Payment by bank transfer?

[Sooper8]

Hi all,

Don't know if this is the right area for this question but anyway...
Someone has offered to buy a bike from me on the forum and wants to pay by bank transfer.
I would have preferred Paypal for many reasons, but that's besides the point now.

What details do they need of my bank account to pay me and...(I hope this bit doesn't offend the purchaser if they read it , but) is there any danger of these details being used in the 'wrong' way, if you get my meaning?

Thanks in advance for any replies.

[Si]

Off the top of my head, I think that they need account number and name of account holder as it appears on the account, also you need to tell them how much to pay and you can give them a reference (made up by yourself) that will appear next to the payment on your statement so you know what the payment was.

The payment may show up on your e-account before the money is in so it's best to wait until you are sure the money is with you before despatching the goods if worried about being diddled.

I've never had any problems with back transfer payments and am quite happy to do them - less hassle than paypal for me.

[irc]

I wrote cheques for years without any issues. A cheque has my name and bank details. Of course I was sending cheques to companies organisations or individuals I trusted.

I wouldn't be concerned about receiving a payment by bank transfer from a long standing member of this forum. That said can't remember the last time anyone (apart from employers) paid me anything by bank transfer. Paypal is simpler and more secure. It is my first choice for one off payments.

[Vorpal]

I prefer bank transfers to Paypal, just because there typically aren't any fees*. However, Paypal does have a dispute resolution process and Paypal Protection if something goes wrong. I don't think there is much risk of someone else using your name and account details, but if you aren't certain, check with you bank.


*That does depend on the bank, account type, etc.

[Sooper8]

I wrote cheques for years without any issues. A cheque has my name and bank details. Of course I was sending cheques to companies organisations or individuals I trusted.

I wouldn't be concerned about receiving a payment by bank transfer from a long standing member of this forum. That said can't remember the last time anyone (apart from employers) paid me anything by bank transfer. Paypal is simpler and more secure. It is my first choice for one off payments.

Also, Paypal would insure them against loss or damage or if the bike is not the one I depict in the photo's - thats why I would expect people to be paying with paypal. It's better all round for them.

And I suppose I presumed everyone had paypal now

[al_yrpal]

You need the account number AND the sort code, which you will find on each cheque. Plus a name. I don't see how possession of these details can cause any problems? Done them for years.

Al

[Sooper8]

You need the account number AND the sort code, which you will find on each cheque. Plus a name. I don't see how possession of these details can cause any problems? Done them for years.

Al

Thanks!

[tonythompson]

I've used this method for quite some time regularly in my small business both making payments and receiving without ever having a problem.

As has been stated the details you give them are just the same as on a cheque.

I would add have a method of identifying what the payment is for as that is invaluable if you do several transactions and especially if Mr Tax Man is involved.

[The Mechanic]

You don't need that name of the account, only the account number and sort code. When you set up the payee in your online banking, you can call it anything you like. Similarly, the reference number is purely for your own convenience. If paying an organisation, credit card bill for instance, you will need to quote your credit card account number so the company receiving the money knows which bill to credit with the money. I assume an individual transaction wouldn't need this.

[Si]

I wrote cheques for years without any issues. A cheque has my name and bank details. Of course I was sending cheques to companies organisations or individuals I trusted.

I wouldn't be concerned about receiving a payment by bank transfer from a long standing member of this forum. That said can't remember the last time anyone (apart from employers) paid me anything by bank transfer. Paypal is simpler and more secure. It is my first choice for one off payments.

Also, Paypal would insure them against loss or damage or if the bike is not the one I depict in the photo's - thats why I would expect people to be paying with paypal. It's better all round for them.

And I suppose I presumed everyone had paypal now

Does it not depend on what type of PP you use? I was under the impression, for instance, lots of people insist on 'gift' payments because they then don't have to pay PP charges, however, this reduces the cover available ('cos if it's a gift payment then there should not be an item coming the other way)? Plus, of course, using gift for a transaction is technically a breach of PP rules.

[Sooper8]

I wrote cheques for years without any issues. A cheque has my name and bank details. Of course I was sending cheques to companies organisations or individuals I trusted.

I wouldn't be concerned about receiving a payment by bank transfer from a long standing member of this forum. That said can't remember the last time anyone (apart from employers) paid me anything by bank transfer. Paypal is simpler and more secure. It is my first choice for one off payments.

Also, Paypal would insure them against loss or damage or if the bike is not the one I depict in the photo's - thats why I would expect people to be paying with paypal. It's better all round for them.

And I suppose I presumed everyone had paypal now

Does it not depend on what type of PP you use? I was under the impression, for instance, lots of people insist on 'gift' payments because they then don't have to pay PP charges, however, this reduces the cover available ('cos if it's a gift payment then there should not be an item coming the other way)? Plus, of course, using gift for a transaction is technically a breach of PP rules.

If they 'gift' the money they may still receive fees if it's on their credit card, but then they have no protection at all if it goes wrong. (the seller gets the full amount in his/her account)
But if I remember correctly it's slightly different if it comes off your debit card.
Either way, Ill have a go with bank transfer. I think the buyer has to pay upwards of £25 doing that (well, I did when I once paid for a holiday in Norway that way)
But thanks for the info folks. Much appreciated

[Si]

Either way, Ill have a go with bank transfer. I think the buyer has to pay upwards of £25 doing that

Curious...I've never had charges on mine.

[thirdcrank]

I can't see why the payee would have to pay anything to receive a bank transfer.

Afaik, the only skullduggery somebody can get up to with somebody else's bank account details is to set up a bogus direct debit. (As other's have said, they could get those details from a cheque so they are not confidential in the same way as a PIN or password.) I don't know all the details of the system but basically, if a payee (or somebody pretending to be a payee) contacts a bank to set up a direct debit, it goes through on the nod for smaller sums. Remember that only a business account would lawfully want to take money in that way, which gives the banks some more control of direct debits. This is cost-effective for the banks. They are so keen to make the system work that they guarantee to refund any incorrect payments.

So, it might be the basis for a scam but the banks take responsibility for weeding them out, so long as there's no fraud by their own customer.

[The Mechanic]

Either way, Ill have a go with bank transfer. I think the buyer has to pay upwards of £25 doing that

Curious...I've never had charges on mine.

I think that is for a Bankers Draft which is similar to a cheque but guaranteed by the bank so almost as good as money

[gaz]

Either way, Ill have a go with bank transfer. I think the buyer has to pay upwards of £25 doing that

Curious...I've never had charges on mine.

Historically same day bank transfers were always made through the CHAPS system. This can still be used for any value of payment and hefty fees are typically applied.

Not so long ago the BACS system came into play with free Bill Payments taking three days, and in very recent years that's had an upgrade to Faster Payments. Faster Payments can typically be made free for values up to £10K and are received at the other end within a couple of hours.

Ideal for the type of payment the OP needs to receive.

However banks really want their customers to make Faster Payments via on-line banking or over the telephone, not by asking branch staff to help, so some may charge for in branch service.

The other problem is that if you walk into a bank branch and ask to make a bank transfer, years of history mean they'll assume you mean a CHAPS payment and tell you the relevant fee.