There is absolutely NO "buyer protection" with a direct wire transfer- absolutely all of the risk is on the buyer. You fill out a form authorizing your bank to send money from your account to some other account somewhere. So who's right? Only selling to trustworthy buyers can help you avoid this scenario. If the buyer wants the option to pay by money order, follow the same safe-payment guidelines for sellers when accepting a money order as for accepting a check. I know you're going to pay fees in the end but to safe guard yourself, use ebay :-). According to this: which.co.uk/con…cam It is possible but according to some other threads it isn't. Other Reclaiming: Mortgage Fees, Council Tax etc, Pensions, Annuities & Retirement Planning, Report Holiday Deals, Bargains & Special Offers, Martin's Blogs & Appearances & MoneySavingExpert in the News. as per title just wondering if its safe to transfer payments instantly and will ebay protect me incase of a scam and can the bank protect me to? Hi, I'm wondering if buying via Bank Deposit/Bank Transfer is safe, and if the seller scams me I am able to get my money back, even if I have a screenshot of the a receipt of the money being sent. Or, better yet, agree to meet the buyer at his or her bank with the personal check and have the buyer cash it. We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the. I need someone  who can sponsor me financially so that I can start a small business? The transfer is not always instantaneous. They know the money is real. Gumtree is full of scammers. The term "wire transfer" is often used for various electronic transfers that aren't necessarily as instant or safe as bank wire transfers, as described above. Accepting a personal check is not advised. Ebay doesn't recommend that you pay for anything through a bank transfer. Meet the buyer at the bank where he or she has an account. As you will be posting it, you need to make sure you do it with the right level of insurance and tracked, that waythe seller is covered for an item not received claim. Editor, Marcus Herbert. In fact, it may actually be safer than normal bank transfers. Why do people Go to work Every morning Working for someone else Making someone Else rich instead of starting there own business 😂? And when consumers wire money to people they know, the transaction typically takes place without a … Cash in full. How safe is PayPal for money transfers? The transfer you make is in no way connected to the purchase through gumtree so again you have no proof of any transaction and no way of recovering a penny if it all goes wrong. Sometimes it takes from a couple of hour to a few days for the amount to show up in the receiver’s account. USA only- Small buisness tax question see details within? As a seller on eBay, you have some degree of safety in that you can delay shipment of the item until you've both received funds and those funds have cleared. Make sure you count the money. Get answers by asking now. ... which is guaranteed by a bank. My dad bought a T-Shirt printer from eBay using bank transfer. I would like to know the pros and cons and safety issues, also could anyone explain to me how a bank transfer works exactly?, thank you all answers. Immediate bank transfer using the CHAPS system Bank transfer is a pretty safe way to be paid as a seller, not great for buyer protection though. Cons, you hand over money by bank transfer, they have your money within 2 hours, they then forget about you and you get nothing - you now have zero protection, as far as your bank are concerned you have made a bank transfer, the fact that it's based on fraud is neither their problem nor responsibility and there's no way they'll refund you. Cashier's checks can be forged- PayPal payments can be reversed and disputed- even cash can be counterfeited- but a direct transfer is, literally, money in the bank. Very one sided protection. You might want to check with your banking institution about the fees, and to see if they have reciprocal agreements with the bank receiving the transfer. But if it turns out to be some kind of scam, your bank won't get it back for you or help you - you authorized it. Online bank transfers are the best way to get paid, and these can be done quickly via the ‘Faster Payments’ or CHAPS systems. As with so much in the car-selling process, there are simple steps you can take to keep yourself safe. MARTIN LEWIS: WHAT YOU NEED TO KNOW ABOUT LOCKDOWN FINANCES, DISNEY+ TO HIKE PRICES BY UP TO £20 A YEAR - HERE'S HOW TO BEAT IT, INTERNATIONAL ARRIVALS TO THE UK MUST SHOW NEGATIVE CORONAVIRUS TEST RESULT FROM NEXT WEEK. You should only deal with the seller face to face with plenty of people about. However, you have to provide the buyer with your bank details, which you may not want to do. This is a 100 percent fail-safe way to be paid for both the buyer and the seller. Bank transfer is completely safe for a seller, just make sure you post the day after payment arrives and check your bank to make sure it was a bank transfer and not a … If you are not comfortable with that, you can set up a PayPal account properly at www.PayPal.com.au and I will make the payment through PayPal, this way, all I will need is your PayPal email address. The bad news: scammers prefer money transfers According to the FDIC, “Using a bank or a money transfer company to "wire" funds electronically is an easy and convenient way to send cash to someone. Don't do it, the seller may well be genuine, they may be a total con artist - you won't find out however until after you've parted with your money - are you prepared to take that chance? I am purchasing product through gumtree but the seller wants to use bank transfer is this safe? They get paid more or less as they expect, and fraud is little more than a rare annoyance. Small Business question who is right here? ? I was told a customer can instantly bounce a bank transfer, and I can lose money. Is it safe to buy on Gumtree using bank transfer? We often link to other websites, but we can't be responsible for their content. Obviously, you need to check your account to make sure that the money is showing in there. money is being transfered from lloydstsb to hsbc in UK anyone have any bad experience using bank transfer. I will need your Account name, BSB and Account number. Red flag #1 asking to pay by bank transfer. Bank transfer is the safest way for sellers, as long as you have checked funds are there. You fill out a form authorizing your bank to send money from your account to some other account somewhere. It's more traceable than Western Union, where someone just picks it up, but if the money is withdrawn from the receiving account, it's gone. However, if your buyer phones his bank tomorrow, he can make arrangements to withdraw the full amount from his bank account in cash, and pick it up before he comes to collect. Below are the main options available to you, with some tips to help ensure safe payment. my item (maybe,maybe not) and if I don't then I'm out of pocket of $400. hi guys.. im always buying things off gumtree.. and most people ask for bank transfer then they will send goods.. so what protection level is there? But if it turns out to be some kind of scam, your bank won't get it back for you or help you - you authorized it. For simple money transfers to friends, PayPal is one of the safest platforms out there. What do you think of the answers?   If they do the fee for a transfer could be much less. This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service. If possible, it’s a good idea to meet the buyer at your bank to take payment, so you can pay in the money immediately and the cashier will check the notes are genuine. Do it through ebay, you're protected that way. You have absolutely no protection in this situation, don't risk your money! Thanks. Bruno_Eye 22. Be aware these can also be faked, so it’s a good idea to go to the bank with the seller where the funds can be drawn. Selling your used car on your own is challenging enough, but when it comes to accepting payment at the time of sale, you have to keep yourself safe from scammers. Online bank transfers are one of the better ways to get paid, ... Top tips to stay safe online. 4 grand gone, never heard from it again. Plus, PayPal does have a Seller Protection policy, although you must meet PayPal's eligibility requirements for this feature. Join Yahoo Answers and get 100 points today. Bank transfers can't be reversed, so fine to accept a part payment. or is it once my money has gone to the other parties bank.i cant get anything back.if item is never sent and im conned. Should I just stick to paypal or is a bank transfer safe for seller too? Rude for business contact to say, "I won't work with your business because you're too expensive"? Personal Check After Selling a Car. Google business? Other Types of Electronic Transfers . Bank transfers are changing ... Six major banks are about to introduce new safety measures for people who transfer cash to friends, family, businesses and other payees. Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first. Do not forget the tme difference either, your seller may be working and cannot respond. am i really protected? However, BT are the least safe method for buyers. Still have questions? View gallery. Unfortunately, some buyers have negative intentions which may leave you a victim of a scam. How to create an online business best way. You can sign in to give your opinion on the answer. It's safe for e seller. if i pay from online bank with a refrence to what im buying? They know the money is real. Always remember anyone can post on the MSE forums, so it can be very different from our opinion. Bank Transfers are common for European sales. If they won't agree to this, then tell them the deal is off. The bank that initiates the process then facilitates the transfer through safe electronic methods life Fedwire or Swift. Cheque or banker’s draft. Have the check cashed and then turned into a cashier’s check made out to you. That's all i'm saying. So my dilemma now is if I pay by bank transfer and mind you I have never purchased from this seller b4, now will I get . Post Tweet Share Share with WhatsApp Share with Messenger Community Updates. If the buyer insists, stipulate you will not hand over the title until the check clears. Most businesses that accept payments with PayPal find it to be perfectly safe. tuzii-banned on 13/09/2017 … What does starting a small business look like step by step? Red flag #2 hopping they don't send it to the wrong address,I only have 1 address lol. familiarise yourself with the latest version. is it illegal to use someone else's address to open a business? Offer to pay the buyer’s fees for the check. I've used paypal since 2010 but I'm actively losing customers due to refusal to use PayPal saying its "unsafe" . From what I make out, a bank transfer is just that, its a transfer of funds with no specific purpose (if that makes sense - a debit/credit card payment has to be authorised by the bank and then sent - a bank transfer is initiated by the account holder) Random Acts of Kindness and All things Positive! It's safe for e seller. Posted 7th Feb 2018. You can then accept the cash or have a cashiers check made out to you. 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