Revieving money via direct bank transfer..

Joe-C_4

Is this the cheapest way to recieve money from somebody?

Somebody wants to pay via bank transfer and I need to give them my details of my Nationwide FlexAccount and I'm wondering what info they will need.

Thanks,
Joe

JonSimmonds

Joe-C wrote:

Is this the cheapest way to recieve money from somebody?

Somebody wants to pay via bank transfer and I need to give them my details of my Nationwide FlexAccount and I'm wondering what info they will need.

Thanks,
Joe

Ive accepted bank transfered for a couple of items, all the buyer needs is the bank sort code and bank account number.

I have a old cashcard account (from when i was a teenager) with my bank which is still active, so i give out the details for that account and the min the money is in there I transfer it to my "main" account, extra peace of mind for me since my main bank account number doesnt get known to other people.

Joe-C_4

so all I need to give them is sort code and account number.. surely they need an account name and bank name ?

beaker141

Joe-C,

Sort Code is effectively the "Bank Name and Address"
Account No is effectively your named account.

There is software which will take the bank sort code and tell you the name and address of the branch where the account is managed. Codes save all sorts of problems from using alphanumeric names and address - which are never typed consistently by different people.

HTH

Joe-C_4

Okay thanks for the help.

I've sent him my sort code and account number.

Saves a lot of money not using PayPal

rooo

It's great for sellers, but gives absolutely no protection for the buyer. So as a buyer I would never do this, but as a seller, I'm happy to receive!

gromituk

Yes, it's the cheapest way, and there's no problem with giving your bank details to people. After all, you will do so if you write them a cheque.

It would be a good idea to ask them to put their eBay ID in as the reference field, because that will appear on your statement.

biblejohn

Also worth noting is if they use bank transfer unless both accounts are with the same bank, it will take the same amount of time to clear as a cheque does. The way around this which ive used before is to get the buyer to pay cash into my bank account directly at a branch. This clears instantly.

MarkyMarkD

biblejohn wrote:

Also worth noting is if they use bank transfer unless both accounts are with the same bank, it will take the same amount of time to clear as a cheque does. The way around this which ive used before is to get the buyer to pay cash into my bank account directly at a branch. This clears instantly.

It's still quicker than POSTING a cheque, WALKING it to the bank, and then WAITING for it to clear!

soolin

MarkyMarkD wrote:

It's still quicker than POSTING a cheque, WALKING it to the bank, and then WAITING for it to clear!

Absolutely, my post is so bad a cheque takes ages to reach me and by the time I can get to a bank several days may elapse. So with cheques I usually send out as soon as I receive them regardless of when I pay them in, and take the risk. At least with bank transfers when they arrive on day three (or four) they are cleared already and the transaction can still be completed within a few days.

Soo

Jonni2bad

biblejohn wrote:

Also worth noting is if they use bank transfer unless both accounts are with the same bank, it will take the same amount of time to clear as a cheque does...

Not quite true, as cheques can take more than 3 days to fully clear (meaning you can spend it). Also, someone paying you by cheque could withdraw the payment after 3 days and you may have sent the product by then :eek:

And... fraudulent buyers use cheques that are subsequently 'returned' many days after appearing to be cashed in your account. Can you tell I'm not a big fan of cheques anymore?

Neither of these are possibilities with bank transfers.