How to pay for private vehicle purchase in UK.

Armstrongracer

New Member
Messages
8
Once lockdown is over I plan to purchase a motorcycle from UK and ride it back the same day. I sent seller a small holding deposit. How do I transfer the balance on the same day. I don't want to transfer the whole sum to his bank account before I see the bike in case there is an issue with it. Is there any way to do an immediate transfer of funds or send the funds but put release on hold somehow.
 

Armstrongracer

New Member
Messages
8
I've looked at currencyfair and there is a saving of € 180 compared with cash from an Irish bank but I need a same day electronic transfer and they don't offer that.
 

Buddyboy

Frequent Poster
Messages
596
I've used revolut to transfer funds instantaneously, but it was a small amount. I don't know if there is a cap on it. Probably not, if you have the funds in the account.
(Assuming you both have revolut of course).
 

Armstrongracer

New Member
Messages
8
Cheers, that thread looks like it's into a dealers account. I'm doing a transfer to a private seller, how does revolute work with currencyfair
 

Buddyboy

Frequent Poster
Messages
596
If it were me.... (and I have a revolut card).
1. Ensure the seller has a revolut account
2. Add the sellers contact to my phone (Revolut then recognises that they have an account, using the phone contact as the link)
3. Transfer the amount of the purchase into my Revolut € account, from my normal bank account ( I only use Revolut for odd purchases, have an Irish bank account for day to day).
4. Transfer the amount of the purchase, now in my € Revolut account into my £ Revolut account. (all done in minutes on your phone). Do this during a weekday when the rates are better. You can have different currency accounts in Revolut and transfer between them.
5. When happy with the purchase, transfer the £ amount instantaneously into the sellers Revolut account.

4.a It might be an idea to transfer £1 into the sellers account when it is set up, just to ensure everything will work smoothly when you are over there, which is not the time for things to go pear shaped.

I have no idea what currencyfair is, but it is not needed as everything is done in Revolut. You will have to do a bit of reading up on Revolut if you are not familiar with it.
 

Armstrongracer

New Member
Messages
8
That's brilliant, thanks. I've just set up with revolut and linked it to my BOI debit card which has no daily limit. The seller has a uk Revolut also. Currencyfair have a much better exchange rate than BOI so I was going to use them for the sterling purchase. Having said that, I've not looked at revolut's exchange rate.
 

ATC110

Frequent Poster
Messages
188
I agree re using Revolut for an instantaneous transfer.

I saved around €300 buying GBP using Revolut rather than using a high street bank
 

Buddyboy

Frequent Poster
Messages
596
Just serviced my K1200GT this weekend, and bought a MotoScan and ODBII connector to change the service message.
Join us over in https://eurokclub.bike to say hello.

The wedge K's are an awesome machine.
 

Armstrongracer

New Member
Messages
8
Just serviced my K1200GT this weekend, and bought a MotoScan and ODBII connector to change the service message.
Join us over in https://eurokclub.bike to say hello.

The wedge K's are an awesome machine.
Cheers, it's the last Motorsport model with all the extras thrown in. I actually registered with K-club last week. Probably go for a motoscan and obd also, the GS911 is too expensive. I work as an engineer and hate paying stealers to do stuff I can do myself.
 

Zenith63

Frequent Poster
Messages
481
You might post back and tell us how Revolut goes for you? Will be buying a car in the UK in the coming weeks and will have the same issue.

I did it two years ago and was told by the bank (KBC) there was no limit on my debit card, turned out there was! Ended up having to pay for the car across four different credit/debit cards I had with me (work cards etc). Messy!
 

Armstrongracer

New Member
Messages
8
Revolut worked a treat, cheapest way was to load my revolut euro account from debit card then exchange from revolut euro account to revolut GBP. Exchange rate was better than Currencyfair. Quick warning though, there is a €3k transfer limit in a 24hr period so I had to deposit money into my Revolut account on two successive days. For a large transfer I was required to put recipients account details in but transfer took seconds. All good.
 
Top