How to recieve money from someone via bank transfer (HSBC)

jazzrabbit

I have someone on gumtree who wants me to deliver i told him i was happy to as long as he can send me the money first via bank transfer the thing is i have no idea how this works and never done this before, can anyone help me out with any relevant links or help on what info i need to give him? Also once i receive the money in my account is there any risk of it being returned to the seller after i have posted the goods?

I tried to look on HSBC's website for info but they were completely useless.

Armorica

that's mostly their problem to sort out, not yours? they need to speak to *their* bank (in person, via internet banking, phone, mobile etc.)

you give them your six digit sort code and (usually) 8 digit account number

in terms of risk - unless you are a party to the fraud or consent to the bank removing funds

- electronic credits such as Bacs, Faster Payments, CHAPS are yours once they hit the account
- if you pay in a cheque it's yours after six working days (e.g. pay in Monday; yours by end of the following Tuesday - you'll be able to access it by the first Weds, but there is still a risk it will bounce)
- debit/credit card payments are subject to different rules but probably don't apply here

EarthBoy

Or you can register for PAYM with your bank and they can pay you using your mobile phone no., -providing that they've registered for PAYM themselves. Most banks have already started using PAYM, and the rest are planning to do so in the near future.

polymaff

jazzrabbit wrote: »

I have someone on gumtree who wants me to deliver i told him i was happy to as long as he can send me the money first via bank transfer the thing is i have no idea how this works and never done this before, can anyone help me out with any relevant links or help on what info i need to give him? Also once i receive the money in my account is there any risk of it being returned to the seller after i have posted the goods?.

Give him your sort code and account number. Then it is up to him.

Electronic transfers - e.g. BACS, CHAPS, FPS - result in cleared funds.

jazzrabbit

polymaff wrote: »

Give him your sort code and account number. Then it is up to him.

Electronic transfers - e.g. BACS, CHAPS, FPS - result in cleared funds.

thanks for the reply i will let him know :j(i enjoy these smileys way too much)