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Is Bank Transfer Safe?

£0.00 @ Safe
As a seller, if someone pays me for something via bank transfer, how safe or protected am I from them taking the money back / scam afterwards? Read More
Destard Avatar
1w, 7h agoPosted 1 week, 7 hours ago
As a seller, if someone pays me for something via bank transfer, how safe or protected am I from them taking the money back / scam afterwards?
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Destard Avatar
1w, 7h agoPosted 1 week, 7 hours ago
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(19) Jump to unreadPost an answer
Responses/page:
#1
Pretty safe as long as you're not with Barclays
#2
its not safe and can be a scam. difficult to retrieve the money once it has left your bank. use another method
#3
The only safe method is cash in hand *full stop*
#4
I purchased a car and sold one using bank transfer. safer than carrying cash. It will depend who you dealing with i guess
#5
teepee1
its not safe and can be a scam. difficult to retrieve the money once it has left your bank. use another method
That's as a buyer, Fairly safe to receive bank transfers as they can't typically be reversed.
#6
shauneco
teepee1
its not safe and can be a scam. difficult to retrieve the money once it has left your bank. use another method
That's as a buyer, Fairly safe to receive bank transfers as they can't typically be reversed.
sorry missed the key point - you are correct completely safe as a receiver
#7
Thanks all. I'm curious because someone wants to pay by bank transfer rather than cash in hand. I like to think maybe he is scared of me taking his cash and running away or something maybe i dunno.
But from my POV, I guess you are all saying its safe for me though, right?

Edited By: Destard on May 17, 2017 14:37
#8
shauneco
teepee1
its not safe and can be a scam. difficult to retrieve the money once it has left your bank. use another method
That's as a buyer, Fairly safe to receive bank transfers as they can't typically be reversed.

Unless the payment is from a fraudulent account. So it is possible
#9
Destard
Thanks all. I'm curious because someone wants to pay by bank transfer rather than cash in hand. I like to think maybe he is scared of me taking his cash and running away or something maybe i dunno.
But from my POV, I guess you are all saying its safe for me though, right?
Its better than cash, because banks show transfers of monies between yourselves.
#10
stoneblade
The only safe method is cash in hand *full stop*

Not if you get mugged.
#11
Its as safe as it could be, I use a Saver/Deposit account to receive monies..... as these accounts are proper dumb, you can only pay in and only pay out to my current account.

People say use cash, these could be drug money, marked, laundering, etc. on large amounts I take a BT every time!
#12
stoneblade
The only safe method is cash in hand *full stop*

Not heard of banknote forgery ?
#13
If you want to get paid to your UK account from IS bank account in Turkey, that is absolutely safe and fast enough. If you want to send money to an Is bank account in Turkey, you can do it without having an account with IS bank as walk-in customer, up to 5000 GBP in cash every 3 months.
#14
alexx10
If you want to get paid to your UK account from IS bank account in Turkey, that is absolutely safe and fast enough. If you want to send money to an Is bank account in Turkey, you can do it without having an account with IS bank as walk-in customer, up to 5000 GBP in cash every 3 months.
u wot m8?
#15
Unless you're a dodgy seller, this is probably the safest way as long as you check it has reached your account before you hand over the goods. I can understand why a buyer would want to use this method because it does create proof that he or she paid.

If you don't want the sale to be traceable e.g. to avoid capital gains tax liability, then it probably isn't for you.
#16
Personally, when I've sold high value items, I'll only accept cash. When I've done this, I've let the buyer see the car, then come back with money, go with them to the bank, they withdraw the cash (or bring it with them), then I pay it into my account.
It's sounds like a hassle, but it protects you from forged notes and having a bank transfer reversed after the transaction has been reported as fake or fraud.
With low value transactions, I'll have a bit more leeway, but when selling an £8k bike or car, there is no way I'd risk that money.
#17
What sort of transfer, if its a "faster payment" you shouldn't need to worry, it's pretty much instant.
#18
Ask for a cashier's cheque as it's guaranteed by a bank, drawn on the bank's own funds and signed by a cashier. Cashier's cheques are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. 
#19
gatogordo
Ask for a cashier's cheque as it's guaranteed by a bank, drawn on the bank's own funds and signed by a cashier. Cashier's cheques are treated as guaranteed funds because the bank, rather than the purchaser, is responsible for paying the amount. 
Yeah but not really suitable for the type of goods I was going to sell

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