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Bank transfer
What is it?
An electronic payment direct to or from your trading partner’s bank account.
The payment is funded by cleared funds in a bank account (in other words a
bank-to-bank transfer/payment).
You can also pay cash or cheque over the counter at your own bank.
You can also pay cash or cheque or at any branch of the seller’s bank (this
may attract a fee – so check first). This is termed a ‘Bank Deposit’ by
eBay.
Is it Safe?
YES.
When you send someone a personal cheque/check, that has your bank account
number, sort code and a copy of your signature. Have you ever been defrauded
by sending a cheque?
When you give someone your bank account number and sort code, there are only
two things that someone can do with them
a. Make a payment to your account. They cannot access your account directly
to remove funds unless you also give them your internet banking password,
security details etc – and why would you want to do that?
b. Set up a Direct Debit. You are protected by the Direct Debit Guarantee
against unauthorized Direct Debits. In the very unlikely event of this
happening, inform your bank and they will return the funds and recover them
from the fraudulent party. They will also pass on the fraudster’s receiving
bank details to the relevant Law Enforcement Agency.
When programs like the News and Watchdog refer to ‘Bank Details’ they are
not referring to the account number and sort code, but ALL the details
necessary to access funds in your account. They have a propensity to
scaremonger.
How Long Does it Take?
Domestic transfer
– between accounts of the same bank: instantaneous, or near instantaneous.
– between accounts of different banks: up to 3 working days.
International transfer
- Variable: check with your bank for incoming payments, but likely 3-5
working days
Why use Bank Transfer as a Payment Method?
As a seller, the money goes straight to your personal bank account with no
fees deducted by your bank (Business Users, check with your bank for any
relevant fees). The money can not be withdrawn without your permission, so
there is no chance of a payment reversal (after the end of the current
working day and then ONLY with your permission) or chargeback.
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As a buyer, you may well get a discount as the seller will not have to pay
third-party processing fees. The funds will be cleared within 3 working days
(domestic) and likely five working days (international) - probably faster
than a check, postal order, or money order. You won’t have to pay for a
stamp, or an envelope, or post the payment. The payment will clear much
faster then an electronic e-cheque made though a third-party payment
service. For cheap items, sellers such as myself will post on receipt of a
screenshot of the payment, showing the relevant details, so your payment
could actually be pseudo-instantaneous.
More money will be kept in the accounts of buyers and sellers, not
third-party payment services. |
Chekc this paghe about how to make
successful bank transfer
http://www.ehow.com/how_2817_conduct-wire-transfer.html
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Should you
need any further information, please do
not hesitate to contact me
through your
Egypt Travel Help Centre.
 If you wish to speak to a
customer services team directly via our live
chat click
here
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