Paypal Bank scam??

narrowboatboy

Could do with a bit of help. I have someone wanting to buy a boat from me, it's a sizeable sum of money which they want to pay direct into my bank account from a paypal account.
Is this a legitimate transaction, are there any pitfalls

prettyandfluffy

They can't.  Only you can move money from your PayPal account to your linked bank account.  Do you have a PayPal account?

MikeJXE

Plenty, If I was you I would speak to your bank first 

Grizebeck

They could get it reversed !
How much for?
I would in this case want a CHAPS as it's more protected then a faster (in my view)

narrowboatboy

prettyandfluffy said:

They can't.  Only you can move money from your PayPal account to your linked bank account.  Do you have a PayPal account?

No, I don't have paypal. They are wanting to pay from their paypal account direct into my bank account

Bigwheels1111

I guarantee you will be back here in a week saying I’ve been scammed.
Paypal payment not on your life.
Cash or bank transfer only.

boingy

I agree it that is not sounding very safe. If their money is already in their PayPal account they can withdraw it to their bank account and make a transfer from there. If it is not yet in their PayPal account then they can transfer it without involving PayPal.

If they refuse to do either then walk away. 

notquiteskint

sounds a scam buddy tell them to do one

wiseonesomeofthetime

Totally a wrong move.

To pay onto YOUR account, they would have to link your account to their PayPal account, and you would need to give them the verification code that appears in your bank's transaction feed.

Of course, once YOUR bank account is verified to THEIR PayPal account, they can use it as a source account for their own transactions elsewhere.

As others have said, decline that mode of payment and choose something more secure.

Reversal of PayPal payments, as warned in another post, is also a known scam tactic.

pridehappy

Sounds suspicious to me. At the sale of a car a while ago, I requested a bank transfer into a current account I don’t use often for security reasons then transferred it immediately to my main savings account. This way, it is harder for the transaction to be re-claimed as it was already moved from the initial account.

PRAISETHESUN

Make sure you document the transaction - get signed receipts, etc. You'll need them if the banks decide to question where you got the money from, or if they try and reverse the transaction when someone claims it was fraudulent.

I'd avoid PayPal - you'll get stung with fees and if there are any disputes, they tend to side with the buyer in most instances. Personally I'd insist on cash/bank transfer - it's up to them how they facilitate that. If they don't agree then I'd walk away and find another buyer.