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Same day Bank Transfer of large cash amount

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  • 19-03-2024 7:36pm
    #1
    Harcrid
    Registered Users Posts: 1,305 ✭✭✭Harcrid


    I will be purchasing a car shortly from a main dealer and am looking for the quickest way to transfer a large amount to them as payment for a new car. (approx 30k). I am a Bank of Ireland customer and currently have the funds in my account but I do not yet know the Bank of the car dealer. Is there any way of getting a same day transfer from my account to theirs given the large sum of 30K? I am pretty sure it cannot be done through banking 365 due to their limits, but can it be done through visiting a local branch?



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    #2
    earlyevening
    Registered Users Posts: 1,331 ✭✭✭earlyevening


    Bank draft is how I'd go with this. Costs 2.40 with BOI.



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    #3
    wassie
    Registered Users Posts: 3,596 ✭✭✭wassie


    Yes you can transfer that over the counter. Same day transfers are possible depending on a)time of day and b) what bank the dealer uses.

    If they also have a Bank of Ireland account, it should be same day. If its another bank, generally in my experience if the payment is made by 11am, it should be received that afternoon. After 3pm will definitely be next day. But again, this is just my experience.

    BoI only publish cutoff times on their business banking website, but probably is the same for personal accounts.

    image.png




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    #4
    Harcrid
    Registered Users Posts: 1,305 ✭✭✭Harcrid


    Thanks to you both for your responses. Much appreciated.



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    #5
    JVince
    Registered Users Posts: 1,170 ✭✭✭JVince


    https://www.boards.ie/discussion/comment/121914219#Comment_121914219

    No, no, no no.

    A bank draft is a cheque and will need 5 days for clearance.

    Call the dealer and ask them who they bank with.

    Bank of Ireland and it's instant.

    AIB, it can be near instant for a fee or do it before 11am for it to arrive by 4pm



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    #6
    Andy Skinny Cashier
    Posts: 0 ✭ Andy Skinny Cashier


    https://www.boards.ie/discussion/comment/121919790#Comment_121919790

    A bank draft is not a cheque. The funds are guaranteed by the bank and therefore not subject to the same clearing cycles as cheques they are credited immediately.

    IMG_0846.jpeg

    The main clear difference is they are paid upfront and won’t be returned unpaid. No dealer will have any issue being paid with a bank draft.



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    #7
    earlyevening
    Registered Users Posts: 1,331 ✭✭✭earlyevening


    Any car dealership I ever dealt with always asked for a bank draft. Not sure why they never asked for credit transfer.



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    #8
    Andy Skinny Cashier
    Posts: 0 ✭ Andy Skinny Cashier


    https://www.boards.ie/discussion/comment/121919844#Comment_121919844

    Probably because even though we’re through the first 1/4 of 2024 Irish banks still don’t have instant SEPA.

    I’ve been offered to pay by transfer before with a dealer but the car stayed where it was until it was received on their end obviously. No major hassle if you use an Irish bank but if you’re with say, N26, you could have to wait 3 days for it to arrive.



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    #9
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,306 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/comment/121919856#Comment_121919856

    I would not advise any dealer or other merchant to accept a large payment via transfer in such circumstances. Errors occur, transfers can be recalled etc.... a bank draft is your safest bet.



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    #10
    Andy Skinny Cashier
    Posts: 0 ✭ Andy Skinny Cashier


    https://www.boards.ie/discussion/comment/121920687#Comment_121920687

    very hard to recall a bank transfer to be fair and will only be entertained in the event of fraud in my experience.

    But regardless a bank draft is not a cheque and guaranteed money (unless it was fraudulent or something)



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    #11
    JVince
    Registered Users Posts: 1,170 ✭✭✭JVince


    https://www.boards.ie/discussion/comment/121920745#Comment_121920745

    Some places don't like drafts as they take 5 days. Yes it is guaranteed payment assuming its not a stolen or fraudulent draft. A car garage is probably able to distinguish and there will be cctv and other means of identification, but for joe public taking a bank draft in a car park, that's not advisable.



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    #12
    ECO_Mental
    Registered Users Posts: 2,498 ✭✭✭ECO_Mental


    Funny (and Terrifying) Bank Draft Story

    I was building a house a couple of years ago, and my stage payments were usually done by bank transfer. However, the daily transfer limit was 20k, and I had one big payment of about €200,000 due. To save hassle, I decided to get a bank draft instead.

    Off I went to the bank, got the draft, and—thinking it was like a cheque—simply popped it into an envelope and mailed it to my builder. Not even registered mail!

    As the envelope left my fingers and slipped into the post box, I had a terrifying flash of clarity. If that letter went missing, my €200,000 would be gone forever. Remember, a bank draft is basically cash—once it's issued, the money is already out of your account.

    Panic attack ensued! I frantically Googled statistics on lost mail, which definitely didn't help the situation. Visions of financial ruin danced in my head...how could I recover?

    I called An Post, desperate for a solution. They suggested asking the postman collecting the mail if they could return my letter. So, I parked myself next to the post box and waited. After a few hours, the postman arrived! I approached him, explaining that I'd accidentally posted an important letter (no mention of the hefty sum inside) and asked if I could get it back.

    "Sure, no problem," he said. "Who's it addressed to?" We sorted through the mail, found my envelope, and he handed it back to me. Oh my f**king god, the relief! I could have kissed his feet. He did say, "Don't tell anyone about this."😋

    I still have flashbacks to that day and have vowed NEVER to use a bank draft again!

    6.1kWp south facing, South of Cork City



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    #13
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,720 Mod ✭✭✭✭Henry Ford III


    https://www.boards.ie/discussion/comment/121922228#Comment_121922228

    A bank draft can be verified and checked in a few seconds.

    You call the issuing bank and ask them is draft no. xxxxxxxxxx in favour of ABC Ltd. in order.

    A verified bankers draft is as good as cash in my view.



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    #14
    Andy Skinny Cashier
    Posts: 0 ✭ Andy Skinny Cashier


    https://www.boards.ie/discussion/comment/121922228#Comment_121922228

    But this is a garage? It’s not a kerbside job.

    like has been said also I would rather a bank draft for €30k than a transfer.



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    #15
    Marcusm
    Registered Users Posts: 10,349 ✭✭✭✭Marcusm


    https://www.boards.ie/discussion/comment/121920687#Comment_121920687

    Interesting approach; in the U.K. for example, a bank draft would have been one of the least acceptable payment methods for 15 years or more for a car dealer. Their first preference would be a debit card payment followed by a bank transfer. A bank draft is very certainly subject to subsequent rejection for forgery etc. the others are much less susceptible.



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    #16
    Del2005
    Registered Users Posts: 18,992 ✭✭✭✭Del2005


    https://www.boards.ie/discussion/comment/121919790#Comment_121919790

    I gave a dealer a €60k bank draft for my car, they never took it out of the envelope before handing me the keys and me driving off.

    For a private sale a bank draft or cheque isn't an issue once you both understand that the item isn't going anywhere till it's properly cleared, which can be a long time.



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    #17
    wassie
    Registered Users Posts: 3,596 ✭✭✭wassie


    Ive bought & sold a few cars privately using bank draft. You just go to the bank together so both buyer & seller can witness the teller issuing the draft. Simple. Or otherwise just do an EFT payment into the account and wait for the funds to clear.

    Happens every single day.....



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    #18
    wassie
    Registered Users Posts: 3,596 ✭✭✭wassie


    https://www.boards.ie/discussion/comment/121923931#Comment_121923931

    Yes, but UK has had the Faster Payments system since 2008 which allows (almost) instant payments between UK bank accounts. Done it myself when importing cars (before Brexit) using a Wise account which gives you a local UK account. Sat in the dealers office and made payment on my mobile. Went off and got a coffee, came back and it had cleared in under half an hour.

    Irish Banks (other than Revolut) are still yet to adopt instant payments, but it is coming with new EU rules adopted last month.



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    #19
    Marcusm
    Registered Users Posts: 10,349 ✭✭✭✭Marcusm


    https://www.boards.ie/discussion/comment/121925213#Comment_121925213

    That ignores the debit card aspect. I bought 5 cars in the U.K. and one in Ireland in past 15 years; all paid for via debit card. If the funds are available (which they would have to be for a bank draft) then a debit card is the easiest.



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    #20
    Shamo
    Registered Users Posts: 802 ✭✭✭Shamo


    About time the Irish traditional banks added SEPA Instant. Revolut has it.

    Edit - saw someone already mention above, glad to hear it's coming with new EU rules.



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