How did you pay for your Cali?

[AlanH99]

No, I don't want to know about your finances, but how did you pay such a large sum of money in one go? My bank allows me to pay up to £20k a day online but can only suggest I pay over two days if the amount is more than this.
I'm sure it would be easy enough paying to a dealer but how do I pay nearly £30k to a private seller in one go?
Alan

 

[GrannyJen]

I just handed over my bank card, my balance after deposit and part-ex was £25k ... but I did get pre-authorisation from the bank.

 

[calikev]

bank transfer

 

[motacyclist]

I think Marshian70 can answer this from experience! You can make a "Faster" payment, but you need to prewarn the bank otherwise the cash will be delayed while they carry out security checks.

 

[doug]

I paid the full amount by debit card. I did tell the bank first but they didn't seem interested to know. It went through with no checks which I complained to the bank about later. Often if I try to buy something electronic when they think I should be at work they challenge it but over 40K on a week day went through without a word!

 

[18hunts]

Debit card, £35k no problems.
I just gulped.

 

[Ajspicer]

We paid in two parts using electronic bank transfer. It was a very nervy time for me as we met the seller away from his house half way between ours and his and agreed the sale.

Once paid, I travelled up to collect it on the train and was very pleased to see him waiting for me at the train station as you can probably imagine!!!

 

[larrylamb]

No, I don't want to know about your finances, but how did you pay such a large sum of money in one go? My bank allows me to pay up to £20k a day online but can only suggest I pay over two days if the amount is more than this.
I'm sure it would be easy enough paying to a dealer but how do I pay nearly £30k to a private seller in one go?
Alan

I am currently paying my dealer through online banking £20k per day until it is settled in full
This saves £25 chaps fee for a direct transfer in one go. But with a private seller it is best to pay the £25 fee and pay instantly, over and done with, drive off with van no waiting for cheques to clear etc.

 

[marshian70]

Oooo brings back memories. As motacyclist said, when we bought our Cali from him I did a bank transfer via online banking on the day of collection. Most banks now sign up to the faster payments scheme which means payments should be received by the recipient within 2 hours, usually within seconds. It is worth checking whether your own bank places any limits - this was not an issue in my case but as motacyclist eludes, the size of the payment, if considered abnormal, may be subject to additional security checks, which caused me a deal of exasperation at the time!
In my case I had checked in advance with the bank that the amount should not be a problem and was advised it would be fine, but it was initially 'blocked' for extra fraud checks because of the size. In the end my bank were very helpful late on a Saturday evening and all was resolved but I would recommend doing any collection during normal banking hours so if there are any problems it should be easier to resolve quickly.

 

[Mazvw42]

We used our Nationwide debit card to pay the balance after the trade in, something like £3?,000 and although I had stopped breathing for the moment while we waited, it went though very quickly - in fact it was frightening how fast and I hadn't told the Bank. I would rely on the Bank for the safest and quickest way for a private transfer.

 

[AlanH99]

Chaps payment seems the way to go but this can only be done at a branch and not online so I need to make sure I get there before they close.

 

[jts46]

I paid by cheque, the old fashioned way.

John

 

[Martin]

I have just paid a scary amount using my debit card with no problems at all!

Had a big argument with Natwest as they have this stupid £20k a day rule even for business accounts. They said the only other option was via CHAPS in branch ( an 1hr 15m round trip and £25 charge ) or by fax ....yes fax???? My fax went down the dump about ten years ago.

 

[Hotel California]

I always have stacks of cash money under my matras....

Serious , in Belgium we can only pay large ammounts by transfer between banks or bankcheque .
If you want large amounts of cash , you need to ask the bank sevral days up front , they than order the money at the headquarters and like for paying cars , ....it is limited until sertain amount cash
( don't know how high) to prevent people buying things with there black money .
I personal prever green money

 

[hubert72]

I rang the bank to forewarn them I would be buying a van and they said they cant take any advanced notices, they just advised me to take my passport to the garage in case of a security check, i used the debit card and it just went through like buying a bottle of milk at the corner shop.

 

[WelshGas]

Bank told me to use my Debit card and that there could be a security call back with a question about a card payment on my last statement. However there was nothing.

 

[calikev]

I have just paid a scary amount using my debit card with no problems at all!

Had a big argument with Natwest as they have this stupid £20k a day rule even for business accounts. They said the only other option was via CHAPS in branch ( an 1hr 15m round trip and £25 charge ) or by fax ....yes fax???? My fax went down the dump about ten years ago.

The fax machine lol I thought it had only just made it down to devon

 

[Big Bloke]

My bank phoned Me up to advise me that my pension lump sum had gone into my bank account. I made an appointment for the same day, paid my mortgage off and paid for the Cali via bank transfer

 

[MCh1777]

I use my debit card for buying from dealers - so long as the cash is in the account, the bank doesn't seem too fussed about doing any checks or doing pre-authorisation.

For private transactions I have asked for a bankers draft (yes they still exist) to avoid the problem of the £20k per day limit.

 

[BMVS-Camper-Hire]

In used £50s, £20s and £10s..........

 

[Raggedroy]

Blood, sweat and tears.

 

[Californiaman]

+1 for blood sweat and tears. LOL!

Sent from my HTC One using Tapatalk

PS: Not that I am all that bothered but I'm not sure why this post rates for a "disagree"...?

 

[AlanH99]

So this is what I've found out so far:
Online banking and Faster payments have a £20,000 limit per day.
Some manage to avoid this limit without trying. I'm not going to rely on this.
CHAPS doesn't have this limit but does require it to be done at a bank branch and has a £23 fee.
A cheque would take days to clear so wouldn't fit in with my idea of view, pay and drive away.
Dealers will accept all the payment by debit card. Maybe they have some business arrangement.
A private seller would want to see the full payment transferred into their account before they part with the Cali (surprise!)
Belgians keep lots of money in their mattress.
I'm not the only one who gulps at how much they are spending on a California.
Thanks everyone who passed on their experiences, it made it easier to work out what to do.
Alan

 

[mikeringrose]

Hi

I paid the £41K using a debit card. I was warned by the dealer that some banks stop large sums going through due to anti fraud measures so I visited the dealer and paid by debit card 2 days before I picked up the cali. Failing to collect the due date would have caused a divorce!

 

[marshian70]

So this is what I've found out so far:
Online banking and Faster payments have a £20,000 limit per day.
Some manage to avoid this limit without trying. I'm not going to rely on this.
CHAPS doesn't have this limit but does require it to be done at a bank branch and has a £23 fee.
A cheque would take days to clear so wouldn't fit in with my idea of view, pay and drive away.
Dealers will accept all the payment by debit card. Maybe they have some business arrangement.
A private seller would want to see the full payment transferred into their account before they part with the Cali (surprise!)
Belgians keep lots of money in their mattress.
I'm not the only one who gulps at how much they are spending on a California.
Thanks everyone who passed on their experiences, it made it easier to work out what to do.
Alan

Alan
I think the faster payment limit is £100,000, although some participating banks have lower limits depending on who they are and the type of account you have.