Selling privately - funds exchange

Nobody is going to give you €20k in cash. Just have the money in your account before you hand over the car. Revolut is instant and all other banks are required to do instant payments now as well.

AIB daily limit is €30k

I sold something recently for about 15k. Im with AIB, buyer was too. He done a transfer and I had the money in one minute.

It's illegal for businesses to accept that much in cash. Same for individuals ?

Sold a car last year and told the buyer that we will do the transfer in the bank (I'm also with AIB). Went up to the counter and told the cashier would they mind double checking that the funds had gone into my account, all checked out. If the buyer wasn't willing to meet me at the bank he wouldn't have gotten the car.

I sold a car about a year and a half ago for >10k. Money transferred on revolut and in my account instantly. Handed over the keys there and then

This, Banks will also just note the parties and generally ask what the payment is for but the AML rules do no prohibit the movement of funds ,as I understand it just require monitoring of transfers above 10k

I think they are required to ask where you got it, I was depositing a tax refund cheque with Revenue printed on it and was still asked. I laughed and pointed at the word Revenue and the cashier apologised and explained he had to ask due to money laundering legislation.

Also -

I always insist on posting the log book myself after the sale (no matter the payment method).

This can now be done online, I think.

It means you still legally own the car in case of any issues over payment arises.

And you don't want to be trusting the new buyer to post this - in case they forget or even delay to do it - as any toll charges, speeding or road traffic offences (and fines) will be sent to you!

I've seen it happen.

AIB is 20K per online transaction per day since Jan this year thankfully.

🙄

Yup

Previously if I was buying, I went to my bank with the owner and got a bank draft for them (or a mixture of draft and cash if they preferred)

I bought a brand new car in 2021 with a bank draft. But you are right it was a bit of a hassle. I actually drove the car I was buying with the sales guy in passenger seat to the bank while he waited outside and got the draft and handed it to him and drove back to the garage and he got out and I drove home.