Bank Transfer Question?

Discussion in 'OT (OFF Topic) Forums' started by brucemillar, Dec 27, 2015.

  1. brucemillar

    brucemillar MB Enthusiast

    Messages:
    8,663
    Joined:
    Nov 18, 2010
    Location:
    Next Door to Alice - 25 'kin years now
    Car:
    C55 AMG Wagon - W124 300te 4matic Wagon - BMW 4.8is X5 E53 - SWB Pajero 3.5 V6 24v
    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)
     
  2. Mrhanky

    Mrhanky MB Enthusiast

    Messages:
    1,592
    Joined:
    Jun 19, 2014
    Car:
    Superb 3.6 4x4 & W221 S500
    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.
     
    Last edited: Dec 27, 2015
  3. Clivefa

    Clivefa Active Member

    Messages:
    87
    Joined:
    Sep 2, 2011
    Location:
    Glemsford, Suffolk.
    Car:
    C220 Cdi AMG Kawasaki ZX10R
    Can you use your smart phone and the Lloyds app?
    Although I think the max amount doing that is £10k - I could be wrong.
     
  4. geraldrobins

    geraldrobins MB Enthusiast

    Messages:
    1,443
    Joined:
    Jan 26, 2013
    Car:
    VW Golf, past c200cdi
    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.
     
  5. OP
    OP
    brucemillar

    brucemillar MB Enthusiast

    Messages:
    8,663
    Joined:
    Nov 18, 2010
    Location:
    Next Door to Alice - 25 'kin years now
    Car:
    C55 AMG Wagon - W124 300te 4matic Wagon - BMW 4.8is X5 E53 - SWB Pajero 3.5 V6 24v
    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.
     
  6. Deleted96908

    Deleted96908 Guest

    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 ;)
     
    Last edited by a moderator: Dec 27, 2015
  7. KennyN

    KennyN MB Enthusiast

    Messages:
    1,277
    Joined:
    Sep 21, 2014
    Location:
    Paisley
    Car:
    BMW 440i Coupe
    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
     
  8. alzieboy

    alzieboy Active Member

    Messages:
    747
    Joined:
    Nov 2, 2013
    Location:
    over the Rainbow
    Car:
    E350CDI Coupe
    Do both parties bank employ the Faster Payments scheme, although I think there may be a limit on a single transaction
     
  9. Charles Morgan

    Charles Morgan MB Enthusiast

    Messages:
    8,207
    Joined:
    Feb 2, 2010
    Car:
    Mercedes 250CE W114, Alfa Romeo GT Coupe 3.2 V6
    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).
     
  10. flango

    flango Hardcore MB Enthusiast

    Messages:
    10,995
    Joined:
    Jun 10, 2008
    Location:
    Gods own country
    Car:
    Mercedes SLK R171
    Visa debit no brainer, safer than cash, less expensive than paypal, more reliable than instant transfer
     
    1 person likes this.
  11. Iwoody

    Iwoody Active Member

    Messages:
    113
    Joined:
    Aug 9, 2013
    Location:
    BERWICK UPON TWEED
    Car:
    E Class Coupe
    Yeah it would be the Visa debit for me too, would PayPal gift not be free?

    Incidentally what kind of watch are you buying?
     
  12. Charles Morgan

    Charles Morgan MB Enthusiast

    Messages:
    8,207
    Joined:
    Feb 2, 2010
    Car:
    Mercedes 250CE W114, Alfa Romeo GT Coupe 3.2 V6
    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.
     
    Last edited: Dec 27, 2015
  13. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

    Messages:
    16,412
    Joined:
    Nov 29, 2002
    Location:
    Nuneaton Warwickshire
    Car:
    Lots of Mercedes!
    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.
     
  14. markjay

    markjay MB Club Veteran

    Messages:
    24,867
    Joined:
    Jun 24, 2008
    Location:
    London
    Car:
    W204 C180 Executive SE 2013 Automatic / COMAND NTG4.7 and Morel speakers fitted by www.comand.co.uk
    As above... no fees either side, solid proof of payment, and no need to carry cash around.
     
  15. Iwoody

    Iwoody Active Member

    Messages:
    113
    Joined:
    Aug 9, 2013
    Location:
    BERWICK UPON TWEED
    Car:
    E Class Coupe
    Although this is true, if I was prepared to pay by cash then paying by PayPal gift is really no different.
     
  16. DrFeelgood

    DrFeelgood MB Enthusiast

    Messages:
    9,165
    Joined:
    Nov 10, 2005
    Car:
    BMW 740Li
    You are buying, pay however you like.

    Debit card won't cost you anything.
     
  17. HB

    HB MB Enthusiast

    Messages:
    2,829
    Joined:
    Mar 30, 2011
    Car:
    C63 , E350 CDI, C320 CDI, SQ7
    I wonder if I should show Bruce my watch ...
     
  18. Meldrew2

    Meldrew2 MB Enthusiast

    Messages:
    2,123
    Joined:
    Aug 23, 2008
    Location:
    Southport
    Car:
    Mine: BMW X4 2.0d M-Sport & BMW 420d M-Sport+ Cabrio Hers: BMW X1 2.0d M-Sport (sorry, guys)
    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.
     
    2 people like this.
  19. flango

    flango Hardcore MB Enthusiast

    Messages:
    10,995
    Joined:
    Jun 10, 2008
    Location:
    Gods own country
    Car:
    Mercedes SLK R171
    You really need to show Bruce your watch it took us all by surprise at the Yadgar curry night :)
     
  20. ChrisEdu

    ChrisEdu Active Member

    Messages:
    710
    Joined:
    Sep 5, 2005
    Car:
    W211
    Do tell, what watch is it?
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.