What are the options for a domestic transfer of a large sum?

lintdrummer · 30-09-2021 1:45pm #1

Hi all.

If I were to buy a used car from a private seller with an Irish bank account, what are my options when it comes to transferring the money?

First off, I'm aware of the risks when buying a used car privately, so there's no concern needed on that front.

Let's say the agreed price is €30,000.

I bank with Ulster Bank at the moment. I believe the online/app banking has a daily limit of €10,000. So that would take minimum 4 days to make the payments necessary as the first payment to a new payee is limited to €1000.

In branch can I transfer the full amount in one go? Anybody know what the charge is to carry out such a transaction?

I also have a TransferWise account, but from what I can tell that's not going to be much use as there is no currency change involved and I still have the problem of getting the money from the Ulster Bank account to the Wise account.

Anybody been through this kind of transaction before and have any insight as to the best way to go about it?

ThreeGreens · 30-09-2021 2:13pm

You could get a bank draft and give it to them. No limit on the amount of a bank draft. Charge is around €10.

lintdrummer · 30-09-2021 2:26pm

https://www.boards.ie/discussion/comment/117959423#Comment_117959423

Hadn't thought of a bank draft, good option, thanks.

TCP/IP · 30-09-2021 2:34pm

Yes I also bank with UB and for purchases like that just get a draft. It is €10

Victor · 30-09-2021 2:34pm

https://www.boards.ie/discussion/comment/117959485#Comment_117959485

Will anyone accept a bank draft these days?

lintdrummer · 30-09-2021 2:39pm

https://www.boards.ie/discussion/comment/117959522#Comment_117959522

If I'm going to buy the car I would ask the seller to accompany me to the bank as I get the draught. Surely that would satisfy anybody? He can straight to his own bank with it then if he wants.

Jim2007 · 30-09-2021 4:23pm

https://www.boards.ie/discussion/2058211119/what-are-the-options-for-a-domestic-transfer-of-a-large-sum

Contact your bank and explain to them that you need to make a one off transfer and they should able to facilitate it.

The J Stands for Jay · 01-10-2021 7:39am

https://www.boards.ie/discussion/comment/117959543#Comment_117959543

If the seller is going with you to the bank, surely you could just give them cash or arrange the transfer in the branch?

silver2020 · 01-10-2021 7:49am

first result on google - and direct from the bank itself

https://supportcentre.ulsterbank.ie/Searchable/997054032/What-are-the-payment-limits.htm

lintdrummer · 01-10-2021 11:17am

https://www.boards.ie/discussion/comment/117961802#Comment_117961802

Yes, of course, what I want to know is what are the fees involved with a transfer like this? And I was just wondering if there are other options such as transferwise.

lintdrummer · 01-10-2021 11:19am

https://www.boards.ie/discussion/comment/117961832#Comment_117961832

Yes, I can Google, thanks. I've already read that before I started this thread, you'll see the limits posted in my first post. But it doesn't say what the fees are for larger transactions in the branch.

silver2020 · 04-10-2021 10:06am

https://www.boards.ie/discussion/comment/117962662#Comment_117962662

Looks like you didn't read it as it states clearly that you can set a maximum limit of €25,000

Again, a quick google says that the in branch cost of a transfer is 80c.

any more hand holding required? - Yes I'm being smart as the answers to your questions are dreadfully easy to find on google or on the Ulster bank site itself.

From the page I linked which you said you have read

"You can manage your own personal payment limits within Anytime Internet Banking or payments made from your personal account to someone else via Anytime Internet Banking, the Mobile app and Open Banking.

To change your personal payment limits, please visit the 'Manage my payment limits' section within Anytime Internet Banking.

The maximum limit you can set for payments via Anytime Internet Banking, the Mobile app and Open Banking per working day is:

Personal customers - €25,000.00"

lintdrummer · 04-10-2021 3:37pm

https://www.boards.ie/discussion/comment/117973724#Comment_117973724

Apologies, I misinterpreted the phone limit as the online limit.

I did also see the 80c fee mentioned in an Irish Mirror article, but not officially by Ulster Bank, so I'm not sure how reliable that is, especially for larger transfers.

Also, I started this thread to ask for other's first hand experience. Whether there are other options such as TransferWise etc. This is the kind of stuff a Google search can't provide. ie. a conversation.

Your attitude is pretty bad. If you want to provide a link like you did, you could do so in a much less condescending way. Be helpful if you want but belittling me for not Googling has no place in a thread like this.

silver2020 · 05-10-2021 2:10pm

https://www.boards.ie/discussion/comment/117975448#Comment_117975448

I purposely had the attitude because you had incorrect information and the correct information was a click away. Even the in branch fee is a simple click.

And I'd never go to a rag like the mirror. Ulster bank have their own website that has all the information you are looking for.

https://www.ulsterbank.ie/current-accounts/current-account-fees.html

No conversation is required to discuss mis-information, it simply has to be pointed out that your post is materially wrong. If anything, the message is "go to the bank's website and the CORRECT information is there to find and don't be depending on someone posting incorrect information on a message board"

lintdrummer · 08-11-2021 1:02pm

https://www.boards.ie/discussion/comment/117979825#Comment_117979825

Look, despite your best efforts at Googling to prove that I should have found the answer online, it turns out it doesn't exist on their website.

The charge for large transfers in branch is €24.50 for anybody who cares to know.

What are the options for a domestic transfer of a large sum?

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