Receiving an EU payment

clabcom

I recently sold an item on ebay for a couple of hundred £, the seller paid by paypal but paypal were being fussy and limited the account as they didn't recognise the transaction - and didn't release the funds, so I've refunded the seller. He still wants to go through with the sale and has offered to pay direct into my bank account, although he requires:

my name & address,
BIC
IBAN number.

Just two questions from me:

1. Is all of the above required to put money in my account

2. Is it possible for him to withdraw money from my account with this information

John_in_the_city

Clabcom,

name bic and iban should be sufficient. Shouldnt need address.

And unless you have provided other key personal data I dont see how the other party could withdraw funds from your account.

jonesMUFCforever

John_in_the_city wrote: »

Clabcom,

name bic and iban should be sufficient. Shouldnt need address.

And unless you have provided other key personal data I dont see how the other party could withdraw funds from your account.

Whilst I agree with what you say - I find most bank forms want a bank name and street address as well as BIC and IBAN.

clabcom

thanks guys

brightonman123

so, you are giving a total stranger your bank details..?

Voyager2002

brightonman123 wrote: »

so, you are giving a total stranger your bank details..?

In this situation I think it is safe to do so, although the details are effectively those required to take a payment by direct debit (and which are printed on your cheques anyway).

I deal with this by using a deposit account, one that does not have a direct debit facility. There is no procedure to take money out of this account using the bank details in question.