How safe is a bank transfer?

soolin

forgotmyname wrote: »

Why can they not do a chargeback? Quite possible the account they are transferring the money from
maybe stolen or funded with a stolen credit card.

Especially international buyers.

You can't chargeback on a bank transfer.

goodfella66

Just make sure the bank transfer is from a UK bank & is in Pounds & Pence otherwise you could incur a pretty hefty bank charge.

Louisdf

goodfella66 wrote: »

Just make sure the bank transfer is from a UK bank & is in Pounds & Pence otherwise you could incur a pretty hefty bank charge.

No it's only a few pence and less than paypal, except with natwest who send a letter and charge you a £1. But sending money abroad from a UK account is very expensive, up to £20:eek:

martindow

goodfella66 wrote: »

Just make sure the bank transfer is from a UK bank & is in Pounds & Pence otherwise you could incur a pretty hefty bank charge.

The buyer is unlikely to have a UK account.

As the Czech Republic is in the eurozone, money can be sent with little or no cost to either of you. I Think they need to pay in Euros to the Czech bank with the shared charges option chosen. Can someone confirm that this is right?

forgotmyname

soolin wrote: »

You can't chargeback on a bank transfer.

Doesnt sound right that, So if i get someone with a list of stolen bank accounts to buy stuff from me i can get them to do bank transfers into my account saying i sold
stuff to them, When investigated i get to keep other people's money?

Innocent people who probably wont notice until they get bank statements of charges for being overdrawn?

Sounds a bit mad.

soolin

forgotmyname wrote: »

Doesnt sound right that, So if i get someone with a list of stolen bank accounts to buy stuff from me i can get them to do bank transfers into my account saying i sold
stuff to them, When investigated i get to keep other people's money?

Innocent people who probably wont notice until they get bank statements of charges for being overdrawn?

Sounds a bit mad.

Yep if a person has stolen your bank account then they can transfer money to anyone they like or even draw cash if they have all the log in details. Luckily unless the owner of a bank account has been neglient the bank will cover them. If the bank account owner has been negligent then they lose the money, as they would if they allowed someone else access to their bank card.

The alternative would be a disaster, transfer money to someone and then just at a whim later on decide to recall it.

Also worth pointing out that cheques ar enow safer in cases of a stolen account. In the old days a cheque could be recalled for fraud for months after being paid in to another account. It now is clear against fraud on day 6 and if it later transpires that the bank account owner had their cheque book stolen then again the bank may or may not help based on whether the owner was negligent or not.

However in both cases the money paid across is safe in the recipeients hands unless the recipient was part of the fraud and the bank can prove it.

muscleflex

HI all - bumping this thread...
i have a guy who wants to buy my computer for £350. he said he can only get £300 from the ATM and wonders if he could paypal or bank transfer the remaining £50 when he gets to my house to pick up the computer.
now, i know paypal can be reversed... but i know nothing about bank transfers.

is this safe and should i go ahead with this?

melliott1963

Yes it is safe, BUT, get him to do the Bank Transfer before going to your house and make sure it's in your account before handing the computer over. Better still, you could always try and get him to transfer all the money. Once it's in your account, there's no way he can do any chargeback.

terra_ferma

you have resurrected an very old thread to ask the same question that people have already answered, plus people will waste their time going through very old posts

durham_girl

I'm pretty sure that bank transfers can be recalled on the same day and need to clear overnight. I would get him to pay by gift on paypal which can't be reversed and you wouldn't get charged any fees.