANT
    Registered Users Posts: 234 ✭✭


    I am going to England next week to purchase a car. Can someone tell me the best option for payment. I plan to fly over have a shortlist of 3 cars not risking a deposit. I want to drive away with the car the same day. Online bank transfers between ireland and england take 3 days. I dont want to risk carrying cash.
    How do people usually pay? I heard a people people talking about transfermate. Is it safe and reliable?


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,621 Mod ✭✭✭✭Henry Ford III


    Bank transfers can be quick enough, but cash is always king if you are looking for a great deal.


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    #3
    Spipov
    Registered Users Posts: 1,996 ✭✭✭Spipov


    on that note, sorry to jump in. can you pay say about 6k from a debit or credit card? do drafts need to be in a name, as you wouldnt know the exact dealer you are going to buy from in these cases.


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    #4
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    Henry Ford III wrote: »
    Bank transfers can be quick enough, but cash is always king if you are looking for a great deal.
    If you're carrying more than 10k in cash, you need to declare it to customs too I think.
    https://www.gov.uk/bringing-cash-into-uk


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    #5
    Soarer
    Registered Users Posts: 8,861 ✭✭✭Soarer


    purpleisafruit wrote: »
    If you're carrying more than 10k in cash, you need to declare it to customs too I think.
    https://www.gov.uk/bringing-cash-into-uk

    That says the exact opposite of what you said!


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    #6
    Explosive_Cornflake
    Registered Users Posts: 2,105 ✭✭✭Explosive_Cornflake


    Henry Ford III wrote: »
    Bank transfers can be quick enough, but cash is always king if you are looking for a great deal.
    Money Laundering rules means they can't accept more than 10K cash.


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    #7
    Soarer
    Registered Users Posts: 8,861 ✭✭✭Soarer


    Explosive_Cornflake wrote: »
    Money Laundering rules means they can't accept more than 10K cash.

    I think that's if you're paying in Euros though.

    If you've already converted the Euros to Sterling, I don't think there's an issue. Especially if you've the bank statements to show the conversion, etc.

    Could be wrong though.


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    #8
    Seve OB
    Registered Users Posts: 15,829 ✭✭✭✭Seve OB


    theGIANT wrote: »
    I am going to England next week to purchase a car. Can someone tell me the best option for payment. I plan to fly over have a shortlist of 3 cars not risking a deposit. I want to drive away with the car the same day. Online bank transfers between ireland and england take 3 days. I dont want to risk carrying cash.
    How do people usually pay? I heard a people people talking about transfermate. Is it safe and reliable?

    I used them for exactly that. It was about 6 years ago. Worked out perfect


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    #9
    Explosive_Cornflake
    Registered Users Posts: 2,105 ✭✭✭Explosive_Cornflake


    Soarer wrote: »
    Explosive_Cornflake wrote: »
    Money Laundering rules means they can't accept more than 10K cash.

    I think that's if you're paying in Euros though.

    If you've already converted the Euros to Sterling, I don't think there's an issue. Especially if you've the bank statements to show the conversion, etc.

    Could be wrong though.
    https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration
    Most dealers treat this as 10k. I know today it's not that number, but ring around any that's the limit they'll deal with.
    Revolut and bank transfer is the answer.


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    #10
    purpleisafruit
    Registered Users Posts: 508 ✭✭✭purpleisafruit


    Soarer wrote: »
    That says the exact opposite of what you said!
    Misread sorry!


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