Revolut transfer large sum for car sale

myszonutd

In the middle of selling the car I was wondering is it more common now to take payment through revolut even for larger sums of money (20,000-30,000) or would you say that could be risky in a way of getting your revolut account blocked or money awaiting verification that could take days and you sending off documents to prove where the money comes from?

pale rider

Any financial institution can seek verification of source and origin of funds, if they did you would have a job satisfying the request given you would probably need the buyers statement etc, I would avoid this.

myszonutd

https://www.boards.ie/discussion/comment/119426364#Comment_119426364

Would the proof of sale not be sufficient enough to get this cleared if this does happen? I'd like to know if anyone here dealt with this before and if there was any issues with money being stuck in revolut account for days or longer.

10-10-20

Proof of sale from a registered car-trading business or from a randomer's bank account?

Buffman

If it's a Revolut to Revolut transfer they should already know where the money is coming from and you'll probably be fine.

If it's a bank/card to Revolut transfer/payment it's the same as any ordinary bank transfer as Revolut is now a bank and all accounts have now changed to bank accounts so you might be asked for additional information.

Presumably if you're selling a motor for 20-30k you're dealing with a dealers business account so there shouldn't be any issues.

I've used Revolut in the past for motor transactions with no issues, it was very handy for buying in GB when that was viable.

User1998

Never had a problem like that with Revolut. Any bank can hold a payment but this is highly unlikely. €20,000 isn’t a huge sum of money.

Henry Ford III

https://www.boards.ie/discussion/comment/119428895#Comment_119428895

It's plenty if you don't have it.

User1998

https://www.boards.ie/discussion/comment/119431862#Comment_119431862

In terms of banking its not a lot tho.

Henry Ford III

https://www.boards.ie/discussion/comment/119432732#Comment_119432732

Could you afford to lose €20k? It's a matter of perspective.

DoctorEdgeWild

How come Revolut is so popular in Ireland? I don't know anyone using it over here in the UK, or what it is all about.

Last couple of cars I bought and sold (two this month, definitely not 20k!!) I just transfer on mobile banking app, instant confirmation on my phone, and the buyer's phone. What is it that I'm missing/don't understand about Revolut?

User1998

https://www.boards.ie/discussion/comment/119432741#Comment_119432741

You clearly don’t understand what I’m saying. My point is that a payment of €20,000 isn’t out of the ordinary and is highly unlikely to be flagged.

Henry Ford III

https://www.boards.ie/discussion/comment/119432776#Comment_119432776

I understand exactly what you are saying. I'd have a lot of relevant professional experience in this area.

User1998

https://www.boards.ie/discussion/comment/119432754#Comment_119432754

We don’t have instant transfers like you’s do in the UK. It usually takes a day or two to transfer over. Even if you are both with the same bank you usually have to add them to your payees and use stupid card readers if its a large amount.

Whereas with Revolut it is instant payment and very simple to use. Its similar to Monzo in the UK. An online banking app basically.

DoctorEdgeWild

https://www.boards.ie/discussion/comment/119432799#Comment_119432799

Ahh, got it. Thanks for the explanation, sorry to drag your thread off OP.

kirving

Last car I sold, I was paid into AIB. Then had to go to the branch to request a large transfer to another account.

AIB asked for the UK IBAN of the dealer, but I told them I wanted it paid to my own Revolut account, as the FX rate was cheaper. No problem at all with that. Then I Revolut-ed to the dealer a day or two before so I wasn't caught out on the day.

Mad_Mike

Slightly different as I'm looking at buying rather than selling and sorry if it brings this off-topic, but say for example I want to buy a car for maybe 10-15k and pay the seller with Revolut, from what I see, there is no limit sending to another account and that seems fine, but if I don't have funds in the Revolut account and want to transfer from my bank... 1. Is there a daily limit how much I can add to Revolut and 2. Can I transfer from my bank instantly, or does it take a couple of days?

User1998

1. Depends on your bank and if your using the app, website, or if you have the person already added as a payee.
2. It won’t be instant, 1-2 days.

carfinder

https://www.boards.ie/discussion/comment/119432741#Comment_119432741

It's a matter of context - the OP isn't contemplating risking losing €20K so your question about affording a loss of €20K is irrelevant to the discussion at hand and, with all due respect, a somewhat silly contribution to the discussion.

OP - As other posters have said, if it's Revolut to revolut you'll be fine. Later this year Synch Payments should be operational which will allow for instant payments in Ireland. SEPA Instant also allows for instant payments but the Irish banks aren't ready for it and set up Synch instead but for now "same bank" to "same bank" (or Revolut to revolut) is your best bet

PatrickDoherty

https://www.boards.ie/discussion/comment/119434446#Comment_119434446

Yes there is a daily limit think its about 4k per day, I used it when buying up north and had to do it over the space of 3 or 4 days to get the full amount into the account, I added the money from my Bank of Ireland card it might be difference doing a bank transfer.

CiniO

How about cash?

Isn't there anyone still using it?

Buffman

https://www.boards.ie/discussion/comment/119435403#Comment_119435403

I'm sure there are for a few €1000, but for €20K I'd say it's a rarity.

Atlantic Dawn

https://www.boards.ie/discussion/comment/119435403#Comment_119435403

Gets problematic over €10k when lodging in one go or linked transactions due to AML rules.

Harcrid

When accepting a payment from Revolut to your own Revolut account, is there any mechanism for the sender to dispute, cancel or undo the transaction similar to what can happen with Paypal? From what I can see it is not possible.

myszonutd

Sold the car the other day if anyone is interested I took a payment through Revolut it was more than 20k and it was instant no issues, then I transfered the money to my BOI account. Sold the car on Sunday and had the money in my BOI account monday morning.

Buffman

https://www.boards.ie/discussion/comment/119452705#Comment_119452705

No, you get the option to 'Accept' or 'Decline' the incoming payment if the sender isn't known to you. After you accept, it's yours.

However like any bank, if the sender can prove fraud/illegal activities or wrong account number etc. the bank could possibly take action.