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    • sprucegs
    • By sprucegs 6th Feb 18, 4:55 PM
    • 47Posts
    • 3Thanks
    Receiving money via bank transfer
    • #1
    • 6th Feb 18, 4:55 PM
    Receiving money via bank transfer 6th Feb 18 at 4:55 PM
    Firstly apologies if this is in the wrong section!
    Is it safe to receive money via bank transfer?
    I know you have to give sort code and 8 digit account number but nothing else. Can they do anyhting with this? Could money couldn't be taken from my account with this information?
    If the money shows instantly in my account I take it that the money has cleared and is mine?
Page 1
    • Zanderman
    • By Zanderman 6th Feb 18, 5:02 PM
    • 1,525 Posts
    • 4,024 Thanks
    • #2
    • 6th Feb 18, 5:02 PM
    • #2
    • 6th Feb 18, 5:02 PM
    Every cheque you've ever written has the sort code and account number on it, so it's not sensitive data in the conventional sense - it's given out all the time.

    In theory someone could use the info to pretend to be you and set up SOs or DDS but it's unlikely and you could stop them as soon as they're set up. So I wouldn't worry.
    • agrinnall
    • By agrinnall 6th Feb 18, 5:02 PM
    • 20,157 Posts
    • 15,880 Thanks
    • #3
    • 6th Feb 18, 5:02 PM
    • #3
    • 6th Feb 18, 5:02 PM
    No (well, a business could set up a DD - see J. Clarkson - but you can use the DD Guarantee to get the money back if it's not authorised).

    There is a scam where a payer uses somebody else's hacked account but it's rare enough not to lose any sleep over.
    • molerat
    • By molerat 6th Feb 18, 5:03 PM
    • 18,606 Posts
    • 12,753 Thanks
    • #4
    • 6th Feb 18, 5:03 PM
    • #4
    • 6th Feb 18, 5:03 PM
    You are giving less information than you do with a cheque. There is a remote possibility that someone could use that information but highly unlikely and recouping he money would be easy. Unless the bank transfer was fraudulently taken from someone's account then it is about the safest way of receiving money.
    • enthusiasticsaver
    • By enthusiasticsaver 6th Feb 18, 5:13 PM
    • 6,412 Posts
    • 13,197 Thanks
    • #5
    • 6th Feb 18, 5:13 PM
    • #5
    • 6th Feb 18, 5:13 PM
    Yes, it is safe to receive money by bank transfer and give out sort code and account number. Taking money from a bank account either requires a debit card or access to online banking. Having account number and sort code on its own does not allow people to do that.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to
    • jonesMUFCforever
    • By jonesMUFCforever 6th Feb 18, 8:46 PM
    • 24,777 Posts
    • 11,986 Thanks
    • #6
    • 6th Feb 18, 8:46 PM
    • #6
    • 6th Feb 18, 8:46 PM
    It is only safe to receive bank transfers if the money is meant for you.
    Please do not fall into the trap of helping a 'mate' by allowing some money meant for him /her to go through your account. If it is at all dodgy it is you that will lose your account and find it difficult to open a new one for 6 years.
    What goes around - comes around
    give lots and you will always receive lots
    • IanSt
    • By IanSt 7th Feb 18, 9:19 AM
    • 260 Posts
    • 194 Thanks
    • #7
    • 7th Feb 18, 9:19 AM
    • #7
    • 7th Feb 18, 9:19 AM
    Who are these people who will be transferring money into your account?

    If they are people that you don't really know then be very careful if they 'accidentally' transfer too much money in and ask for its return.
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