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It's been decades since I've done this, but potentially about to. So assuming cash is a pita as I'd need to pay that into a bank to validate it, presumably a direct bank payment is the way to go? Once it's showing in my account, that's it, there's no way it can be reclaimed by the buyer? Maybe that raises the question of defining "showing in my account".
We're only talking a few grand here, so should be an easy transaction.
Bank transfer. Should be there in seconds. Once it’s cleared it’s very difficult to retract (almost impossible).
Bank transfer. If you want, get them to make a transfer for a couple of quid first to make sure it arrives ok. Also, ask them if they have a daily limit for new payees, or if they need to use a card reader or similar (Natwest, for example).
Perfect, thanks.
If you want, get them to make a transfer for a couple of quid first to make sure it arrives ok
Not advisable if my recent experience was anything to go by, long & short of it was the bank considered the second payment to be dodgy so had to go through fraud dept... who didn't work at w/e
I did exactly this a few weeks ago. Paid 25 quid first to check details, went through, then a few grand surely after, all fine. Have done this loads of times over the years.
I've done this. Small payment check. To then the balance.
Last private car I bought was via bank transfer. Sat in his kitchen until the money came through. Bit awkward at first as Barclays refused it as I'd not transferred that amount before!
The car I sold at the same time was paid cash. Got the lads to drive me to the bank while I deposited it which they seemed to think was strange.
Another downside to a cashless society 😕
If the payee is verified then there is no need for the small test payment. I guess it depends who you bank with and if the app tells you the recipient is verified.
True, yes. My bank will send me a verification number when I set up a new payee. Can be a little convoluted if not done prior to the transaction.
Another downside to a cashless society 😕
What? Not having to risk carrying around several thousand pounds of cash?
IME you / they will need a card reader to setup a new payee, or at least I do to when paying someone new. Sometimes I get a security code text to me from the bank that I have to input in my online banking app.
The only disadvantage bank transfer has is the lack of internet if you’re not on WiFi and live in a black hole of reception. It’s certainly better than piles of cash, unless money laundering is your thing.
Another downside to a cashless society
Apart from it is not that as all as buyer could take cash but doesn't want to as suspects cash may be dodgy and would need to verify it in a bank. Another downside to cash if anything...
IME you / they will need a card reader to setup a new payee
Depends on who you bank with. I get a verification code via my phone.
Get them to call their bank before doing it, so it doesn't get flagged as fraud