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    Can some one explain Bank transfer to me?

    hi
    I' m quite new to selling things but I'm going to list something on ebay and possibly here I know paypal charges you for a transaction I was wondering how bank transfers work and if there was a charge on that? can somone recommend me on how to go about this or should I just ask for a cheque?

    Its my xbox360 that im trying to sell btw.

    9 Comments

    There are no charges on bank transfers... If someone pays you via their internet or telephone banking & they're with a different bank to yourself then it takes upto 3 working days for the money to reach your account - You shouldn't post the item to them until you have received the money.

    In this day and age it works like this:

    1. I log onto my internet banking
    2. Select recipient and enter bank A/c details
    3. The money leaves My bank account
    4. For the next 3-4 days the money vanishes from the planet and lives in some magical wonderland.
    5. The money arrives at the recipient

    MMMM not quite the instantaneous banking we were promised on Tomorrows World :whistling:

    If the buyer pays cash in at your bank then it clears & shows up straight away... I think it's the same if they use telephone/internet banking too if they use the same bank as you do but it might not show up until the end of the day... ie, 5pm

    Don`t think to many people would do a bank transfer on eBay as there is no compensation if Item gets lost or does not work.
    Try on here with your Xbox, state a price and wait but take heed of the advice on posting sales

    I've paid by bank transfer for ebay things before...

    Before you sell anywhere online I'd recommend you advertise in your local paper... You'll get the best price for it & without the fees.

    getting to a bank is one way , doing it online is another

    remember if anything does go wrong then its seriously hard to get your money back , sueing is the only way and hence ebay/paypal make so much money as although they charge the earth there is a degree of a chance of getting a return on funds , an example

    you buy a watch , it arrives and you find out the solid gold watch isnt solid gold but plated , you complain , its ignored , you have bank transfered the money so all you have to go on is the sale of goods act to be able to sue this person that is its not as described , so you pop off to the goverments own site and start a case against this person , you send the form in and on the day of the case you find theres been no contact between the court and the other person so you automaticaly win ? well you may still not win oddly enough but either way you then have to instruct the recovery of the funds by bailif and if the person isnt to be found your out of the cost of the court case also , if the person isnt found then its tough , you lose

    get a landline phone number and use it
    get assurences in an email and keep it
    retain all infomation just in case
    if you really really really need something go to a shop to buy it and dont do it online

    If you want it in simple terms

    If you accept Bank Transfer as a method of payment it's one of the safest methods and certainly the safest I know online.

    If you send Bank Transfer as payment for an item it is not safe at all. You need to know your seller well and do your homework.

    I would never buy anything over £10 on ebay using Bank Transfer but I would use it everytime to accept payment.

    Can you believe in this day and age it actually takes 3 to 5 days for a bankers draft, cheque to clear(more in some cases).Talk about a swizz...how can they say on the one hand they can get a mortgage through in 16 days if your in a rush and yet take all that time for money to go from one bank to another. mmmmmmm!

    Original Poster

    Thanks for the responses guys much appreciated, although I've been using paypal for years I've never used a sellers account, I think I'll use a Bank transfer from now on as I'm not too keen on paypals charges.
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