Payment for UK car

goz83 · 04-03-2017 12:36pm #1

I know I have seen a thread about this, but I cannot find it in search.

I am buying a Leaf next week in the UK. I plan to collect it myself from a Nissan dealership. I'm paying £100 deposit today, but what is the best way to settle the balance on arrival? It could be next Saturday.

Need a way that the transfer is on the spot and cheap. Would prefer not to be carrying that kind of cash with me.

Marcusm · 04-03-2017 1:01pm

goz83 wrote: »

I know I have seen a thread about this, but I cannot find it in search.

I am buying a Leaf next week in the UK. I plan to collect it myself from a Nissan dealership. I'm paying £100 deposit today, but what is the best way to settle the balance on arrival? It could be next Saturday.

Need a way that the transfer is on the spot and cheap. Would prefer not to be carrying that kind of cash with me.

Debit card is the most widely accepted method in the U.K. Clearly you would need to be happy with the rate and charges from your bank. Charges generally de minimis but there can be quite a spread on the rate versus a money transfer company.

Just realised you said Saturday. Unless you want to settle in advance, I think you're stuck with a debit card. Most dealers won't want significant amounts of cash.

goz83 · 04-03-2017 1:05pm

Marcusm wrote: »

Debit card is the most widely accepted method in the U.K. Clearly you would need to be happy with the rate and charges from your bank. Charges generally de minimis but there can be quite a spread on the rate versus a money transfer company.

Just realised you said Saturday. Unless you want to settle in advance, I think you're stuck with a debit card. Most dealers won't want significant amounts of cash.

So, maybe if I transfer funds to my Revolut Card and convert to Sterling? That would avoid high transfer rates, but it's credit, rather than debit card if that matters?

CalamariFritti · 04-03-2017 2:03pm

Juts be aware of transfer limits. They do exist. You wouldn't want to be standing in the showroom ready drive away and find out you have a €2,500 daily transfer limit. :eek:

I found out my permanent TSB VISA debit was no good because of that. Revolut has limits too. I used transfermate in the end.

Marcusm · 04-03-2017 3:23pm

goz83 wrote: »

So, maybe if I transfer funds to my Revolut Card and convert to Sterling? That would avoid high transfer rates, but it's credit, rather than debit card if that matters?

A Revolutcard is a MasterCard Debit card as far as I am aware. I think there are top up limits and spending limits so make sure you satisfy these. Given you are looking at EUR/GBP, the spread on your own bank debit card will likely be a few hundreds for a usual car purchase. If you have problems with Revolut, will you have weekend coverage?

goz83 · 04-03-2017 7:26pm

I'll get onto Revolut support and make sure I am OK there. Would be great if I had no transfer fees. Worst case scenario will be putting extra funds onto my credit card midweek and telling them I have a big purchase coming out.

Marcusm · 05-03-2017 10:46am

goz83 wrote: »

I'll get onto Revolut support and make sure I am OK there. Would be great if I had no transfer fees. Worst case scenario will be putting extra funds onto my credit card midweek and telling them I have a big purchase coming out.

Loading up a credit card would be about the worst solution - depending on your bank you'd likely face a 2.25% fee in addition to the FX spread. Plus the dealer is likely to charge extra for a credit rather than debit card.

bennyx_o · 05-03-2017 12:11pm

Purchased a car in the UK last Wednesday. Paid a £1,100 deposit, £9,000 cash and the remaining £4,000 or so on my N26 card.

mad m · 05-03-2017 5:01pm

Used Revolut card to buy my car, had 6000 euro on one card (daughters) and 5000 euro on mine. Went without a hitch. But only thing was when I tried to top up my revolut through my AIB account it wouldn't over 5k in one go so just stuck at 5k and then did 1k top up straight after.

blade1 · 05-03-2017 5:13pm

Op, I paid Lexus UK upfront using Transferwise.
Everything worked out fine and it was a fairly large sum.
Worked out €550 cheaper using Transferwise rather than my Bank.

I wouldn't have risked it only for it was a main dealer.

Marcusm · 05-03-2017 7:16pm

bennyx_o wrote: »

Purchased a car in the UK last Wednesday. Paid a £1,100 deposit, £9,000 cash and the remaining £4,000 or so on my N26 card.

Did you check the FX rate on taking notes as opposed to using a card. Usually the spread for physical cash is much gretaer than on the card.

DonegalMick · 05-03-2017 9:04pm

I bought a number of cars in the uk. They won't take any large amounts of cash due to money laundering issues. If it's a reputable dealer I would transfer the money prior to collecting the car. As other people have said, there are huge costs with credit cards. If you use transfermate or similar, you will save a lot of money on the exchange rate. Remember that the car will not be released untill the payment has been received, which can take a number of days.

bennyx_o · 05-03-2017 9:07pm

Marcusm wrote: »

Did you check the FX rate on taking notes as opposed to using a card. Usually the spread for physical cash is much gretaer than on the card.

I did, I worked out most options. I work in one of the main street banks, so I got a good rate on the cash

vicwatson · 05-03-2017 9:10pm

Transfermate usually done in 24 hours to a uk bank account

DonegalMick · 05-03-2017 9:11pm

Happy days with the rates. If you contact them they might take some of the payment cash. I bought a car before and had the money in cash, the maximum the garage would take was 10,000 at a push.

Gumbo · 05-03-2017 10:29pm

Goz, because you are buying from a dealer I would advise you call them and ask what method they will accept. There could a be a fee associated with a debit card transaction and you also have the daily limits set by your bank.

The last time I bought from a dealer I asked him what bank in Ireland he would accept a sterling draft from and he said AIB so I got him one of them.

ask your bank about an international transfer. Agree with the dealer and transfer an amount a few days before hand making sure it will arrive and be on their accounts but leave it short a k or 2 in case you have to haggle and differences. Obviously agree with the dealer that the payment is subject to the car being as described and get it in an email.

masit · 05-03-2017 10:32pm

I have bought I few cars in the UK and I have used my BOI visa debit. Dealers don't want large sums of money because it cost them to lodge the money into the bank. BOI don't have a daily spend limit and the maximum fee is between €11 and €12, plus you get a bit better rate than getting cash.

otto_26 · 06-03-2017 3:35pm

masit wrote: »

I have bought I few cars in the UK and I have used my BOI visa debit. Dealers don't want large sums of money because it cost them to lodge the money into the bank. BOI don't have a daily spend limit and the maximum fee is between €11 and €12, plus you get a bit better rate than getting cash.

Hey, when you paid with your debit card were you able to leave with the car that day or wait a day or two?

masit · 06-03-2017 4:09pm

otto_26 wrote: »

Hey, when you paid with your debit card were you able to leave with the car that day or wait a day or two?

I brought car with me that day. Very same as using your card here. Insert card, pin and get your receipt, be it for a couple of grand. The first time I bought a car this way the sales man had to ring visa and I talked to them, ie passwords and stuff but any other car the transaction has been approved straight away. Make sure and check with your bank. I know a lot only let you spend €2500 a day but BOI is limitless. For visa debit, Google visa currency converter, input the details and it will give exactly what it will cost you.

Payment for UK car

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