Bank transfer & how safe is it?

Poppa_G

Hi.

Sorry if this is in the wrong part of the forum, but needed peace of mind.

I'm selling a Kindle on Gumtree and have just had a call from a chap in Somerset, (I live in Merseyside) who was keen to buy the Kindle and thus we came to an agreement.

On asking how I would like to be paid I said Paypal or a cheque, he on the otherhand wanted to do a staight bank transfer and asked for my Sort Code & Account number, this he said to avoid Paypal charges!!!

Having never done such a thing before, except with immediate family members I was persistent that we went through paypal. The question is, for future reference how safe would it be to do such transfers?

Only, when he asked for my Sort Code & Account number alarm bells started ringing.

Thanks in advance

BASFORDLAD

No its perfectly safe

I am sure you have given cheques to perfect strangers, well your sort code and account number is on there

I give mine out all the time for payments into it. In most cases you should get your payment in a few hours

So worry not:)

Its only when they start to ask you to mail it to Africa is when alarm bells should be ringing

opinions4u

If you're concerned, get the funds paid in to a savings account.

innovate

If there is any doubt, it's probably a lot less safe for the buyer than for the seller to use a bank transfer. The buyer has a lot more recourse if they pay by credit or even debit card, and also Paypal, than if they use bank transfer.

Poppa_G

Thanks for the replies, much appreciated. Just had an email from the prospective buyer saying he no longer wants to buy it, but for future reference it's handy to know that it's perfectly safe.

Thank You

psychic_teabag

Didn't Jeremy Clarkson claim it was perfectly safe to publish his account/sort code, whereupon someone pinched some money. But I think the deed was done by setting up a direct debit from the account, and under the guarantee it should have been possible to get that money back.

I guess o4u's suggestion of using a savings account gets round that little flaw.

dalesrider

Since when did a buyer pay fee's via paypal????

Perhaps you were wise to stall.

briankelleher

dalesrider wrote: »

Since when did a buyer pay fee's via paypal????

Perhaps you were wise to stall.

Someone has to pay them, buyer was probably saying it was cheaper for all concerned.

dalesrider

briankelleher wrote: »

Someone has to pay them, buyer was probably saying it was cheaper for all concerned.

Are there fees for sending money?

Question : Answer : The are two options to choose from when sending money through PayPal:

• I'm sending money to family or friends
• I'm paying for goods or services

Send Money to family or friends:
It's free when you use your PayPal balance or your bank account. There is a charge of 3.4% + £0.20 GBP fee charged for debit or credit card funded payments. Either the sender or recipient can pay this fee. The total fee will be displayed below the payment type description when you make an entry in the amount box. Click the Fees link at the bottom of any PayPal page to learn more.

Paying for goods or services
It’s free to send money using PayPal.

What are the fees for receiving money?

• Receiving a domestic personal payment (eg a gift from family) is free if the sender uses their PayPal balance or their bank as the payment method. If they use a credit or debit card there will be a small fee. The sender can decide to pay this or pass it on to the recipient.

So it would depend on if the buyer has a paypal account. or how they fund any account.

Either paypal or bank transfer the seller has the upper hand, as there is no protection for the buyer should goods not arrive or are not what is ordered.