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How does Bank Transfer work?

manzimanzi

Im interested in selling a few items here and dont want to be hit with Paypal's high fees so im interested in using Bank Transfer. I am confused as to how it works and if I am charged any money for using Bank transfer. Can someone please explain to me how it works?

Thx for ur time :)

All Comments (15)

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    hottoshop
    Do you do online banking ?
    Sheriff Waffles
    All I know is that there are definitely charges involved, not sure if it's the sender or receiver who gets the charge...
    T--J
    I don't think anyone gets charged, do they? :thinking: I know it's not as safe as people first thought though after what happened to Jeremy Clarkson! :o
    hottoshop
    Sheriff Waffles
    All I know is that there are definitely charges involved, not sure if it's the sender or receiver who gets the charge...


    wrong for domestic BT's .....no charges involved.
    hottoshop
    Bank Transfers also known as BACS payment, BT.

    Bank transfers are an electronic payment direct to or from your bank account to the person you are dealing with. The payment is funded by cleared funds in a bank account (in other words a bank-to-bank transfer/payment).

    You can also pay cash or cheque over the counter at your own bank.

    Is it Safe? Yes and No. As a seller you are pretty much secure if you accept BT. As a buyer you need to be 100% sure of your seller before paying by BT.

    How to do it?
    As a seller you need to make your Name, Bank Account Number and Sort Code available to your buyer.

    As a buyer you will need your seller’s full Account Name, Account Number and Sort Code

    It usually takes about 3 working days for BT's to clear unless you are using the same bank as your seller/buyer when it should be near instant.

    The service should be free.

    Slightly different rules apply to international BT's. You need to check with your bank.

    Hope that helps, if you need anything further just ask :)
    nightswimmer
    T--J
    I don't think anyone gets charged, do they? :thinking: I know it's not as safe as people first thought though after what happened to Jeremy Clarkson! :o


    It's still safe. All he has to do is call the bank and under the DD Gaurantee he would get his money back.
    manzi
    hottoshop
    Bank Transfers also known as BACS payment, BT.

    Bank transfers are an electronic payment direct to or from your bank account to the person you are dealing with. The payment is funded by cleared funds in a bank account (in other words a bank-to-bank transfer/payment).

    You can also pay cash or cheque over the counter at your own bank.

    Is it Safe? Yes and No. As a seller you are pretty much secure if you accept BT. As a buyer you need to be 100% sure of your seller before paying by BT.

    How to do it?
    As a seller you need to make your Name, Bank Account Number and Sort Code available to your buyer.

    As a buyer you will need your seller’s full Account Name, Account Number and Sort Code

    It usually takes about 3 working days for BT's to clear unless you are using the same bank as your seller/buyer when it should be near instant.

    The service should be free.

    Slightly different rules apply to international BT's. You need to check with your bank.

    Hope that helps, if you need anything further just ask :)


    Thx for the info i have repped u. So as i am selling something all i need to do is give the buyer MY full account name, account number and sort code? Once the seller gets this information, how does the transfer actually take place? Do I just look at my bank account online and see if theres been a payment made to my account?
    Sheriff Waffles
    hottoshop
    wrong for domestic BT's .....no charges involved.


    I asked about one when I was selling on ebay once, asked Royal bank of scotland and said it was £10 charge ... the scammers!
    nightswimmer
    manzi
    Thx for the info i have repped u. So as i am selling something all i need to do is give the buyer MY full account name, account number and sort code? Once the seller gets this information, how does the transfer actually take place? Do I just look at my bank account online and see if theres been a payment made to my account?


    Yeah, just wait for it to show up in your account. Make sure it is fully transfered though (i.e. When it shows up in your Available Balance rather than just in your Account Balance).
    nightswimmer
    Sheriff Waffles
    I asked about one when I was selling on ebay once, asked Royal bank of scotland and said it was £10 charge ... the scammers!


    Are you sure they weren't talking about CHAPS? This is another method of Bank Transfer, only faster than BACS as you'l get the money on the same day, but you have to pay for it.
    thesaint
    manzi
    Thx for the info i have repped u. So as i am selling something all i need to do is give the buyer MY full account name, account number and sort code? Once the seller gets this information, how does the transfer actually take place? Do I just look at my bank account online and see if theres been a payment made to my account?


    It is not necessary to have the name, but it is best to give it so that the cashier can cross check it is the right account.
    Sheriff Waffles
    nightswimmer
    Are you sure they weren't talking about CHAPS? This is another method of Bank Transfer, only faster than BACS as you'l get the money on the same day, but you have to pay for it.


    I have been reliably informed by someone who holds a better memory than me, that I was actually enquiring about a bankers draft a the bank .... words fail me sometimes
    hottoshop
    thesaint
    It is not necessary to have the name, but it is best to give it so that the cashier can cross check it is the right account.


    saint is quite correct with this and it should also be pointed out that if you do online banking and initialize a BT online you would normally be given the chance to create a reference point of some description.
    This is so that you can marry the BT up to your account statement/balance.

    In simple terms if you are receiving a BT from a J. Bloggs for a Wii Game then if the system allows create a reference point by naming the transaction JbloggsWii or similar.

    Hope that helps and is clear enough, if not shout :)
    rehydrated
    Hi
    I pay and accept using Halifax. No charges and you just put in the name,sort code and account number of who you want to pay (send money to) Great IMHO and free :thumbsup:
    xxlonesnipexx
    where wud yu put the information to do the transfer

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