I am about to sell my car…approx £25,000. What is the safest way to receive the money? Eg faster payment??
Also at what point can I be sure the payment is definitely in my account and cannot be recalled, cancelled or withdrawn?
I’d only sell things privately as cash in hand or via a solicitor. Too many horror stories of people selling via PayPal then money claimed back or buyers reporting bank transfers as fraudulent then accounts getting closed
Sure it’s not as big an issue as it’s made out to be but it’s not something I’d ever risk
Even for cash when I last sold an iPhone (£500+), I took a UV torch and checked every note
I sold my sister’s car for her. We did it via bank transfer. I took a picture of the sender’s phone saying the payment was confirmed. Also, retained messages saying they were buying, transferred ownership, and got confirmation from my sister that she had received the money.
Bank transfer is definitely a safer option for the SELLER vs card. 25k of Cash could be timely to count, and also then you have to go to a bank etc.
Personally, get the other person to sign saying they’ve received the car, and you’ve received the payment. You’ll be able to show that you’ve transferred the goods etc. etc.
If you get a feeling it’s not going to work, then just walk away from the sale.
And add in the condition that the £25k needs to come in a briefcase with a money counting machine
Fuck trying to get that in at a PayPoint too
Not to mention the limit of £1000 every 180 days
180 X 25 = 4500
So about twelve years…
Plus you’d have to actually find a pay point that will actually try and pay it in!
If you sell to dealership they’ll transfer money there and then via bacs so it’ll be instant
Sell to a dealership or get a solicitor involved. No way I’d risk £25k
Agree. That’s a serious wedge of cash.
I’d need to count it a thousand times, check for forgeries and all the while it was in my possession I’d be paranoid of being robbed.
Personally for me if I’m selling through a private sale I’d ask for a CHAPS. That way your guaranteed same day payment. Is a CHAPS reversible? FPS is.
FPS only guarantees by end of next business day. Also quite a few banks have a limit to new payees through app banking.
A dealer is giving you much less as well?
What I meant to say is I wouldn’t trust anyone off the internet to pay me electronically any sum. If I sell things on Facebook I go cash in hand or try to go to a dealership/CeX for electronics. It’s less hassle and more secure for me even if I get a few % less
If I absolutely had to sell something I’d go cash in hand if it’s not too big of a sum
Am I paranoid? Yes. But I don’t want my account closed, or even temporarily blocked because the money comes from a dodgy source or because the buyer claims I’m scamming them
25k in cash would be risky incase it’s counterfeit as didn’t the police just seize a few million banknotes that was better quality that the Bank of England’s
Or even if it is real then the risk of theft
Who the heck has 25k in cash? I’d go for bank transfer any day of the week.
Bank transfers are equivalent to paying in cash. It would be very difficult for the buyer to recall the money from you.
Create some paperwork - bill of sale, invoice, whatever you want to call it. Take some ID from the buyer, make a note of their bank details, their address, etc. Copies of the log book also. All the details you’ll need to take them to court in the event they try and recall their payment, essentially.
Or if you really want to be safe, forget about trying to sell the car privately and take it to a dealership instead. They’ll give you a lower price for it because they’ll want to make a profit selling it on. But you’ll have confidence at least that they won’t try and recall any payment they’ve made to you.