Evenin, am selling an item on the classifieds and a buyer has offered to pay by bank transfer. Haven’t used this method when selling anything. Mean no disrespect to the buyer but is there anything I need to look out for? Do I have to wait for the funds to clear before I send the item? Is it poss for the funds to go in then be taken back by the buyer somehow?
I know I’m prob best asking my bank these questions but am starting work soon and would like to just respond to the potentIal buyer ASAP..
I’m sure there won’t be a problem but Im just not clued up on this.
Any info, cautionary tales etc welcome.
Ta in advance.

it exactly the same as a cheque or as paypal, but unlike paypal you won’t get stung for a cut, and it’s (sometimes) quicker than a cheque. It’s my preferred method of paying and receiving

Wot nbt said. Just make sure you give the buyer the correct ac numbe and sort code

My preferred payment method, also. It’s instant between most banks (possibly depending on the amount) and can’t be subject to a charge-back. No fees for either party. Definitely wait until the money is in your account before sending anything, though.

No charges and not easily reclaimed, basically the same as a chaps/bacs payment. You get asked to confirm the details and thats it, press a button money sent. I’ve used it to send and recieve and had no issues whatsoever. I always use an account that I no longer really use without and overdraft facility “Just in case”

Just make sure you give the correct details for your bank, they’ll only need bank name, sort code and account number

My preferred method too

Online transfers are almost instant now so the money will appear in within hours.

Best way of paying for things in my opinion. No paypal fees. No having to argue with a third party if anything goes wrong.

Little protection for the buyer though, unless you go down the expensive route of tracing someone via bank details.

Echo what everyone else says. My preferred method for both buying and selling.

I use it as well but have often wondered what protection i have if the goods don’t turn up?

What I use too, never had a problem.

APF

I use it as well but have often wondered what protection i have if the goods don’t turn up?

You don’t have any, unless the seller used registered/insured delivery.