Being paid for boat. Bank Transfer

[davidpbo]

We are selling our boat. Regarding being paid, how safe is bank transfer? When it sells it will probably be pay a deposit if interested and collect in a few days paying balance in full on collection prior to taking.

The enquires so far seem genuine. I am aware of overpayment/pay the courier etc.

Under what circumstances can a transfer in my account be rescinded?

 

[Minerva]

If it were me, I'd get them to transfer the payment via bank transfer there and then when on the boat.

Payment should be near instantaneous. Easiest payment method with least opportunity to be scammed IMO

 

[Rappey]

I would say it's a safe bet getting paid that way. Even more so with the large amount needed for a boat purchase and would assume their bank would need to know before the transfer as it may exceed the max amount ?
It can be very difficult to have a transfer returned
Banks offer more support to customers who make online banking slip ups

 

[davidpbo]

If it were me, I'd get them to transfer the payment via bank transfer there and then when on the boat.

Payment should be near instantaneous. Easiest payment method with least opportunity to be scammed IMO

They may not want to take the boat or be able to there and then. I am concerned about what could happen after the payment is made.

When I bought it many moons ago I paid with a building society cheque when I collected it. Can't remember whether I paid a deposit initially, I may have done as I wanted a survey done.

 

[davidpbo]

I would say it's a safe bet getting paid that way. Even more so with the large amount needed for a boat purchase and would assume their bank would need to know before the transfer as it may exceed the max amount ?
It can be very difficult to have a transfer returned
Banks offer more support to customers who make online banking slip ups

I doubt it would exceed a maximum amount providing the buyer had it in their account.

 

[Rappey]

They may not want to take the boat or be able to there and then

I wanted to make a purchase but my barclays app only allows £1500 for a new payee.
They told me to ring via the app and they would transfer any amount while I was on the phone. Was easy and quick.

 

[zoidberg]

BACS is generally very safe and efficient, but take guidance from your bank beforehand - and ask about Expedited Clearing.

 

[davidpbo]

I wanted to make a purchase but my barclays app only allows £1500 for a new payee.
They told me to ring via the app and they would transfer any amount while I was on the phone. Was easy and quick.

Fair enough, thanks for that. If I had been paid a deposit a few days before that might sort that but if it comes to it I will ask the buyer to check.

 

[gordmac]

When I paid for my boat (and car) I did it by bank transfer but the maximum in one transaction was, from memory, £10k. There seemed no limit to the number of times that sum could be transferred in one day though.

 

[KeithH]

I think that the maximum in the UK usually is £10k per transaction per day when sent by BACS. However as a result of Covid, I think some banks increased their limit. HSBC, for instance increased their limit to £25k by internet banking. Above that, you need to use CHAPS, which is not free for the sender.

 

[AntarcticPilot]

When I make a substantial payment by BACS, my bank warns me a) to watch out for scams (it gives examples), and b) warns that the transaction cannot be rescinded. It also verifies the payment details with the recipient's bank (including account name), and complains if I get it wrong! So, I'd be perfectly happy to accept payment via BACS, as long as the other party was willing to wait the few minutes it usually takes for the transaction to appear in my bank account. I think there are still one or two banks where the transfer is not so quick, taking an hour or so, but when I make payments that way, my own bank usually tells me if it's likely to take longer than instantly!

I should note that I do this on an international basis; I routinely transfer cash from an account in Hong Kong to the UK.

Concerning the daily limit, when I paid for Capricious I simply made several payments over three days! But I may have been lucky - the broker was Peters-Opal.....

 

[jwilson]

"Faster Payments" is the customer-available version of BACS. Many banks limit these payments per day to £10,000: some allow more. By special arrangement we (Yachtsnet) have a limit of £100,000 per day, but even then larger payments sometimes get stopped for "fraud checks", which can hold it up for a full working day plus. These payments cannot be rescinded, so make absolutely sure you get the account details right. For over £100,000 we use CHAPS. Again it is non-rescindable

 

[prv]

Above that, you need to use CHAPS, which is not free for the sender.

I believe the CHAPS fee when I bought my house was £25. In a transaction large enough to need it, that shouldn't be a sticking point.

Pete

 

[Daverw]

We did ours via two payments whilst sat on the boat, 10k went straight through and in sellers bank within 3 minutes, the second did not as we had gone over limit, did this the next day. this was at a weekend and did not have my online gadget with me to use phone banking, today with the banking app I think I could have got the second authorised the same day.

 

[davidpbo]

A £10K TX limit is fine. Thanks for the info.

I bought an eBike using bank transfer. Sent them a couple of pounds before I went over to make sure details were correct and paid for the bike when I got there.

 

[Bowlerhat]

I‘d also be clear to establish the terms of the deposit.

 

[dunedin]

jwilson is spot on with his comments. Most such payments will be via Faster Payments (not the overnight BACS), unless a high value boat needing CHAPS transfer (as generally used for houses).

It is worth the OP having mobile banking App on phone for account receiving funds, to check that the money has arrived. No real need to, but immediately moving from there to a different/ savings account is not a bad option.

 

[Big-Bang1]

I purchased a car in Birmingham and traveled up from Cornwall to collect it. When I tried to transfer the money to the seller it was blocked by my bank (Santander) even though I had more than sufficient funds in my account. I ended up having to travel to a local branch to complete the security checks (Fortunately I had my driving license and passport with me having flown up). I was advised by my bank that had I transferred a deposit a few days before, the guy selling the car would have been a trusted payee and my payment would have gone through without issue. Might be worth bearing in mind.

 

[Jamie Dundee]

I paid by bank transfer via my phone when I bought my boat. As the daily limit with my bank was £20k per day I had to pay in two instalments, I warned the vendor before hand and got the keys when the second payment landed.