Buying a Car and Transferring Funds

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Originally Posted by 101RRS

Unfortunately standard limits are too low - to increase on a temporary basis I need to apply to the bank and the limit only applies for one day.

Looks like Osko is the go - my old bank does not have it and I am closing their accounts - the new bank has it and will likely use that with a one day increase of withdrawal limit.

Cheers

Garry

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There will probably be transfer limits when using a banking web site or phone app from any bank for personal accounts. It's a security measure.

If you need to exceed your personal limit you must front up to your bank branch and get them to do the transfer. You will need photo ID for personal verification purposes and the bank must be able to verify the transfer destination ie the bank will check the Account No, the BSB and the Account owner name all match up.

I bought a car 2 days ago which exceeded my personal transfer limit of $100k. That's what I did, that's what the bank did.

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Originally Posted by Ferret

There will probably be transfer limits when using a banking web site or phone app from any bank for personal accounts. It's a security measure.

If you need to exceed your personal limit you must front up to your bank branch and get them to do the transfer. You will need photo ID for personal verification purposes and the bank must be able to verify the transfer destination ie the bank will check the Account No, the BSB and the Account owner name all match up.

I bought a car 2 days ago which exceeded my personal transfer limit of $100k. That's what I did, that's what the bank did.

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Good luck with that! Ipswich, a city of over a quarter of a million people has a single Westpac branch. All banks are trying to force us into electronic banking only, to save them money, costing account holders customer service. :bat:

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Originally Posted by V8Ian

Good luck with that! Ipswich, a city of over a quarter of a million people has a single Westpac branch. All banks are trying to force us into electronic banking only, to save them money, costing account holders customer service. :bat:

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Yeah, I know. I'm with St George. I think there maybe only one branch in Perth, maybe the only branch in WA. It's hangover from when I used to live in NSW and when St George was a credit union. They say people don't change their banks. [bigwhistle]

With my new Bank, thankfully I can arrange a daily limit increase over the phone via security questions - but can only be for one day and cannot ring on a weekend as admin is closed.

So on a weekday I need to assume what day I will be buying the car, if I am buying at and pre arrange.

We did this with a used camper a couple of months ago, increased the daily limit before the 9-hour round trip and used Osko. The bank blocked the payment and called me on the phone to say they had stopped a suspicious payment. Had to assure them that it was legit and go through the process again. Thankfully the sellers were very patient.

Well I have set up the Pay ID and Osko system in my new bank. However the reason it was set up has passed by.

Looking to buy a nice VW Golf R with only 18,000km on it. With the owner is overseas, Daddy was tasked to sell but the car is under finance and Daddy wants the buyer to pay out the finance - not such an issue legally but is just too hard - so seller advised clear the finance and I will buy - nothing has come back from them. So looking elsewhere.

When ready to move at least funds transfers will be ready, thanks to the advice provided here.

Thanks

Garry

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Originally Posted by 101RRS

Well I have set up the Pay ID and Osko system in my new bank. However the reason it was set up has passed by.

Looking to buy a nice VW Golf R with only 18,000km on it. With the owner is overseas, Daddy was tasked to sell but the car is under finance and Daddy wants the buyer to pay out the finance - not such an issue legally but is just too hard - so seller advised clear the finance and I will buy - nothing has come back from them. So looking elsewhere.

When ready to move at least funds transfers will be ready, thanks to the advice provided here.

Thanks

Garry

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I'd never buy a car with money owing on it - there'd have to be a clear PPSR search, if not then I'm not buying it.

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Originally Posted by V8Ian

Good luck with that! Ipswich, a city of over a quarter of a million people has a single Westpac branch. All banks are trying to force us into electronic banking only, to save them money, costing account holders customer service. :bat:

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It's more that most people already are using electronic banking, to the extent that there's no profit for companies like Armaguard in shifting cash around, which as it happens has turned into a real problem for the banks since they need someone to take cash to branches and ATMs. It's really just older people without IT skills who are using branches. In a decade the branches will mostly be gone.

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Originally Posted by Arapiles

It's really just older people without IT skills who are using branches. In a decade the branches will mostly be gone.

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Well no its not - its people who cannot get answers online and people who are sick and tired of waiting for hours on the phone trying to speak to some one. Locally 'which bank' closed all suburban branches except one in the main shopping center - they normally have only one teller to deal with the load from all the other now closed branches as well as all the business banking in the area. Takes forever to get served for items that cannot be done through an ATM or online.

My current bank is an online bank and because of the problems above I am changing to a bank with local shopfronts as well as online and phone services - already the service is a lot better than the online bank.

Garry

Well the Golf R interstate was just too hard to get organised, with finance with a finance company, owner overseas and trying to work through relatives in Australia - why do sellers make things so hard.

Spotted another 20MY Golf R in Sydney - better condition with only 20,000km. Car also under finance but through a bank with a specific account set up to finance the car. The seller had set everything up and I was able to deal directly with the bank and all went smoothly. The Bank ID/Osko system worked really well with part payments to the bank and seller going through instantly, where if it had been with my old bank each payment would have been delayed three business days.

Collected the car today and drove it back to Canberra - zoom zoom - Golf R - 213kw, 380NMs, 0-100 in 4.7s - what a power house of a car.

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