Paying

Wildly Boaring

What's the done thing these days?

Obviously cash is good.

Last couple of secondhands I bought were in UK. Both times agreed with seller that I'd do a CHAPS payment. Went off for a coffee and took car couple hours later when it cleared.

Draft?
Draft and bank teller check of same?
Transfer?

bazz26

You need to be a bit more specific.

Are you buying private or from a dealer? How much are you spending? Are you buying here or in the UK? Have you asked the seller what way they want to handle payment?

Wildly Boaring

Sorry.

In this country. Will be selling both our cars in the €5000 to €10,000 range.

In north or here will be buying in the €15,000 range.

bazz26

Well as a private seller I wouldn't accept a draft unless it can be verified by the issuing bank prior to the sale and even at that I'd be reluctant. Best is for the buyer to do an electronic transfer but if transferring from different banks then it can take a number of days to go through so I wouldn't hand over the car until the money is confirmed in your account. Another option is to meet the buyer at your bank where they can lodge cash into your account and then you hand them the keys. If you both have accounts with the same bank then the transfer goes through the same day.

If buying up North from a dealer then you need to check with them what methods of payment they will accept. Money laundering laws mean they can only accept upto a certain amount in cash. Debit cards have a daily transaction limit too and credit cards usually command an additional fee by the dealer, usually around 1.5% or 2% of the amount. You might have to do a combination of those methods. The likes of transfermate or currencyfair might be a good way but the transfer takes a number of hours once initiated afaik.

griffin100

Bank Of Ireland visa debit has no daily limit spend. Bought a car in NI last month using one and only charge was an extra ?11 as it doesn't attract the same % surcharge as a credit card. Dealer had no problem taking the card for what was a ?16k car.

grogi

scanlone wrote: »

Draft?
Draft and bank teller check of same?
Transfer?

Cash and ask the buyer to lodge into in your account in your branch.