Is Receiveing Money Via Bank Transfer Safe - HotUKDeals
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Is Receiveing Money Via Bank Transfer Safe

£0.00 @ Safe
I've sold just a few things via hotukdeals all via paypal gift. How safe it to receive money via bank transfer and what info would you give a buyer for him to send the money? Also how long does it tak… Read More
mudddy Avatar
7y, 2w agoPosted 7 years, 2 weeks ago
I've sold just a few things via hotukdeals all via paypal gift. How safe it to receive money via bank transfer and what info would you give a buyer for him to send the money? Also how long does it take to receive the money.

Any help appreciated.
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mudddy Avatar
7y, 2w agoPosted 7 years, 2 weeks ago
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suspended#1
I pay and rec all dealing on here by Bank Transfer and as u can see i have 172 sales so far

the only details i give and rec are name acc ount number and sort code and for rules i swap phone numbers

it all depends on bank but most payment are done within minutes
banned#2
as safe as any other method, pretty much 99% safe, only western union or moneygram is safer that I can think of - but doubt he would want to pay their fees!

Sort code, account number, name, and should take anything from instant to 3 working days to get the money
banned#3
no safer than any other way really, as it can be reversed
#4
Time depends on the two banks in question.
banned#5
sassie
no safer than any other way really, as it can be reversed


its a fair bit safer as it isn't easy at all to get one reversed
WU is safer though, but a lot more expensive
#6
TUSSFC;8809255
Time depends on the two banks in question.



Would it take 3 -5 working days for the money to be in my account?
banned#7
mudddy
Would it take 3 -5 working days for the money to be in my account?


anything from instantly to 3 working days usually
#8
colinsunderland;8809344
anything from instantly to 3 working days usually



Seems to be the case. My friend has made BACS transfers in minutes but pay takes 3 working days via the same system.
Interesting question though. I want to sell some 360 game here to my good HUKD friends but the Paypal fees would be extortionate relative to the prices I'm obviously competing against.
#9
MBeeching
Seems to be the case. My friend has made BACS transfers in minutes but pay takes 3 working days via the same system.
Interesting question though. I want to sell some 360 game here to my good HUKD friends but the Paypal fees would be extortionate relative to the prices I'm obviously competing against.


Just to clear things up, there are two ways a payment can be routed between bank accounts without fees from the bank:

1. bacs - this is a 3 day system, always has anf always will be, the majority of wages ar paid through this system as it is reversable, so if an employer makes a mistake its not too late.

2. Faster Payments - this is relatively new (in the last couple of years) and is now used for the vast majority of transfers from personal accounts to another personal account, it is as near to real time as you can get, and usually clears instantly. This type of payment is non-reversable. To check if payments can go through Faster Payments use this sort code checker:

http://www.ukpayments.org.uk/sort_code_checker/

Both types of payment require the same info; sort code, account number and account holders name. IMO perfectly safe to give this info out, the only thing someone could do with it is set up a Direct Debit against your account if they were that way enclined, however DD gurantee protects you against this.

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