Selling into Europe

[kenton]

I've had some interest in the Luego, one person is from Austria and is planning to fly over and drive home if he buys. How best to make payment? if its over the weekend the banks will be closed so cash cant be checked to see if its legit. Online transfer? it wont be instant into my account I dont think so could it be set up and then cancelled? Whats the best way to do it???
K

[Martin S]

Kenton..have a word with russ..i know he had a few issues....hen he sold

[SteveRST]

Online bank transfer should be instant these days. I just bought a motorbike and paid the guy there and then via my smart phone and it was instantly in his account. If it doubt, ask buyer to make a test payment of £1 now and see what happens. Once in your account it can't be reversed by the buyer.

Have previously sold 2 cars (elise and a poop 944) to European buyers that flew over to collect and both sales went well! They will likely want/need to keep the V5C so that they can register the car.

[russtik]

I can tell you how not to do it!!!

Don't...

...agree an amount in advance based on the wrong exchange rate then try to correct your mistake over the phone on a weekend when the guy's colleague is en route with the cash in EUROS and has no ability to withdraw any more subsequently realising you're about to do yourself out of about 1000GBP.

I would try to do it via bank transfer. Can your potential buyer speak to their bank to see if there's a speedier process for transferring funds into a UK bank account?



In my case I had to make a call on whether to let the car go on receiving a wad of new Euros which looked like monopoly money that I couldn't get checked at a bank plus a top-up amount (to cover the discrepancy) sent via bank transfer that wouldn't clear until at least 5 days later. I eventually released the car to the bloke who came to collect it but it was very unsettling to see it disappear off to Germany on a trailer without also these uncertainties cleared up. The commission the banks charge to pay in cash Euros is also a massive ballache. Avoid.

[b33fy]

Bank transfer as mentioned, Usually instant. If not consider PayPal though get the buyer to gift you the money otherwise you will pay commision as the seller.

[Tony B]

I recently bought my daughter's car using a bank transfer, it was instant and so convenient. Whether that works across currency I don't know.

As mike says, PayPal is also instant and you can view it in GBP to make sure you get what you've agreed

[jeffw]

Instant transfers between most UK banks but more likely to be 5 days + between countries. Get him/her to pay you in Sterling prior to arriving or in cash (sterling again).

[Richard]

I sold may previous Dax Rush to a guy from Germany. He paid me cash in GBP. If you want to accept Euros cash then pre-agree exchange rate noting you will have to pay exchange rate fees so build that in. Any other way and you will have to await clearance. Buyer will not mind bringing approximate cash and can always use cash card for a bit more from an ATM

It was so easy to do. Guy flew in to Stansted, taxi to me, looked at car, test drive, paid cash and drove back same day and texted he was home some 12 hours later.

Remember, you have to give the buyer the whole of the V5 so he can register his car in EU. Make a simple sale agreement saying buyer will pay all (EU) import taxes and registration. Two copies and both sign it and keep one. DVLA does not have any form for this so write to DVLA with copy of agreement saying car has been exported. They will then remove reg from their system.

As I said, so simple in the end.

[b33fy]

Money saving expert have some guidance on European transfers, linkage below..

http://www.moneysavingexpert.com/news/banking/2012/01/eu-overhaul-leads-to-faster-electronic-payments

[kenton]

Interesting points thanks. I'm expecting a call from him this evening so will see how it goes.
He is planning on coming over during a weekend so a bank transfer wont be in my account until the next working day.
Pay pal is a no because it can be reversed.
Cash, if the deal is done on a sat morning then I could get it into the bank that day. that way they can check if its legit.
The only other way would be a payment in advance, i'll suggest that option first.
Ta and fingers crossed.