IBAN payments

Gavin83

I'm looking to sell an item online to a person living in Belgium. They've asked if they can pay with an IBAN bank transfer payment instead of paypal. I've no experience in this so I've a few questions.

1) Can the payment be reversed for any reason, including fraudulent payments?

2) How long does it take to clear?

3) Are there any fees involved in this?

Thanks for your help guys.

keyser666

1. Yes
2. 7 days should be in, 2-3 Working for EU
3. Depends if sending in sterling or local currency, usual exchange rates, wont be any for receiving

Armorica

Ask your bank - it'll depend what system they make the payment over.

E.g. if it's high value they would make it over TARGET2, lower value would tend to go over one of the retail systems.

InsideInsurance

3) Depends on your bank and they will be able to confirm what, if any, fee they charge for international transfers into your account.

Personally would insist on PayPal as there is more protection by this route

Gavin83

Having a read around the internet the general census seems to be its safer than paypal. A lot of places are saying a bank transfer cannot be reversed once it's in your account where as I know first hand paypal can basically do what they want.

The value of the transaction is around £400.

I'll give my bank a call tomorrow and see what they say.

wealdroam

Gavin83 wrote: »

Having a read around the internet the general census seems to be its safer than paypal. A lot of places are saying a bank transfer cannot be reversed once it's in your account where as I know first hand paypal can basically do what they want.

The value of the transaction is around £400.

I'll give my bank a call tomorrow and see what they say.

Paypal offers little protection for the seller.

As a seller, bank transfer is much preferable.

Try asking you questions on the ebay board and everyone there will tell you the same... as a seller, bank transfer every time.

A search of IBAN on the ebay board throws up several threads, including this one (just ignore the bickering):

Accepting bank transfer from overseas... safe?