Best way to pay UK car dealer £11k?

toby2111

Frequent Poster
Messages
190
Going to Uk on Friday to pick up a car. Need to transfer £11,150 to dealers bank account. Have Revolut card but the deposit was reverted twice for some strange reason so I'm not going to risk that. Plus, I think they have a monthly transfer limit on my account of €5k.
I used transferwise before to send £3k and found it was quick & painless. Somebody recommended Currency Solutions so I registered with them. A guy from CS rang me, said he would beat transferwise rates and could guarantee same day transaction to dealers account. Has anyone here used them? I haven't heard much about them...
I've also sent enquiries to Transfermate and some othe
 

Smoneen

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43
Haven’t used Currency Solutions but I did use Transfermate last year. Once you have sorted all the AML requirements it’s a very efficient service. Rates were good too.
My sister also uses them regularly for more frequent transfers to the UK & has had no problem. They even keep her up to date on rates in case she is considering a transfer.
No connection, just a happy customer.
 

toby2111

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190
Haven’t used Currency Solutions but I did use Transfermate last year. Once you have sorted all the AML requirements it’s a very efficient service. Rates were good too.
My sister also uses them regularly for more frequent transfers to the UK & has had no problem. They even keep her up to date on rates in case she is considering a transfer.
No connection, just a happy customer.
Thanks for that. Had a call from Transfermate yesterday, someone calling tomorrow to discuss the transfer. Is there any way of haggling or playing off some of these companies against each other to get a better rate?
 

toby2111

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190
Are you sure it's a not a €5k daily limit ?

That would be more common.
No, on my account it's a monthly limit. I used revolut to pay part of my wife's car from a dealer up north. Had to use transferwise for the rest of it. Think it's different limits on each individual account.
 

RedOnion

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4,540
I could but bank charges a lot more than using a transfer company. Potentially save hundreds of euro on a £11,150 transfer.
Hundreds? Have you checked with your bank what it would cost?
Most use the Visa / MasterCard rate which is set the night before. It's got max 0.5% spread over interbank rates. Then their commission on top which is capped at about 12 euro.
So max it'd cost is around 70 euro.

I don't work in that area, so you'd need to confirm rates that you bank uses. For GBP the rate might be better.

The cap on commission only applies to debit cards, not credit cards, so makes debit cards better for large purchases.
 

toby2111

Frequent Poster
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190
Hundreds? Have you checked with your bank what it would cost?
Most use the Visa / MasterCard rate which is set the night before. It's got max 0.5% spread over interbank rates. Then their commission on top which is capped at about 12 euro.
So max it'd cost is around 70 euro.

I don't work in that area, so you'd need to confirm rates that you bank uses. For GBP the rate might be better.

The cap on commission only applies to debit cards, not credit cards, so makes debit cards better for large purchases.
I'll ring permanent tsb and see what they would charge.
 

toby2111

Frequent Poster
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190
Ah, PTSB I think have a transaction limit of 2500 per transaction.
I may not have been as helpful as I thought.
Yes, it's €5000 per day. I rang and she couldn't tell me how much it would be cost to send just over £11k. So I might have go with transfer mate or transfer wise
 

money_man

Registered User
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29
Transferwise have a 10k limit on their "Borderless" debit card. I paid a larger than normal deposit and put the rest on the card when I arrived when I bought my card
 

Funnyname

Registered User
Messages
35
I bought a car in the North last year for a similar amount of money and I had no issues paying for it with my Revolut card.

Used the Revolut card for a purchase rather than a bank transfer.
 

tomo69

Registered User
Messages
28
I bought a car in the North last year for a similar amount of money and I had no issues paying for it with my Revolut card.

Used the Revolut card for a purchase rather than a bank transfer.
Do you mind me asking how u did this, did u pay with your card in the car dealers?
 

Gordon Gekko

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4,389
I’d use my Revolut card or I’d load the money onto my credit card.

I’ve a Metal Revolut card though.
 
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