Bank transfers.
 

Are they safe, and how do you go about them?

Selling my brakes and have someone interested, who'd like to transfer the money as title.

I've never done one before, so any advice would be appreciated.

Ta. :)

Thats what i used to request when selling on ebay though. I'd never do it when buying though as you can't claim it back like on paypal.


All the buyer needs is your sort code and account number, he then phones/goes online/ or goes into the branch and asks to have money transfered to your account. it then simply goes across to your account, may take anything between 2 hours and 48 hours depending on who you and buyer is banking with.


I am pretty sure it is safe as their is not alot somebody can do with your account number and sort code, but double check with either somebody on here or your bank.

Having said that i used this method when selling something about 2 years ago and nothing bad has come of it :thumb:

Supersafe - and no cost!

I do it all the time, but remember once its gone its gone, no chance of claiming it back if goods don't arrive etc.

Never had any problems with bank transfers and most banks are instant these days:thumb:

Thanks for the replies folks.

Best find a box or two for these brakes. :thumb:

I've sold a couple of cars this way - easy peasy :)

Transferring to same bank that you use is quick. But if it comes from another bank it can be 3 or 4 days until it is clear. But bank won't bother to let you know so you have to keep asking. I guess on-line viewing would be fine for you to check.

You get charged for overseas transfers.

Large amounts may attract suspicion, laundering, drugs etc.

DL

Yeah it can take a few days sometimes between different banks but more of them are now crediting accounts the same day - not all of them though.

Most banks credit each other within two hours since the Faster Payments initiative was implemented. There are one or two Luddite laggards.

Of course there are mechanisms that guarantee same day transfer and can transfer more than £10,000 but there are chargeable.