How safe is a bank transfer

I wouldn't
I bought a car once, the guy insisted he wanted a bank transfer.. got held up by fraud department even though it was legit
spent 4 hours stood in a cold wet garage

They're normally quite quick and once it shows in your account it can't be reversed (unless fraudulent).

I've been wondering the same thing. I have the challenge of selling a motocross bike without inviting loads of scrotes to my house, or being ripped off in a rainy carpark.

If i was selling something it would be my preferred method if it was too expensive an item to do as cash.

When I sold my bike they made a deposit transfer to ensure the account details were correct, then I was a known payee for them, they transferred the rest on collection day.

I've done that with cars a few times, sent across a couple of quid the day before to check the account is OK and nothing gets stopped and then just transfer across the balance when I'm there to collect the car. Never taken more than ~5 minutes with Lloyds.

As far as fraud/chargebacks are concerned I'm not sure, if that's what you're concerned about? Presumably if they wanted to claim it had been a false transfer having got home with the bike, a simple signed receipt to confirm you were both in the same place at the same time and had handed over a bike would do the job?

The fact you've posted suggests you have some concerns so here's my suggestion.

Tell the buyer you want a £1 or £2 transfer the day before and, more importantly, you want the transfer completed in your bank in person which means it's as secure as you can make it.

Get two copies of the receipt from cashier and each sign it.

Take bike with you - or have it readily available.

Overkill? Possibly; more likely a lack of trust.

Test transfer from current account, followed by full amount. This is also my bank's recommendation for such dealings. Receipt signed by both parties. That's how I bought my last car. Worked fine for both of us.

I spoke to RBS about this last year. They said once it's in it's in and can't be reversed.
Bloke turned up, liked the bike, sat on the wall and did the transfer, two minutes later it pinged into my account, off he went with the bike.

All good.

I’ve been wondering the same thing. I have the challenge of selling a motocross bike without inviting loads of scrotes to my house, or being ripped off in a rainy carpark.

I meet them in the foyer of the copshop. In fact one chap asked the pigpen reception to check the docs and my details, which they nicely did.
Once motorbike buyer put the phone down when I told him I wanted to meet him in Charles Cross Police Station in Plymouth to sell him my GSXR400. Bullet Dodged.

Had a buyer do a bank transfer for a frame. Had to wait a couple of hours for it to clear as I was a new payee.  if he had just rang his card provider he likely could of got it pushed through much quicker.

Loving all the test payment suggestions, when I did this for a motorbike, banks automated fraud system stopped the second payment - apparently this is a classic scammers technic. Luckily I was buying from a friend but would have been difficult otherwise 🤔

The other way round, not the seller but a buyer. So not really relevant but:

The automated Fraud thing caught me out last time I bought a van. Went for a test drive etc and decided to buy. The guy I was buying off was going away the following day. Tried to pay by bank transfer and got picked up as Fraud transaction and went through hoops with messages/bank app etc but nothing worked.

The seller said he would keep the van for me and sort it out when he got back in a week. The next day the bank phoned me about the transaction and then released the funds. So there I was at home with the seller gone and the banks fraud department releasing the payment and me with no van. Was a bit stressed.

Luckily it was an honest seller who messaged me when he got the payment and said he hadn't left yet and would leave the keys and paperwork in his garden shed and to pick it up when convenient. Phew.

Thanks all

Have sold a few, always with collection outside my house, by bank transfer, with no issues. Also bought our dog, as an 8 week old pup, inside the breeders kitchen, using same method. The dog cost more than most of the bikes added up..🙄

Just make sure it’s cleared before you hand over the bike. There is a very common scam where they have a fake bank app on their phone.
It’s looks like it’s transferred from their account, they hang around for a couple of hours arguing that their money is on its way so they can’t leave without the bike.
I recently sold an ebike on Facebook and had about 5 people try this. Their first question was usually “ do you take bank transfers?” No questions about the bike etc.

Jeesus. Just tell him to bring the cash.

I mean, it's a PITA for him - but unless you can guarantee instant then it's a PITA for you 🙂

but cash is surely a PITA for both - buyer has to go into a bank branch, if they can even find one given so many closures in past 5 years, withdraw a chunk of money, and then seller has to go try find a bank to deposit the cash. A PITA all round I'd have thought.

Mine was as Taf's experience
i actually had to convince the seller to accept proof of id a signed doc etc etc etc to let me take the car while the funds were essentially unknown to where they were
my bank app showed it went
his showed nothing
multiple phone calls to my bank confirmed it had left mine
multiple to his told him it was no where

car was over an hour away so didn't really want to leave and return with 3 grand in the ether
it was terrible, as soon as i got home HSBC fraud rang me about it, it actually took them 4 or 5 hours.. and it was untraceable from the main telephone banking side

Interesting, "Test transfer from current account, followed by full amount."
I have to setup new payee (Natwest) with a card reader, which checks my bank card, but I've never tried to add one directly with the app. Though I have been paid via bank transfer, it was a little concerning (good couple of years back)

if you take cash dont forget to check them all to be genuine.

some of my banking apps, actually checks the payee details and confirms the name on the bank, its as secure as most transactions.
I prefer a bank transfer, if you use a banking app, you can see its gone in instantly (faster payment)
if its not gone in on your app, they aint taking the bike.

i saw a guy on facebook say someone had robbed his bike as on the buyers screen it showed a payment had been sent (somewhere?), his own screen showed nothing.. as long as you arent daft you should be fine

You know you can contact your bank first to ask them not to block the transfer?

Bought my last bike with a Bank Transfer.
All good no issues for me or seller, just a few mins to set up a new payment.

Did the same. Sat in their lounge with a cup of tea. Was very simple. Once I could read the screen on my phone in decent light 🤣

Another alternative is the PayPal app.
That is quick and presumably safe.

Most people have PayPal, so you find them on it via email and you can transfer direct and it turns up promptly

Has a friend's and family option for no fees, or a business option for fee's and some protection.

I use it lots for small things to friends, and also think we bought the puppy via it

In my experience paypal is far from safe. If they decide, they can take the money back when they like and they are not even a Uk bank so you get v little come back. BACS all the way.