Bank Transfer Question?

[brucemillar]

Folks

I am buying watch tomorrow from a dealer (price agreed subject to viewing)

Now ideally he wants (so do I) a bank transfer. How can I get this done quickly/instantly? Ideally I would like to view the watch and arrange the transfer there and then to avoid any awkward hanging around.

Failing this I could pay by VISA DEBIT or PayPal but I think these will encounter fees that I will have to pay to keep the discount I have negotiated.

Any Clues. I bank with Lloyds Intelligent Finance (Internet Banking)

 

[Mrhanky]

Folks

I am buying watch tomorrow from a dealer (price agreed subject to viewing)

Now ideally he wants (so do I) a bank transfer. How can I get this done quickly/instantly? Ideally I would like to view the watch and arrange the transfer there and then to avoid any awkward hanging around.

Failing this I could pay by VISA DEBIT or PayPal but I think these will encounter fees that I will have to pay to keep the discount I have negotiated.

Any Clues. I bank with Lloyds Intelligent Finance (Internet Banking)

You need his bank details prior to the visit. You can then set him up as a payee via the online banking site. Once set up you can pay via your mobile app. You need to set up before hand as you need your log on device and to use the full website to set up a payee.

 

[Clivefa]

Can you use your smart phone and the Lloyds app?
Although I think the max amount doing that is £10k - I could be wrong.

 

[geraldrobins]

Lloyds visa debit card doesn't usually have fees. I paid £13000 for a car in May with no problems. I'm assuming the dealer has card facilities, if not then online bank transfer as stated before.

 

[brucemillar]

Hmm

Just spoke to Intelligent Finance. Looks like it is not as easy as I had hoped or you suggest ;ˆ(

1) It's a bank holiday.
2) There is no instant transfer (it would be the next banking day due to (1)
3) They say just use my VISA Debit Card as the ATM also has a £500 max daily limit.

 

[Deleted96908]

Here's what I'd do:

Cash
Visa debit
Paypal

In that order.

Never rely on (instant) interbank transfer for time critical transactions. It's hit and miss depending on who the parties are. And don't forget to pre warn your bank if you intend paying by Visa Debit. Else you might trigger fraud alerts.

Edit. Adding parenthesis to instant

 

[KennyN]

Just be aware that PayPal incurs fees, which can be expensive depending on how much the initial purchase price is.

As a seller cash would be my first choice of payment but a debit transaction would be my first choice as a buyer.

Kenny

 

[alzieboy]

Do both parties bank employ the Faster Payments scheme, although I think there may be a limit on a single transaction

 

[Charles Morgan]

Pay by VISA debit, the cost of a payment is pence to the dealer. In other words what IF said (it is a bank holiday).

 

[flango]

Visa debit no brainer, safer than cash, less expensive than paypal, more reliable than instant transfer

 

[Iwoody]

Yeah it would be the Visa debit for me too, would PayPal gift not be free?

Incidentally what kind of watch are you buying?

 

[Charles Morgan]

I would never pay for any item bought from a commercial vendor as a gift payment via Paypal. Paypal will correctly go and tell you where to stick it if you want your money back.

 

[jaymanek]

bank transfer by faster payments is still instant on bank holidays, but I would NOT rely on it as they do not guarantee this.

We have had customers hanging around here at work for hours... And its always awkward when the money has left you but seller says he hasnt received. It can be held for security checks etc.

I would also pay debit card or wait to get cash out.
If the seller has a proper merchant account, debit card fees are very small.. for us it used to be around 5p per transaction.. now its a percentage, I think under 0.2% or so.
Credit cards are a lot more expensive to the merchant.

 

[markjay]

Visa debit no brainer, safer than cash, less expensive than paypal, more reliable than instant transfer

As above... no fees either side, solid proof of payment, and no need to carry cash around.

 

[Iwoody]

I would never pay for any item bought from a commercial vendor as a gift payment via Paypal. Paypal will correctly go and tell you where to stick it if you want your money back.

Although this is true, if I was prepared to pay by cash then paying by PayPal gift is really no different.

 

[Deleted member 6183]

You are buying, pay however you like.

Debit card won't cost you anything.

 

[HB]

I wonder if I should show Bruce my watch ...

 

[Meldrew2]

I sell caravans as part of my business - so transactions can be up to about £40K.

Debit Card payments cost me less than 50p and they are by far my preferred method of handling payment.

Cash over £10K is a complete no-no. Money laundering regulations blah blah blah - plus how do you detect a GOOD forgery? I have machines that weigh, UV test and check magnetic strips - but I still trust that little bit of plastic more.

Debit Card is also how I buy cars - never had a problem.

 

[flango]

I wonder if I should show Bruce my watch ...

You really need to show Bruce your watch it took us all by surprise at the Yadgar curry night

 

[ChrisEdu]

Do tell, what watch is it?