security of IBAN details?

alooof

hi guys
i recently completed a transaction with a european fella whose paypal account is maxed out (the spending limit)
he now wants to pay me by IBAN which i understand is popular in europe because of the free inter-bank transfer service
i was a bit shocked at the details he requested, IBAN, SWIFT/BIC numbers, name and address of bank, and my name and address.

surely he doesnt need my address does he? is it safe to send out all these details? the buyer seems genuine but im not happy with releasing such details to randoms, its not a good habit to get into

i do specify all over my auctions that internationals can only pay by paypal, and i'm happy to wait for his next CC statement so he can sort out his paypal account - should i just wait?

thanks!

Tirian

He should only need (at the most):

Account name
IBAN number
BIC number
Your bank's address

There should be no problem with releasing these details, the only thing that can be done with them is pay into your account. It is safer for you than Paypal since once the payment has cleared into your account it cannot be reversed in any way.

Dave_Brooker

alooof wrote: »

hi guys
i recently completed a transaction with a european fella whose paypal account is maxed out (the spending limit)
he now wants to pay me by IBAN which i understand is popular in europe because of the free inter-bank transfer service
i was a bit shocked at the details he requested, IBAN, SWIFT/BIC numbers, name and address of bank, and my name and address.

surely he doesnt need my address does he? is it safe to send out all these details? the buyer seems genuine but im not happy with releasing such details to randoms, its not a good habit to get into

i do specify all over my auctions that internationals can only pay by paypal, and i'm happy to wait for his next CC statement so he can sort out his paypal account - should i just wait?

thanks!

Don't wait and pay paypal fees and possibly leave yourself open to a reversable payment.

Bank transfer is perfectly safe.

greenstreetprince

no need to specify your postal address, let him have the rest

as brooker says, its safer for you than paypal is, especially when dealing with overseas buyers as paypal are not likely to offer you much protection with foreign buyers

aeuerby

I thought that the sellers address was visible to a winning bidder anyway? Could be wrong, it is early!

Anyway as everyone else has said, yep, bank transfer excellent for sellers, the only thing a buyer can do to you account is pay money in - plus they can't reverse it!

vikingaero

Your name and address helps your bank correctly identify the account if there is a problem with the account number/sortcodes.

frivolous_fay

He may not need your address, but it could be helpful, as Viking says. As has been pointed out, he probably has your address anyway through ebay.

Bank transfer is an excellent way to get paid, and european buyers should be encouraged to do it he's putting a lot of faith in you to pay this way, as if there were any problems with delivery, ebay wouldn't do anything to help him.

khana

I work for an International Bank in their payments department and can confirm that due to a change in European legislation, a lot of the International payments are delayed when the receiving Bank requests further details on the ordering/beneficiary customer.
This information is not normally provided on payments from the UK due to data protection laws, however, by supplying your name and address it could ensure that your payment is received quicker.
As a point of note, the IBAN is not a payment method, however using it will ensure that the payment is received as quickly as possible due to straight through processing.