Online Bank Transfers.

[sapelesam]

I am selling a classic car to a friend of a friend. I have no reason to distrust this person, but want to be sure that I have no problems geting paid. If I see him transfer the money from his account to mine, how long before it's in my account. Do I have to ring my bank to check if it's in my account. Can the transfer be reversed. Any advice greatly appreciated.

[davegosling]

"how long before it's in my account"

Instantly, so long as they're both UK current accounts.

"Do I have to ring my bank to check if it's in my account"
No.

"Can the transfer be reversed"
Not by him.

[Jackdaw33]

If it is an online transfer the money will be in your account almost immediately and you will be able to see it in your own online account. Once the payment is made it cannot be recalled, so I wouldn't worry.

[Cloverjo]

It usually takes just a couple of hours to be transferred. Make sure all numbers are entered correctly as if it goes to the wrong account the chances of getting it back are tiny. You can check it's in your account by getting a mini statement from a cash machine or online if you have online banking. It can't be reversed unless you actually move the money back to his account.

[tonyav]

You could check your account online to make sure the money has moved to your account.

[sapelesam]

Brill Dave, thanks very much, appreciate your help.

[jno]

you can ask for a payment you're making to be made at once. I don't know if they show up at once in the recipient's online account, though.

[Zacs-Master]

Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours. It should be free.

[sapelesam]

Many thanks all, loads of good advice as I responded to Dave. I'll hope for the "Instant transfer"

[sapelesam]

I can check on my phone, I just want to avoid sitting in a strangers house waiting for a transfer.

[gness]

Sam....I often transfer money by an online bank transfer. It has always transferred immediately.
When doing it for the first time I either transfer....or if it's a transfer to me, get the person transferring to transfer... £1 first to make sure there have been no mistakes....x

[sunny-dave]

I recently sold a bike for around £6k - the money was transferred by 'faster payments' and (using my online banking app) I could see it arrive in my account within about 30 seconds - I then signed the papers and handed over the keys.

[Jackdaw33]

They say two hours but in my experience it's less than a minute.

[sapelesam]

Thanks all for your advice. Transfer done at 11.15 this morning, money was in my account by 11.16, slightly better than the old days waiting for cheques to clear. Not everything was better in the old days.

[Jackdaw33]

I agree. To me online banking is a boon. I can do almost everything from my armchair. If I want cash then I have to go to an ATM but that is better than queuing up in a bank waiting to cash a cheque. I haven't set foot in my branch for over three years.