Receiving cash via bank transfer?

11
Found 13th Jul
Hi

Is it safe to receive money via bank transfer?

I’m selling an item worth about £2k and the buyer wishes to pay via bank transfer. I need to sell as I’m moving away so this is a good opportunity

Is it safe to accept payment online in to my bank account?

Can the buyer reverse it?

What should I be aware of and how do I confirm that the money is in to my bank account? I know sometimes it says available money and sometimes it says the balance which is different?

First time doing this.
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11 Comments
Bank transfer is safe & buyer can't reverse it, if you do online banking you can see transaction in your account straight away.
You need to check with your bank that the transfer is a bank to bank or cash transfer. If he pays by cheque into your account it isn't a cleared payment until day 6. Some banks don't show online that the payment has been made by cheque, hence why you need to confirm with your bank first.
ellenw34 m ago

Bank transfer is safe & buyer can't reverse it, if you do online banking …Bank transfer is safe & buyer can't reverse it, if you do online banking you can see transaction in your account straight away.


It can be reversed if proven to be fraudulent.
If possible you can ask him to pay via PayPal but you will be at a 2/3% loss as far as I remember but worth it for protection and is also instant
master1035 m ago

It can be reversed if proven to be fraudulent.


Didn't know that, bank couldn't get any money back for my friend when she paid for a villa by Bank Transfer & was scammed.
Edited by: "ellenw" 13th Jul
ellenw19 m ago

Didn't know that, bank couldn't get any money back for my friend when she …Didn't know that, bank couldn't get any money back for my friend when she paid for a villa by Bank Transfer & was scammed.


That's different, she actually made the transfer i.e. her account was not hacked.
Do not expect a BT to be 100% safe. Most of the time it is, but bank fraudsters use tricks like getting someone else to pay into your account then to claim it was a purchase for something on gumtree.

If you must then the best way to accept a BT is to request a form of ID + a clear written note of what the purchase/sale is, amongst other security checks.

I do a few sales on a game I play here and there, and on a few occasions I've been stung like this. The payment gets reversed and the 2nd time it happened I was told by my bank that the account was being shut down for fraud!! (Was reversed both occasions when I went in the bank and showed ID proof + was given a bit of compensation for the hassle (highfive))
FUAARRKK5 h, 42 m ago

Do not expect a BT to be 100% safe. Most of the time it is, but bank …Do not expect a BT to be 100% safe. Most of the time it is, but bank fraudsters use tricks like getting someone else to pay into your account then to claim it was a purchase for something on gumtree. If you must then the best way to accept a BT is to request a form of ID + a clear written note of what the purchase/sale is, amongst other security checks.I do a few sales on a game I play here and there, and on a few occasions I've been stung like this. The payment gets reversed and the 2nd time it happened I was told by my bank that the account was being shut down for fraud!! (Was reversed both occasions when I went in the bank and showed ID proof + was given a bit of compensation for the hassle (highfive))


Which bank and was it bank transfer
windym13th Jul

You need to check with your bank that the transfer is a bank to bank or …You need to check with your bank that the transfer is a bank to bank or cash transfer. If he pays by cheque into your account it isn't a cleared payment until day 6. Some banks don't show online that the payment has been made by cheque, hence why you need to confirm with your bank first.



You can always verfiy cleared funds byy looking at the "available to withdraw funds" and the balance. The difference is non cleared funds (or sometimes, pending withdrawls at the start of day). But you need to be able to reconcile your account to prove which funds are 'missing' and that is a dying art. I use MS Money even though its eons out of date
ccnp1 h, 25 m ago

You can always verfiy cleared funds byy looking at the "available to …You can always verfiy cleared funds byy looking at the "available to withdraw funds" and the balance. The difference is non cleared funds (or sometimes, pending withdrawls at the start of day). But you need to be able to reconcile your account to prove which funds are 'missing' and that is a dying art. I use MS Money even though its eons out of date


It depends on your bank.

The only failsafe way is to ring/attend and ask if the deposit was cash or cheque. Not rocket science but some like to make it seem protracted.
Ask them to selfie with todays date to your email address with a note attached saying i blah blah processed a bank transfer on date to then you. They sign it.

I did it with a computer a sold. Covered my back incase they lodged a claim,
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