Obviously I'm going to go have a look over and check it's all good. When it comes time to pay, what's the best option?
I'm thinking just do a bank transfer, but not sure how long that'll take. If I'm transferring to the same bank as my account, it should be pretty quick - but can it really take up to three days between banks?
I *could* do cash but don't really want to wander around with that much on me...
I did a transfer for £3000 from TSB to Santander the other day and it was in the recipient's account in minutes.
All of the big high street banks do Faster Payments these days. If its in the business day, you shouldn't have any problems with it clearing in a few minutes - even if it's to another bank.
In theory that should work at the weekend too, but I wouldn't rely on it.
Just take cash, and a mate with a big stick!*
*don't do this.
I'd do bank transfer. Ask for his details beforehand, set him up as a payee (that's the bit that needs card reader/extra time with my bank - NatWest) and send him 5p. Get his confirmation that he's got it - use text message as well as email, there's been some scams recently where email has been hacked and the guy who's due to be sent the money has his email deleted from the buyer's account, and replaced with an identical message, with different bank details.
If all's well with the 5p trial and the bike's what you expected, the transfer when you get there should be quick and easy.
I just rocked up with a wad of cash when I bought my Demo. Seemed like the easiest was I was collecting from the chaps house.
A previous work colleague was seriously injured a few years ago when he sold his car in cash at the door on a weekend - a few hours later he was "visited" by some people who knew that he had the cash and that it hadn't been able to get to the bank as it was the weekend. He was not-so-politely relieved of the cash and hospitalised (first hand story, not one of those internet urban myths).
As such I'd never take cash at the door on a weekend, just in case. Bank transfer, as OP suggests, much the most sensible route.
UK FAST as the others said should clear within hours at worst. Alternatively you should be able to get a bankers draft/cheque drawn against the bank so guaranteed bu the bank.
A guy bought my bike recently, did a bank transfer on the driveway in a couple of minutes, which worked perfectly. That's the way to do it in my opinion, although I do like the 5p trial bit. Hadn't thought of that!
You can also paypal. Send it as gift = free and same protection as bank transfer. Send it as payment for goods (paying the fees yourself) = you might even get your money back if you later find product isn't as described.
Cash for me every time. Not sure why people frightened of carrying a bit of money, realistically what's the chance of being robbed walking to someone's front door ir anywhere in the UK for that matter.
Dp
Just take cash. It's 2700 not 270000! Lol.
Take cash. I once had someone transfer me £2.5k for a bike and it got held for fraud checks. I didn't want to hand over the bike till it cleared my account, which was 3 days later. The poor buyer had to go home with no bike and the money had left his account.
What cbmotorsport said +1.
I took £5k in cash up to London way once to buy a motorcycle.
I didn't think anything of it.
Ask what they would prefer?
Transfer a pound first, just to check it gets to the right account.
I'd be worried about accepting cash, I wouldn't know a fake £50 because I rarely ever see them.
Paradoxically does anybody worry about accepting that amount of cash?
There"s an awful lot of counterfeit notes in circulation,and it would be an easy way of getting rid of some dodgy notes.
orangeorange - Member
Paradoxically does anybody worry about accepting that amount of cash?
I'd be paying it into the bank before handing anything over at that price.
+1 for faster payments. This has to be the most secure way of transferring cash - it can't be recalled by the sender so the recipients knows that when its in their account its there for good. unlike paypal, cheques etc.
[url= http://www.fasterpayments.org.uk/consumers/what-happens-if-i-have-sent-payment-wrong-place ]Faster payment advice[/url]
good advice about sending a trial payment first.
Paradoxically does anybody worry about accepting that amount of cash?
There"s an awful lot of counterfeit notes in circulation,and it would be an easy way of getting rid of some dodgy notes.
Generally, if I accept a large sum of cash for a car or motorbike etc, I'll take the buyer to the bank, and pay it into my account. Once I get the receipt from the cashier, I'll give them the keys.
Thanks folks! We've gone for the bank transfer option, seems the easiest way 🙂
What bike are you buying second hand for £2700?
I'd go for meeting them inside a convenient bank and doing the transfer right there, under the bank's CCTV.
(paying the fees yourself)
when I was spending 2k, I made him pay the fees as part of the deal.
Seeing as the fees benefit only you and not the seller (as they may* give you recourse to get your money back if the product is not as described) and the seller was probably expecting to sell as seen then I'd pay them
* I'm not sure how this would actually work out in practice
I have such a purchase coming up (though not a bike) and the buyer has agreed Paypal is the way to go.