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How does a Bank Transfer Work ?

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    How does a Bank Transfer Work ?

    Looking to sell a whole host of stuff over the summer and I'm looking for the best method to receive payment. A friend recommended using a bank transfer but I'm a little unsure of how they work, are there charges etc ?

    #2
    No charges, just give the buyer your details and they can send the money either from their online banking thing, or just pay it in over the counter if they have a branch nearby.

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      #3
      Excellent, thanks for the info

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        #4
        Bank transfer requires soley an account number and sort code, so make damn sure you send the right details. If give the wrong account number and it exists at the sort code, the transfer will go quite happily to the wrong person. This happened to me with £5k. Not funny. (got it back eventally). They can also give a reference id so you recognise it on your statement.

        There aren't any charges, but depending on the institutions involved, it can take 3 working days to arrive (although some banks have sped this up recently). You need to go in and check online that it's there.

        If you require something that emails you to say it has been sent or something instant, then paypal is the normal option, but there are fees.
        Last edited by charlesr; 14-05-2009, 10:49.

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          #5
          Like Jimmbob said. All you need to do is give the buyer your account number and sort code once you are sure they want to buy your item. They'll transfer the money, and you can check online or at your branch when the money's been paid in so you can then send it off.

          It's the quickest way without having to pay any charges.

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            #6
            I shop at Spatial.com via bank transfer. It's all been very safe, he hasn't found a way to rob me yet.

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