Payment for car in the north.

Duff

Hey guys,

Going to look at a car in a dealership in Belfast at the weekend, and all being well, buying it there and then. I'm just wondering what would be the best way to pay for it. I have the funds on my AIB debit card. Would there be mad fees to pay with my debit card in the north? Should I transfer the funds to my Revolut card and use their exchange rate?

Thank you for any advice.

Atlantic Dawn

I'd transfer the funds to Revolut but confirm it will be there in time, they may look for additional verification for €10k going in. When I was last buying there was a difference of a few hundred between my bank doing a credit transfer and Currencywise which I went with. At the time Revolut couldn't guarantee me the money would be there in 3 days so had to go Currencywise route. I'd also check with the dealer that they will accept payment via debit card, some won't, even big dealers or they may charge a fee whereby the bank transfer route would be a better way to go if you know you want to buy it.

Make sure you have insurance sorted out too.

Duff

https://www.boards.ie/discussion/comment/118567723#Comment_118567723

Cheers. Is Currencywise the same as Transferwise? If I go the Revolut route should I transfer the money from my AIB into my euro Revolut account then exchange it to pounds within the app? Yeah, I'll be transferring Insurance over in time too!

Atlantic Dawn

https://www.boards.ie/discussion/comment/118567760#Comment_118567760

No it's now called Wise https://wise.com/ie/

You could do it either way, advantage of going straight in to Sterling on Revolut is you will have it at that rate on the day you do the transfer and will not pay any more no matter how rates fluctuate. If it was me because you are not 100% definite on taking it I would just transfer from AIB on to Revolut leaving as Euro for the time being and you can then get the rate on the day you make the sale.

PatrickDoherty

I done it today using revolut, only for a deposit of 500 so dont know if theres a limit on revolut transactions? Anyways I just added to revolut bought sterling and used their card machine, mad difference from using the banks rates.

Duff

https://www.boards.ie/discussion/comment/118567786#Comment_118567786

Yeah, that makes the most sense, reckon I'll do that. Cheers for the advice.

Atlantic Dawn

https://www.boards.ie/discussion/comment/118567884#Comment_118567884

Yes not sure if that's cleared up now or not, when I was doing it they had a limit of about €10k or so where you could transfer the money in but they would query what it was to be used for and seeked additional ID verification and this would take days, that may no longer be required now seeing as they seek valid current ID and address for each account.

PatrickDoherty

https://www.boards.ie/discussion/comment/118568749#Comment_118568749

So was the money frozen in revolut for days? I need to avoid that situation anyways.

Atlantic Dawn

https://www.boards.ie/discussion/comment/118572921#Comment_118572921

Yes, that's why I avoided it as had flights booked for the weekend and deposit down. You should contact them on live chat to see what is the case now, I think you can open chat through the App on the phone. Most important of all though is to verify the seller accepts a debit card for payment, if not you need to look at bank/currency transfer as the option to go with.

Duff

I was talking to a lad on the live chat the other night. They do hold transfers over 10k in some circumstances he said until they verify it's you/what the funds are for and generally takes 1-2 business days to transfer from your bank into Revolut.

User1998

I used Revolut and transferred £15k to the sellers account. I done it as 3x £5k transfers and they received them immediately.

I also used chip & pin for £15k and that was fine too