Safe to pay by Bank Transfer on Gumtree?

akira181

I'm looking to buy a second hand phone off Gumtree and the seller wants paid by bank transfer.

If the seller reports the phone as lost, would the bank assist in claiming the money back if I could provide a police report number?

se2020

No
And No.

soolin

As above, no, you are basically giving the seller cash, 

In fact most high street banks now give you a very strongly worded if you try and transfer money online asking whether you know and trust the person and making you aware they cannot get the money back. 

pinkshoes

akira181 said:

I'm looking to buy a second hand phone off Gumtree and the seller wants paid by bank transfer.

If the seller reports the phone as lost, would the bank assist in claiming the money back if I could provide a police report number?

Absolutely no protection.

What sort of phone is it?

Personally I only buy "older" phones second hand - ones that people won't suddenly make an insurance claim on for being stolen. 

Is this a face to face transaction? If not, then don't even consider a bank transfer unless you're at the person's house and you have examined the phone.

leonj

if this isn't a face to face deal then you are being scammed

prettyandfluffy

Don't do it.

akira181

It's an iphone 14 pro max. Not new but not exactly old either.

I normally buy phones from gumtree or marketplace as it's considerably cheaper and I know the risks. Generally not had any issue. Only been stung once but I managed to get around it.

This one is right on the border of good deal / a bit too cheap but speaking to the seller, it sounds legit fwiw. Just wondered if bank transfer was any safer.

They're only asking for a deposit by bank transfer to keep hold of it as I can't pick up till Friday. I'll stake £20 on it and see how it goes

retiredbanker1

akira181 said:

It's an iphone 14 pro max. Not new but not exactly old either.

I normally buy phones from gumtree or marketplace as it's considerably cheaper and I know the risks. Generally not had any issue. Only been stung once but I managed to get around it.

This one is right on the border of good deal / a bit too cheap but speaking to the seller, it sounds legit fwiw. Just wondered if bank transfer was any safer.

They're only asking for a deposit by bank transfer to keep hold of it as I can't pick up till Friday. I'll stake £20 on it and see how it goes

Absolutely do NOT do this - the phone does not exist or will be a stolen one.

diinozzo

OP, you asked for advice...please take it.

Vectis

akira181 said:

I'll stake £20 on it and see how it goes

So, why come on here, ask for advice, and then ignore it?

And, you even talk like you're gambling with your money.

Are you really that desperate to buy that particular phone?

akira181

retiredbanker1 said:

akira181 said:

It's an iphone 14 pro max. Not new but not exactly old either.

I normally buy phones from gumtree or marketplace as it's considerably cheaper and I know the risks. Generally not had any issue. Only been stung once but I managed to get around it.

This one is right on the border of good deal / a bit too cheap but speaking to the seller, it sounds legit fwiw. Just wondered if bank transfer was any safer.

They're only asking for a deposit by bank transfer to keep hold of it as I can't pick up till Friday. I'll stake £20 on it and see how it goes

Absolutely do NOT do this - the phone does not exist or will be a stolen one.

It's only a deposit by bank transfer, it's gonna be a awkward when I turn up and they want the rest of the money without having a phone. Also unlikely to be stolen considering it has the box and all accessories, including the manual. Getting reported lost after the fact is most likely if anything nefarious was going to happen.

Vectis said:

akira181 said:

I'll stake £20 on it and see how it goes

So, why come on here, ask for advice, and then ignore it?

And, you even talk like you're gambling with your money.

Are you really that desperate to buy that particular phone?

I asked whether or not bank transfer has any buyer protection, as logically it would make sense. It shouldn't be difficult for a bank to speak to another bank and reclaim/freeze the funds if police are involved. But that's too much protecting the average Joe and not banking profits.

I didn't ask what are the risks of buying of buying privately. I know the risks, I know there's plenty of scammers, but I also know there's plenty of legit sellers out there offering good deals.

Buying anything second hand privately is varying degrees of a gamble. If you don't think it's a gamble or treat it as such, then you should definitely avoid private marketplaces. Only gamble with what you're prepared to lose as the saying goes.

This one is cheap enough that even if it gets blacklisted, I still have uses for it that I wouldn't consider it to be a waste of money. As such, I still think it's worth the gamble and that's why I'm ignoring the advice I didn't ask for, as I'm already aware and deemed them not applicable in this specific case.