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    Bank Transfer For A Large Sum Of Money From A Buyer? - Safe Or Not?

    I've got a buyer looking to buy a TV from me, he wants to pay me as he has Internet access but wants me to deliver to his sisters house in Birmingham, he is happy to pay via PayPal (gift) or Bank Transfer.

    I don't want to accept PayPal as it takes so long to get the money into my bank and just wondering if Bank Transfer is risky as I'd be giving my bank details to a person I hardly know just to get rid of something without paying fees.

    Anyone have any opinions?

    25 Comments

    edit: don't give bank details to anyone...... paypal is best and no matter how long it takes at least you know it's gonna get to you safely :thumbsup:

    Banned

    sort code and account number are exactly what is on a check you would give out

    no need to worry, internet banking is pretty safe they have quite a few safeguards in place these days

    also bank transfers generally take 2 hours or less now so i still dont understand why it taked paypal so long?

    lyndsbowes;3715448

    they can't do anything with bank a/c and sort code but don't give your … they can't do anything with bank a/c and sort code but don't give your card details out




    lynds wasnt there a thread up the other day where someone had made a transfer then cancelled the payment straight away

    wouldnt trust them - if they can transfer money they can get the hard cash :thumbsup:

    Banned

    holly100;3715473

    lynds wasnt there a thread up the other day where someone had made a … lynds wasnt there a thread up the other day where someone had made a transfer then cancelled the payment straight away wouldnt trust them - if they can transfer money they can get the hard cash :thumbsup:



    once its in your account it cannot be cancelled tho

    holly100;3715473

    lynds wasnt there a thread up the other day where someone had made a … lynds wasnt there a thread up the other day where someone had made a transfer then cancelled the payment straight away wouldnt trust them - if they can transfer money they can get the hard cash :thumbsup:



    yeah, true, very well put. tbh i wouldn't give my bank details out to anyone so i will retract my post :thumbsup:

    casparwhite;3715481

    once its in your account it cannot be cancelled tho



    thats true too...... god i'm getting confused tonight :? :lol:

    It's possible to setup Direct Debits to various charities with only a name, sort code and account number. It's a Direct Debit though so the money is easy to recover.

    I would take Bank Transfer over PayPal any day... PayPal is a laugh.

    Original Poster

    casparwhite;3715481

    once its in your account it cannot be cancelled tho



    Thanks for all the replies,

    So if someones sending me £200 by bank transfer and its showing as its been received, does this mean its in my bank and therefore cannot be cancelled?

    If so, how long would the above take to happen if the buyers bank is different from mine?

    Banned

    ninj4z;3715513

    Thanks for all the replies,So if someones sending me £200 by bank … Thanks for all the replies,So if someones sending me £200 by bank transfer and its showing as its been received, does this mean its in my bank and therefore cannot be cancelled?If so, how long would the above take to happen if the buyers bank is different from mine?



    no once its in your account it cannot be "cancelled"

    and it doesnt matter which bank either of you are with they changed the system a couple of months ago to make it happen within a few hours or instant.

    used it today with my brother he uses halifax and i use yorkshire bank it was transferred within minutes

    casparwhite;3715528

    no once its in your account it cannot be "cancelled"and it doesnt matter … no once its in your account it cannot be "cancelled"and it doesnt matter which bank either of you are with they changed the system a couple of months ago to make it happen within a few hours or instant.used it today with my brother he uses halifax and i use yorkshire bank it was transferred within minutes



    what ^^^^^ said :thumbsup:

    casparwhite;3715528

    and it doesnt matter which bank either of you are with they changed the … and it doesnt matter which bank either of you are with they changed the system a couple of months ago to make it happen within a few hours or instant.




    Sadly not implemented by all banks yet.

    two things i'd suggest as a precaution (fingers crossed it's all ok though):
    1. online bank transfer
    make sure it's in - can call bank if you need to check they can take out money or not.
    can you get printout from bank it is in before delivering?

    2. you wouldnt want to be jumped if you deliver a tv so protect yourself, bring a mate at least. if you are carrying tv to the house be careful it is to the right house (not intercepted) and person shows ID and signs some form of a receipt. you should prolly ask the buyer for the sister's name to be sure.

    You can check here: apacs.org.uk/sor…er/

    Most of the major banks have agreed to this:

    Institutions currently sending Faster Payments include:
    [LIST]
    [*]Abbey
    [*]Alliance & Leicester
    [*]Barclays Bank
    [*]Citi
    [*]Clydesdale & Yorkshire Banks,
    [*]HBOS
    [*]HSBC
    [*]LloydsTSB
    [*]Northern Bank
    [*]Royal Bank of Scotland Group (incorporating NatWest and Ulster Bank)[/LIST] Banks currently receiving Faster Payments include:
    [LIST]
    [*]Abbey
    [*]Alliance & Leicester
    [*]Barclays Bank
    [*]Citi
    [*]Clydesdale & Yorkshire Banks,
    [*] Co-operative Bank
    [*]HBOS
    [*]HSBC
    [*]LloydsTSB
    [*]Nationwide
    [*]Northern Bank
    [*]Northern Rock
    [*]Royal Bank of Scotland Group (incorporating NatWest and Ulster Bank)[/LIST] (Updated 01/12/08)

    Banned

    choc1969;3715575

    You can check here: http://www.apacs.org.uk/sortcodechecker/Most of the … You can check here: http://www.apacs.org.uk/sortcodechecker/Most of the major banks have agreed to this:Institutions currently sending Faster Payments include: [LIST][*]Abbey[*]Alliance & Leicester[*]Barclays Bank[*]Citi[*]Clydesdale & Yorkshire Banks,[*]HBOS[*]HSBC[*]LloydsTSB[*]Northern Bank[*]Royal Bank of Scotland Group (incorporating NatWest and Ulster Bank)[/LIST] Banks currently receiving Faster Payments include: [LIST][*]Abbey[*]Alliance & Leicester[*]Barclays Bank[*]Citi[*]Clydesdale & Yorkshire Banks,[*] Co-operative Bank[*]HBOS[*]HSBC[*]LloydsTSB[*]Nationwide[*]Northern Bank[*]Northern Rock[*]Royal Bank of Scotland Group (incorporating NatWest and Ulster Bank)[/LIST] (Updated 01/12/08)



    are there any other major high st banks no included yet then?

    sounds like pretty much all of them

    casparwhite;3715616

    are there any other major high st banks no included yet then?sounds like … are there any other major high st banks no included yet then?sounds like pretty much all of them



    I don't really know :?

    Site states:

    [SIZE=3][COLOR=#000000]Are All Banks In the Scheme? [/COLOR][/SIZE] Twelve banking groups (Barclays, HBOS, HSBC, RBSG, Lloyds TSB, Nationwide, Alliance & Leicester, Co-op Bank, Abbey, National Australia Bank, Northern Rock, Citigroup) have committed to implement the scheme. Between them they represent 95% of the payments made in the UK. The other banks and building societies will be making decisions on how, when and if to join the scheme over the next year or so.

    ninj4z;3715513

    Thanks for all the replies,So if someones sending me £200 by bank … Thanks for all the replies,So if someones sending me £200 by bank transfer and its showing as its been received, does this mean its in my bank and therefore cannot be cancelled?If so, how long would the above take to happen if the buyers bank is different from mine?



    I would suggest ringing your banks clearing dept just to confirm that all funds r clear and explain them the situation b4 delivery

    casparwhite;3715481

    once its in your account it cannot be cancelled tho



    What about bank transfer recalls?

    I have heard of them, but I don't know much more about them :thinking:

    Banned

    PhearFactor;3715690

    What about bank transfer recalls?I have heard of them, but I don't know … What about bank transfer recalls?I have heard of them, but I don't know much more about them :thinking:



    nevr heard of them to be honest but i have been living in australia for the last 6 years and generally bank transfer is used most of the time there for ebay etc with no problems

    paypal is a swear word in oz

    casparwhite;3715616

    are there any other major high st banks no included yet then?sounds like … are there any other major high st banks no included yet then?sounds like pretty much all of them



    Nationwide is amongst the banks that have not implemented the changes yet for sending.

    casparwhite;3715709

    paypal is a swear word in oz



    Yeah I believe it is the same in Germany, 90% of the sellers just use bank transfers so it must be safest option they have, probably safer than Paypal (but that isn't too hard is it :whistling:).

    I cannot find any information on recalls apart from ones done for fraudulent claims. I guess we/someone would of heard about it before if there is a way to scam using this method.

    Banned

    couldnt find anything on recalls either but i do know there are such things as phantom transactions

    these are when somebody like hmv or play credits say a pound then takes it away to confirm your bank account details when opening a new online account.

    it shows up for a few days and then completely dissapears as if it never happened

    could be handy if you got the know how lol

    Banned

    casparwhite;3715802

    couldnt find anything on recalls either but i do know there are such … couldnt find anything on recalls either but i do know there are such things as phantom transactionsthese are when somebody like hmv or play credits say a pound then takes it away to confirm your bank account details when opening a new online account.it shows up for a few days and then completely dissapears as if it never happenedcould be handy if you got the know how lol


    not quite right.

    what they do is debit a small amount using the dd mandate and then re-credit it.

    thats a big difference to a credit, then a debit which would be a scammers paradise.

    Banned

    For any Bank Transfer, make sure it has been carried though propertly. Don't get stitched up by someone crediting your account at the bank by cheque. Very easy to see a credit on your account and assume it's been done by BT as the buyer stated.

    Good advice from aScottishBloke.

    Bank Transfers CAN be recalled or a clawback made or whatever term the individual bank use but this procedure is usually discretionary and within 24 hours as far as I am aware.

    I think there may also be other instances that the payment is reversed but these involve fraud and money laundering.

    It should be noted that this is pretty uncommon but it can and does happen.

    To fully safeguard yourself you should leave the money in the account for 48 hours before parting with any goods.
    With regards to the fraud or laundering instances and also to put your mind at rest about any other reasons for clawback you really ought to speak to your own bank and make sure you speak to someone who has proper knowledge of B/T procedures.

    Lastly and again remember what aScottishBloke has written above.

    The other side of the story is that I have carried out hundreds of Bank Transfers in the past and never had a problem with a single one. Safest way of obtaining a payment I'm aware of and that includes cash !!

    Banned

    hottoshop,
    I had a sale on here last year, approx £570 via BT. Having spoken to RBS, they stated that it could be recalled within xx hours.

    However I don't know if the new improved bank transfer system of hours has any impact, but like hottoshop, carried out many BTs and never had a problem.
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