Ebay & Bank Transfers

Pikeman_2

As a regular eBay seller, I have on numerous occassions been asked for my bank details so that money can be transfered across for fast payment. I understand that when sending a cheque out to a seller you are giving your bank details to them. Is it safe to do the "Bank Transfer", this really worries me and am seeking advice from fellow eBayers or people who are in the know regarding banking methods and practices.

[move]Happy New Year[/move]

lisyloo

This is totally safe.
The details you need to give someone are

account name
account number
sort code

All these details are on a cheque so it's as safe as giving someone a cheque.

People can only put money into your account this way, they cannot take it out.
I've been doing it for years via phone/internet.

It's free and usually take 3 working days, so beats post and cheque.
If you find someone with the same bank as yours then money can often be transferred much more quickly.

Cheques are bad because the system for returning cheques relies on the post. They can be "bounced" months later. A very bad system.

soolin

I agree, I dislike cheques due to the fact that they never properly 'clear' (I just had one reversed after two months) and postal orders are a nightmare. I actually refuse to accept POs now unless absolutely necessary.

Bank transfers are better as you don't have to muck around paying them into the bank and waiting for cleared funds. As soon as they hit your account, usually on the 4th working day they are cleared for withdrawing purposes.

Soo

Hintza

Have a look at this thread was discussed earlier this month:-

http://forum.moneysavingexpert.com/cgi-bin/yabb/YaBB.cgi?board=Ebay;action=display;num=1102015499