Bought a car up north

maxamillius · 13-11-2022 1:56pm #1

I’ve bought a car up north, put a deposit down… what’s the best way to transfer the remaining balance, seller needs to receive circa 20k gbp

Not sure on best way to transfer to avoid high transfer costs etc?!

cheers

NinjaTruncs · 13-11-2022 2:01pm

Its a few years now but I used transfermate when buying up north. Is Revolut an option for you?

maxamillius · 13-11-2022 2:20pm

Thanks for quick reply, I have Revolut so could potentially do it that way, I think there is a 19 euro fee? Is that normal?

User1998 · 13-11-2022 4:18pm

Transfer the Euro equivalent to your Revolut account and exchange it to Pounds on Revolut. Do the exchange & during business hours for the best rate.

There is no fee if you have Revolut premium, but €19 isn’t bad considering its a £20k payment

maxamillius · 13-11-2022 4:41pm

Think it’s 19euro per transaction, can only do 10k per day, as I’ve never transferred that much internationally wasn’t sure if charges were the norm!!

Atlantic Dawn · 13-11-2022 4:45pm

Verify with seller first what they will take, some may insist on transfer to bank account rather than payment with card.

I used Wise before, they transferred GBP amount in to dealers account, process took about 3-4 days as AML verification needed to create account with them.

13-11-2022 4:48pm

https://www.boards.ie/discussion/comment/119869537#Comment_119869537

There will also be a delay on the transfer of a couple of days while the op’s bank foreign payments office clear the transfer. I’m with AIB and it recently took 4 days for a 9k transfer to my Revolut a/c in Lithuania.

maxamillius · 13-11-2022 5:00pm

ill be transferring to a BOI account in Northern Ireland, does that make a difference from Revolut?

maxamillius · 13-11-2022 5:19pm

4 days is absolute madness for a transfer to clear

danoriordan1402 · 13-11-2022 5:30pm

last time I did it , it was with Transferwise and took seconds to transfer 15k

maxamillius · 13-11-2022 5:31pm

Presume I need to set up an account with them?

danoriordan1402 · 13-11-2022 5:47pm

https://www.boards.ie/discussion/comment/119869673#Comment_119869673

yes, i had a Euro account so it sent the required amount in Euro at a conversion rate to Sterling( guaranteed for 24th ) , fee was about 50 quid but it was done in seconds

maxamillius · 13-11-2022 5:49pm

Ok cool, downloaded the app there, presume I transfer euros from my AIB to the wise account and then convert and transfer GBP from wise to the UK car dealer?!

danoriordan1402 · 13-11-2022 7:51pm

https://www.boards.ie/discussion/comment/119869729#Comment_119869729

Thats how I did it back then yep

maxamillius · 13-11-2022 8:14pm

Nice one I’ve just done a transfer from my PTSB account to Wise so will see how it goes.

appreciate all the advice thank you

Wildly Boaring · 14-11-2022 9:32am

Assume it's a NI car?

90% of what's for sale up there seems to be English

Oh and I used Revolut last time. Signed up to premium for 1 month, was about €7 and all exchange was free. When I cut the premium got most of my €7 back

porker36 · 14-11-2022 9:49am

i was looking at a car up north myself, so if the car was first registered in Northern Ireland there's no vat to be paid just the Vrt, is that correct?