Could someone explain bank transfers to me please? - HotUKDeals
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Could someone explain bank transfers to me please?

mad muppet Avatar
9y, 2w agoPosted 9 years, 2 weeks ago
I am looking to buy a gba off someone on here and they have asked for a 'bank transfer' but I don't know what it is or how you do it (or even how safe it is?).
Could anyone enlighten me please?
Thanks :santa:
mad muppet Avatar
9y, 2w agoPosted 9 years, 2 weeks ago

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Its safe providing you checked out the buyer. It is irreversible.

All you need is the other party's name, sort code, and account number.

If you have internet banking, you can pay money into that account using info from the above, or go straight into the bank and do it.

Depending on bank, I hear sometimes its instant, but most of the time, roughly 3 days.
I have never used bank transfer lol, always used paypal with buying and selling on here.
Its completely safe and as far as I know irreversable, not instant but they don't take fees. I use them all the time
With respect to the other posters it should be pointed out that Bank Transfers are by NO MEANS SAFE for the BUYER where the buyer is paying for the goods before receiving them. Sorry for the caps but it really does need highlighting.

If you are the buyer you need to make sure you do as many checks as possible into the seller before you do a Bank Transfer.
Ask then for their full details and get a landline number and check that out.
Do not proceed with a Bank Transfer as a buyer if you have any doubts as like people have said it is almost certainly irreversible.

If you are happy with your seller then B/T is safe. You do not need to give them any of your bank details and all you need off the seller is their name, sort code and account number. Some banks also allow for a reference to be used (ie JSmith GBA sale)

If you are the seller Bank Transfers are almost certainly safe and I would use them any day over any other payment method.
I'm sure there is a way of reversing a Bank Transfer but I can't remember what that is. Your bank will tell you if you ask. It is highly unlikely you will ever have a Bank Transfer reversed.

The above applies to UK transfers only.
Hope that helps.

edited first sentence to include "where the buyer etc etc"

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