[Closed] Bank transfer payment

Don’t see why not have done it on occasion. I’d still prefer paypal

I’d still prefer paypal

Why? I can’t think of a reason why PayPal would be better for a seller, when the buyer is offering bank transfer.

OP, bank transfer is my preferred way to take payment. Next to zero risk/hassle to you.

PayPal can be challenged for alleged goods not received. Bank transfer is a bit more difficult and there is no percentage taken off for using it.

I used bank transfer when I sold my last bike. Met in a retail park and after a quick ride he transferred the cash and I confirmed I got it before he loaded it into his van. Safe and simple in my view

Bank transfers can be reversed, can they not?

Bank transfers can be reversed, can they not?

Not as far as I’m aware. See all the people that get scammed for their life savings, and banks say ‘tough shit, you authorised the transfer’

PayPal if I'm buying, bank transfer if I'm selling.

Bank transfers can be reversed, can they not?

If its a mistake, ie you send the money to the wrong account number by mistyping, then it can be reversed by the bank, I am pretty sure it is a crime to spend money mistakenly deposited in you account (but I think only enforced if it is a noticeable amount).

But you can't reverse a deliberate transfer because of a dispute.

Ah OK. I sit corrected, cheers.

Have bought cars using bank transfer if that helps.

This risk free nonsense makes me laugh. You always run the risk of stolen money being used to buy goods from you (good luck explaining that to your bank).

If you're the one buying and you bank transfer good luck getting any recourse if the item is broken or it doesn't arrive and the seller stops responding.

It's all up to you and you're own risk appetite but for the sake of PayPal taking a few quid, I know which I'd use.

This risk free nonsense makes me laugh. You always run the risk of stolen money being used to buy goods from you (good luck explaining that to your bank).

How does the bank know an electronic transfer is from stolen money?

This risk free nonsense makes me laugh. You always run the risk of stolen money being used to buy goods from you (good luck explaining that to your bank).

So it’s no less risky in that regard than any other form of accepting money, with none of the other problems?

If you’re the one buying and you bank transfer good luck getting any recourse if the item is broken or it doesn’t arrive and the seller stops responding.

why would that be a problem in the OP’s case?

It’s all up to you and you’re own risk appetite but for the sake of PayPal taking a few quid, I know which I’d use.

As a seller, I’d rather not pay for the buyers protection, which they could use to scam me. As a buyer, I’m happy to pay extra, for the seller to accept PayPal.

How does the bank know an electronic transfer is from stolen money?

Banks are constantly monitoring transactions and looking for tell tale signs that suggest dodgy activity. A damn sight easier for banks to track stolen or dodgy money electronically than trying to track real cash. So is slightly safer in that regards. But if someone buys something from you and uses laundered cash then you are protected by the bank....if you'd have been paid you with dodgy notes you're stuffed.

I'd only do a transaction of something of reasonable value and over, say more than £300 or something, via electronic transfer. I'd never consider cash for anything less than £100.

But if someone buys something from you and uses laundered cash then you are protected by the bank….if you’d have been paid you with dodgy notes you’re stuffed.

So it’s not an issue with a bank transfer. Thanks for confirming.

Just bought a car with a bank transfer. Was straightforward and much easier than cash. A pound transfer first to be sure it’s the right account, and possibly a line to the bank to tell them there will be a further one. Completely painless. Of course collection only.

Interesting thread I recently only took cash for a bike I sold. Bloke wanted bank transfer but I thought it could be charged back. Funny really as he was a nice bloke when I met him.

I did a charge back against a sports shop that failed to deliver some trainers, bit of a pain had to go to the bank and explain what had happened. Took over 2 months I think.

Thanks all