Bank Transfer - Safe???

Infidel

Hello all. Until recently i haven't sold anything on Ebay for a very long time.

The auction i recently posted has ended and been won. Now the winner is requesting they send me the money by bank transfer. But i was just wondering how safe this is, and are there any safeguards when using this method of payment.
Is the seller able to withdraw the funds (or make a chargeback) at any time?

Thanks for any advice and input.

frivolous_fay

It's extremely safe for you as a seller.

- No fees
- No chance of a chargeback
- Pretty quick

If your buyer is overseas, it's slightly more complicated, but still a great way to get paid.

Infidel

frivolous_fay wrote: »

It's extremely safe for you as a seller.

- No fees
- No chance of a chargeback
- Pretty quick

If your buyer is overseas, it's slightly more complicated, but still a great way to get paid.

Yeah, that was one of the problems with Paypal, as i have already been charged lots of money for listing and final value fee credits by Ebay, i don't really want to be being charged the same amount again for using Ebays monopolistic payment company. Especially as it's a much loved item (*cries), as much money as possible can be my only comfort.

Oh, so once the money is showing in my account does that mean there is no chance of it vanishing? Or do i have to wait a certain number of days (rather like a cheque).

frivolous_fay

To be certain, leave it 24 hours - I believe bank transfers can be recalled only up to a day after processing. (Although I've never heard of anyone this happened to, in theory it's possible)

whypayhighfees

It is safe for you to receive money, but not so safe to send it.

From a buyers point of view there is no protection from fraudulent transactions or sellers who won't send the goods. They have no proof of why they sent the money to the seller's account.

However, if they are prepared to take the risk, it is a fairly quick and useful method to use.

vikingaero

whypayhighfees wrote: »

It is safe for you to receive money, but not so safe to send it.

From a buyers point of view there is no protection from fraudulent transactions or sellers who won't send the goods. They have no proof of why they sent the money to the seller's account.

However, if they are prepared to take the risk, it is a fairly quick and useful method to use.

I pay using bank transfers as much as possible. You fill in a paying-in slip and get the stub as proof of payment. The seller gets instant cash payment and I haven't got to risk chargeback/fees and other PayPal scams. True the buyer could scam me by not sending the goods but I only buy small items anyway.

whypayhighfees

vikingaero wrote: »

I pay using bank transfers as much as possible. You fill in a paying-in slip and get the stub as proof of payment.

Yes, you have proof you actually sent the money, but not what you sent it for. Even if you write it on the stub, the seller can still deny knowing what you're talking about.

vikingaero wrote: »

The seller gets instant cash payment ...

But only if they are with the same bank as you. Payments to other banks can take up to five working days (or longer around national holidays).

Contains_Mild_Peril

As a seller, it's my preferred method of accepting payment. It's probably the safest method for me, requires no action on my part and no fees to pay. As a buyer, I'd have to trust the seller a lot unless the transaction was a very small sum, then I might risk it (unless they had bad feedback or looked dodgy for some other reason).

tommyprice

Do you see much of a Drop in sales if you say you don't accept Paypal but do accept Bank Transfers?

wileycat

whypayhighfees wrote: »

Yes, you have proof you actually sent the money, but not what you sent it for. Even if you write it on the stub, the seller can still deny knowing what you're talking about.



But only if they are with the same bank as you. Payments to other banks can take up to five working days (or longer around national holidays).

He's on about paying the money in to the sellers bank account at their bank, rather than transferring it from one bank account to another.
A very quick fee free way of paying for auctions though!

whypayhighfees

wileycat wrote: »

He's on about paying the money in to the sellers bank account at their bank, rather than transferring it from one bank account to another.

You sure about that?
The topic raised by the OP is Bank Transfers not bank payments.