Bank transfer

lyniced

Someone has asked if they can pay for an item via a bank transfer into my bank account. The auction for the item hasn't ended yet and as yet there are no bids. The 'buyer' hasn't got any feedback - this is his (or her) first buy I guess. How safe are bank transfers. I'm still quite new to E-bay.

Jonni2bad

Bank transfers are great, even more so for sellers than buyers.

You have nothing to fear about giving your sort code and account number to the buyer(s) as this info can only be used to add funds, not to withdraw. Both of these are visible on any cheques you might have.

You will also bypass seller fees that are typical of PayPal and the like.

If they are in the same bank as you, it will likely be a same day transfer, but other banks to your bank usually take 3 working days (although it can be longer, contact your own bank to find out).

P.S. Ask any buyers to add their eBay username or item number as the payment reference, if possible, as this helps identify payment receipts very quickly and easily for you.

soolin

Like Jonni2bad says bank transfers are wonderful as they don't cost the seller anything. I love them.

One tip though, don't send the item until the money is actually in your account, some buyers will ask you to ship as soon as they make the payment but hold out until the cash is sitting there where you can see it.

Soo

lyniced

Thanks Jonni and Soolin - I've just emailed back and said it is fine, although theres only a few hours left for the auction, so wonder if he will put in a bid.

Tojo_Ralph

Lyniced...

Out of interest, whilst the potential buyer might have no feedback, have you taken a look at their recent bidding activity?

Whilst the above is all good advice.... and I know that the bank details alone are of no use to a fraudster (I send mine out with each end of auction email) it doesn't mean that someone doesn't think they can use them. ..... Thus I would be disinclined to send them out to a bidder who had recently purchased 300 items.

Just a thought, and only what I would do.

lyniced

Someone has just said to me that it can be retracted - what does that mean?

Tojo_Ralph

lyniced wrote:

Someone has just said to me that it can be retracted - what does that mean?

As far as I know, once received and your bank confirms payment is "clear".... A BACS / Bank Transfer cannot be clawed back.

Following advice on here, I now record all calls to bank confirming funds, BACS, Bank Transfers, Cheques, etc being cleared on my Nokia 6230.

Jonni2bad

lyniced wrote:

Someone has just said to me that it can be retracted - what does that mean?

Not a bank transfer, since the money will come from cleared funds in another account, or is cash paid over the counter with instructions to send to your account. The bank it is being sent from can only authorise a bank transfer if there are sufficient funds available.

A cheque, however......!!!! No, I won't go there

soolin

You should be fine with bank transfers, I've not come across any reports of them being recalled in a UK to UK bank transfer.

Soo