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How to hand over the dosh?

eirman · 2021-06-25 10:13:24

The last time bought a car (2009) the main dealer's preference was payment by cheque. (They made a call verifying the cheque). How does it work now? I'm certainly not going to bring 15K cash with me! To pay 15K with Ulster Bank by phone, you have to have already completed a transfer to that payee on your Desktop/Laptop. -…

25-06-2021 11:13am

#1

eirman

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The last time bought a car (2009) the main dealer's preference
was payment by cheque. (They made a call verifying the cheque).

How does it work now?
I'm certainly not going to bring 15K cash with me!

To pay 15K with Ulster Bank by phone, you have to have already completed
a transfer to that payee on your Desktop/Laptop. - LINK

Also, Ulster Bank to AIB / BOI are not instant (AFIK).

What about Drafts?

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#2 25-06-2021 11:22am

bazz26

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Dealers will except drafts, some might accept payment by revolute too. Ultimately you will have to ask the specific dealer.

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#3 25-06-2021 12:02pm

[Deleted User]
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Easiest to do with a dealer is a cheque or a bank draft.

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#4 25-06-2021 2:05pm

easygoing39

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Just purchased a car for 14,000E this week.Gave a bankers draft,but had to wait 5 working days for it to clear before collecting the car.

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#5 25-06-2021 2:13pm

DriveSkill

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Pretty much all will allow bank transfer to their IBAN also. True you will need to pay and let it clear before you collect the car but generally that is just 1 day with SEPA and sometimes instant if same bank.
Only other issue may be whether you can transfer all in one go (or one day) or do multiple transfers which means it may take 2-3 days to transfer full amount.

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#6 25-06-2021 4:40pm

eirman

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easygoing39 wrote: »

Just purchased a car for 14,000E this week.Gave a bankers draft,but had to wait 5 working days for it to clear before collecting the car.

That a real bummer!

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#7 25-06-2021 4:48pm

sportsfan90

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Are garages / main dealers even ok with accepting cash for amounts of €15k the OP is paying?

Or is it messy with extra forms to fill? I know if you go to a bank with that much you'll likely have to prove it wasn't money laundered etc.

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#8 25-06-2021 4:50pm

naughtysmurf

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Don’t know why you had to wait for a draft to clear, a draft is basically cash, once lodged to sellers account it’s immediately available to them,

Used a draft for my last purchase, about 18k, handed it over & drove off from main dealer

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#9 25-06-2021 4:54pm

Normal One

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I handed over a draft for over €50k a few months ago and drove away, not sure why they would need to wait 5 days. They can phone the bank to verify it immediately.

I don’t think too many places would want to have cash, even relatively small amounts.

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#10 25-06-2021 4:57pm

biko

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My last cars I bought by bank transfer from my account to their IBAN.

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#11 25-06-2021 5:12pm

[Deleted User]
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Your debit card. Ulster Bank doesn't have a transaction limit on theirs.

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#12 25-06-2021 7:18pm

eirman

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Jeremy Beagle wrote: »

Your debit card. Ulster Bank doesn't have a transaction limit on theirs.

Can you please provide a link/proof?

If it is true, it's both great and worrying at the same time.

UB Phone banking limit = 10K

Online limit = 25K (After payee has been setup on Desktop).

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#13 26-06-2021 12:29am

AndrewJRenko

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naughtysmurf wrote: »

Don’t know why you had to wait for a draft to clear, a draft is basically cash, once lodged to sellers account it’s immediately available to them,

Used a draft for my last purchase, about 18k, handed it over & drove off from main dealer

Normal One wrote: »

I handed over a draft for over €50k a few months ago and drove away, not sure why they would need to wait 5 days. They can phone the bank to verify it immediately.

I don’t think too many places would want to have cash, even relatively small amounts.

There have been fake or stolen drafts floating around, used in scams like this. Is it really possible to phone the bank to validate? It's near impossible to get through to any bank branch these days.

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#14 26-06-2021 12:53am

[Deleted User]
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eirman wrote: »

Can you please provide a link/proof?

If it is true, it's both great and worrying at the same time.

UB Phone banking limit = 10K

Online limit = 25K (After payee has been setup on Desktop).

Personal experience. I made a €35,000 transaction on my Ulster Bank visa debit card previously with no issues. The only transaction limit is the funds in your account. Similar experience by someone else here: https://www.boards.ie/vbulletin/showthread.php?t=2057910559

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#15 26-06-2021 11:56am

dsmythy

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With AIB a few days ago trying to pay up for a car with my debit card I found I had a 6k limit. Another 1k limit for transferring online. Had to get my wife's card which had a 2k limit (TSB). Then went to the bank to transfer the remainder in person.

Don't worry the dealer will find a way to get the money!

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#16 26-06-2021 12:18pm

eirman

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Jeremy Beagle wrote: »

Personal experience. I made a €35,000 transaction on my Ulster Bank visa debit card previously with no issues.

Thanks JB - Personal experience is good enough for me!

(According to MoneyguideIreland the AIB limit is €5,000)

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#17 26-06-2021 12:41pm

BionicRasher

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PTSB limited to 5k as well for online SEPA
Had to do a transfer of 21k recently and it took 5 days then the garage had to confirm transfer so it took over a week in total to get sorted
Pain

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#18 26-06-2021 2:54pm

wotzgoingon

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10k is the daily limit for bank transfer. You can transfer a lot more if you go into bank and get them to transfer it for you.

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#19 28-06-2021 9:26am

fryup

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dsmythy wrote: »

Don't worry the dealer will find a way to get the money!

oh you betcha!

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