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Child Item

Selling privately - funds exchange

BraveDonut

I have sold privately in the past but it was for cash (~5K).

But for larger sums - say 20K cash seems like a risk.

What is the current best way to do this. Bank transfer, ensuring the funds have actually landed in your account? Any scam type issues associated with that?

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User1998

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.

NIMAN

It might have to be done in installments?

Not sure you are able to just rock up to your bank and transfer 20k like that.

User1998

https://www.boards.ie/discussion/comment/124432820#Comment_124432820

AIB daily limit is €30k

loup

Permanent TSB allows you to transfer up to 10K online to someone and an additional 10K through their customer support agents. This is how I did it last time I paid for a car.

Lofidelity

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.

mondeoman72

Word of warning.

There are fake apps about that show a payment being made but money never arrives as its fake. Meanwhile, the goods and buyer are gone. If you, or anyone else reading this, ever comes across this, make sure the money appears in YOUR app before completing sale.

goochy

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

littlevillage

https://www.boards.ie/discussion/comment/124432833#Comment_124432833

If you go into the branch you can transfer more than that. I transferred €40k from AIB to a BOI account last week. I don't know what the actual limit is but its more than €30k per day.

AIB have a €10k limit online per day.

Also OP I would say €5k cash would be the limit anything over that would have need to be a draft cheque or money transfer.

BK5

https://www.boards.ie/discussion/comment/124433363#Comment_124433363

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.

User1998

https://www.boards.ie/discussion/comment/124433410#Comment_124433410

What's wrong with just taking a regular bank transfer?

ociarba

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

BK5

https://www.boards.ie/discussion/comment/124433876#Comment_124433876

Inexperience of selling cars privately and was selling it for my son so needed to be 110% sure.

Allinall

https://www.boards.ie/discussion/comment/124433240#Comment_124433240

It's not illegal for businesses, or private individuals to accept any amount of cash.

No idea where you got that notion from.

goochy

It is. Anti money laundering laws . U can't even send postal orders these days without Id

Allinall

https://www.boards.ie/discussion/comment/124434275#Comment_124434275

What law bans it, and what is the limit?

User1998

https://www.boards.ie/discussion/comment/124434275#Comment_124434275

You are 100% wrong. If a business accepts over €10,000 in cash for a single transaction all they need to do is take note of the customers details and a copy of their ID confirming same.

sligopaul

https://www.boards.ie/discussion/comment/124434285#Comment_124434285

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

k123456

Imagine I sell my car for 20k cash

I then need to lodge my 20k in my bank, will i run in to issues depositing 20k

Are within their rights to ask where I got the money

If I explain I sold my car, are the bank within their rights to ask who to etc.

I would prefer not to ask a prospective cash buyer for id as it might ruffle feathers and might delay a sale

black & white

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.

daheff

https://www.boards.ie/discussion/comment/124432894#Comment_124432894

100% - unless its in your account treat it as not paid.

Hooked

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.

User1998

https://www.boards.ie/discussion/comment/124434357#Comment_124434357

You can lodge as much cash as you like but they may ask you where and how you got the cash.

Funnily enough AIB are actually investing my account for "suspicious cash deposits" despite it being a business account and most deposits being under €10k.

AML laws are getting very strict and as of 2027 a business will no longer be able to accept over €10k in cash for a single transaction

MojoMaker

https://www.boards.ie/discussion/comment/124433363#Comment_124433363

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

beachhead

https://www.boards.ie/discussion/comment/124434275#Comment_124434275

That would explain how I transferred 67,000 with just my face at the counter.No.id required just my pin

Some credit unions use your photo id which will be on file

MojoMaker

🙄

Yup

Marcusm

https://www.boards.ie/discussion/comment/124433240#Comment_124433240

It’s not illegal, it just has to be reported/justified.

PukkaStukka

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)

MojoMaker

What decade was that? Things have moved on considerably.

Anois_

https://www.boards.ie/discussion/comment/124436120#Comment_124436120

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.

PukkaStukka

https://www.boards.ie/discussion/comment/124436120#Comment_124436120

2-3 years ago. Seller didn't want cash and suggested paying for it this way.