To 'bank transfer' or not?

penG · 08-01-2018, 09:57 AM

Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)?

Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful.
Thank you

alamo5000 · 08-01-2018, 10:14 AM

Depends on the method. There are tons of completely legit bank to bank transfer options out there.

My credit union offers "Pop Money" and it works.

You never give your own info to the seller or buyer.

That one works like this:

I get your email address. Same as paypal. I tell pop money I want to send you $200.

Pop Money then sends you a secure form via email where you authorize a one time deposit and fill in your info.

I never would see or know even what bank you use much less the numbers.

It costs a flat .50 cents for me to send money that way and it's as fast or faster than paypal.

gylfimag · 08-01-2018, 10:24 AM

Generally not a good idea if you are the buyer, since you risk the seller not delivering, leaving you with no good means to get your money back. Perhaps ok though if you are dealing with a well known seller that has been in business for a long time. Since you are the seller here the risk is less, you simply do not ship the merchandise until you have received the payment. Just make sure that it has actually arrived in your bank account, do not rely on notices of payment or links sent to you by the buyer. Also note that there might be some fees charged by your bank (there are of course also fees charged by Paypal or credit card companies if you go that route), especially if there are different currencies involved. If the buyer starts coming up with excuses for delays in you receiving the payment and pressures you to ship anyway then you will almost certainly never receive any funds!

**dsingley100** · 08-01-2018, 10:27 AM

I would be deeply suspicious of a putative seller requiring a bank transfer. I acknowledge that such a seller could be legit and just not PayPal friendly. That said, if you are comfortable with the seller and otherwise want to do the deal, why not open a one time only bank account to do that specific deal? Been forever since I opened a bank account but here in the US you now have to provide information that you would not want “out there”, but in theory the only thing the seller would know would be your name, the name of your bank, routing/transit numbers for your bank, and your account number. The rest of your information would be “behind the curtain.” Don’t link a or associate the account with any other of your accounts. Depending on the type of account and amounts involved, may be some fees involved, but if the deal goes south, in theory the only account at risk is the one timer that you set up.

Adam · 08-01-2018, 10:28 AM

Originally posted by penG

Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)?

Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful.
Thank you

If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees.

victormeldrew · 08-01-2018, 10:57 AM

As a seller, there is a small risk to giving someone your sort code and account number or IBAN, but only if they are a) criminally minded and b) able to source some further identity details. However, most countries' banking systems have protection/insurance against losing money to fraud.

I would not recommend it as a buyer as there is zero protection. You would be essentially gifting money in the hope they will gift you an item in return.

honey bo bo · 08-01-2018, 11:05 AM - **1 Like**

No transaction recourse like on Paypal if something goes south though. Sometimes that little fee might be worth it !
You can use a password on E-transfer if you want

**UncleVanya** · 08-01-2018, 11:12 AM

Originally posted by Adam

If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees.

Yup. Zelle is built into many of the major banks banking apps also.

dubyam · 08-01-2018, 11:14 AM

The other issue of concern is the ability for nefarious folks to claw-back funds through illegal transfer means. No, I'd be comfortable with a postal money order (because it can be cashed at any US Post Office, and if legit, you can then immediately send the item, or a PayPal transfer with the protective enhancements they offer for both buyer and seller in these sorts of transactions.

**othar** · 08-01-2018, 11:14 AM

Originally posted by penG

Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)?
Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful.
Thank you

In Austria we have "willhaben" which is something like "Craigslist" and whenever I buy or sell something we either meet in person or the transaction is made via bank transfer and the item is shipped when the money has arrived (till now I actually used PayPal just once, I usually don't need it for eBay transactions too / although I usually only buy from sellers within the EU otherwise I would use PayPal more often).
I never had any issues till now, but yes, if someone happens to commit fraud it can get a real hassle to get back your money.

**UncleVanya** · 08-01-2018, 11:18 AM - **1 Like**

Originally posted by dubyam

The other issue of concern is the ability for nefarious folks to claw-back funds through illegal transfer means. No, I'd be comfortable with a postal money order (because it can be cashed at any US Post Office, and if legit, you can then immediately send the item, or a PayPal transfer with the protective enhancements they offer for both buyer and seller in these sorts of transactions.

Postal Money Orders have been faked in the past. My dad verified at the post office and verified his payment and had it reversed the next day after merchandise was gone. Be very cautious.

dubyam · 08-01-2018, 11:32 AM

That's precisely why I don't go "verify" the money order. I go to the Post Office and cash it. Once I have cash in hand (from the postal clerk) I can then send off the item with zero fear.

**UncleVanya** · 08-01-2018, 11:38 AM

Originally posted by dubyam

That's precisely why I don't go "verify" the money order. I go to the Post Office and cash it. Once I have cash in hand (from the postal clerk) I can then send off the item with zero fear.

That's a point I guess.

vonBaloney · 08-01-2018, 03:47 PM

Originally posted by Adam

If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees.

Venmo can be reversed (or cancelled later than you think, same thing), don't know about zelle. If you want something electronic that can't be reversed, there is always crypto (bitcoin). I accepted an Amazon gift card (electronic version) once for an international sale -- once I redeemed it I figured it was safe.

j0n4hpk · 08-01-2018, 04:44 PM

If I were you, I'll stick with PayPal. When someone ask me for a transfer to get some mythical amount of money from some country out there via the 'cloud' (not any one above, but the one beyond my router, I just delete such communique.

08-01-2018, 09:57 AM	#1
penG Junior Member Join Date: Feb 2017 Location: san luis obispo, ca Photos: Albums Posts: 33	To 'bank transfer' or not? Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)? Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful. Thank you

08-01-2018, 10:28 AM	#5
Adam Administrator Site Webmaster Join Date: Sep 2006 Location: Arizona Photos: Gallery \| Albums Posts: 51,593	Originally posted by penG Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)? Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful. Thank you If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees. Adam PentaxForums.com Webmaster (Site Usage Guide \| Site Help \| My Photography) PentaxForums.com server and development costs are user-supported. You can help cover these costs by donating or purchasing one of our Pentax eBooks. Or, buy your photo gear from our affiliates, Adorama, B&H Photo, KEH, or Topaz Labs, and get FREE Marketplace access - click here to see how! Trusted Pentax retailers:

08-01-2018, 11:05 AM - 1 Like	#7
honey bo bo Veteran Member Join Date: Apr 2014 Posts: 768	E-Transfer (personal) no fees no banking information just your Email (In Canada ) No transaction recourse like on Paypal if something goes south though. Sometimes that little fee might be worth it ! You can use a password on E-transfer if you want

08-01-2018, 11:18 AM - 1 Like	#11
UncleVanya Loyal Site Supporter Join Date: Jul 2014 Photos: Gallery \| Albums Posts: 28,385	Originally posted by dubyam The other issue of concern is the ability for nefarious folks to claw-back funds through illegal transfer means. No, I'd be comfortable with a postal money order (because it can be cashed at any US Post Office, and if legit, you can then immediately send the item, or a PayPal transfer with the protective enhancements they offer for both buyer and seller in these sorts of transactions. Postal Money Orders have been faked in the past. My dad verified at the post office and verified his payment and had it reversed the next day after merchandise was gone. Be very cautious. Last edited by UncleVanya; 08-01-2018 at 11:37 AM.

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08-01-2018, 10:14 AM	#2
alamo5000 Pentaxian Join Date: May 2012 Posts: 2,962	Depends on the method. There are tons of completely legit bank to bank transfer options out there. My credit union offers "Pop Money" and it works. You never give your own info to the seller or buyer. That one works like this: I get your email address. Same as paypal. I tell pop money I want to send you $200. Pop Money then sends you a secure form via email where you authorize a one time deposit and fill in your info. I never would see or know even what bank you use much less the numbers. It costs a flat .50 cents for me to send money that way and it's as fast or faster than paypal.

08-01-2018, 10:24 AM	#3
gylfimag Forum Member Join Date: Aug 2012 Photos: Gallery Posts: 90	Generally not a good idea if you are the buyer, since you risk the seller not delivering, leaving you with no good means to get your money back. Perhaps ok though if you are dealing with a well known seller that has been in business for a long time. Since you are the seller here the risk is less, you simply do not ship the merchandise until you have received the payment. Just make sure that it has actually arrived in your bank account, do not rely on notices of payment or links sent to you by the buyer. Also note that there might be some fees charged by your bank (there are of course also fees charged by Paypal or credit card companies if you go that route), especially if there are different currencies involved. If the buyer starts coming up with excuses for delays in you receiving the payment and pressures you to ship anyway then you will almost certainly never receive any funds!

08-01-2018, 10:27 AM	#4
dsingley100 Loyal Site Supporter Join Date: Feb 2017 Photos: Gallery \| Albums Posts: 104	I would be deeply suspicious of a putative seller requiring a bank transfer. I acknowledge that such a seller could be legit and just not PayPal friendly. That said, if you are comfortable with the seller and otherwise want to do the deal, why not open a one time only bank account to do that specific deal? Been forever since I opened a bank account but here in the US you now have to provide information that you would not want “out there”, but in theory the only thing the seller would know would be your name, the name of your bank, routing/transit numbers for your bank, and your account number. The rest of your information would be “behind the curtain.” Don’t link a or associate the account with any other of your accounts. Depending on the type of account and amounts involved, may be some fees involved, but if the deal goes south, in theory the only account at risk is the one timer that you set up.

08-01-2018, 10:57 AM	#6
victormeldrew Veteran Member Join Date: Jun 2015 Location: South West UK Photos: Albums Posts: 1,493	As a seller, there is a small risk to giving someone your sort code and account number or IBAN, but only if they are a) criminally minded and b) able to source some further identity details. However, most countries' banking systems have protection/insurance against losing money to fraud. I would not recommend it as a buyer as there is zero protection. You would be essentially gifting money in the hope they will gift you an item in return.

08-01-2018, 11:12 AM	#8
UncleVanya Loyal Site Supporter Join Date: Jul 2014 Photos: Gallery \| Albums Posts: 28,385	Originally posted by Adam If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees. Yup. Zelle is built into many of the major banks banking apps also.

08-01-2018, 11:14 AM	#9
dubyam Senior Member Join Date: Dec 2012 Location: Huntsville, AL Posts: 221	The other issue of concern is the ability for nefarious folks to claw-back funds through illegal transfer means. No, I'd be comfortable with a postal money order (because it can be cashed at any US Post Office, and if legit, you can then immediately send the item, or a PayPal transfer with the protective enhancements they offer for both buyer and seller in these sorts of transactions.

08-01-2018, 11:14 AM	#10
othar Site Supporter Join Date: May 2014 Location: Linz Photos: Albums Posts: 3,098	Originally posted by penG Had a question on a for sale item if I would consider a bank transfer (have only dealt with Paypal in the past)? Anybody used this method in the past? As of now I'm not comfortable doing it - the buyer has to receive your bank info. Any 'experienced' suggestions would be helpful. Thank you In Austria we have "willhaben" which is something like "Craigslist" and whenever I buy or sell something we either meet in person or the transaction is made via bank transfer and the item is shipped when the money has arrived (till now I actually used PayPal just once, I usually don't need it for eBay transactions too / although I usually only buy from sellers within the EU otherwise I would use PayPal more often). I never had any issues till now, but yes, if someone happens to commit fraud it can get a real hassle to get back your money.

08-01-2018, 11:32 AM	#12
dubyam Senior Member Join Date: Dec 2012 Location: Huntsville, AL Posts: 221	That's precisely why I don't go "verify" the money order. I go to the Post Office and cash it. Once I have cash in hand (from the postal clerk) I can then send off the item with zero fear.

08-01-2018, 11:38 AM	#13
UncleVanya Loyal Site Supporter Join Date: Jul 2014 Photos: Gallery \| Albums Posts: 28,385	Originally posted by dubyam That's precisely why I don't go "verify" the money order. I go to the Post Office and cash it. Once I have cash in hand (from the postal clerk) I can then send off the item with zero fear. That's a point I guess.

08-01-2018, 03:47 PM	#14
vonBaloney Pentaxian Join Date: Oct 2011 Location: Albuquerque, NM Posts: 6,029	Originally posted by Adam If you are selling, it can't really harm you since once you have the funds, they're yours. I'd recommend using a service like venmo or zelle- that way the buyer can send to you using your phone number or e-mail, without even knowing your account number. There are no fees. Venmo can be reversed (or cancelled later than you think, same thing), don't know about zelle. If you want something electronic that can't be reversed, there is always crypto (bitcoin). I accepted an Amazon gift card (electronic version) once for an international sale -- once I redeemed it I figured it was safe.

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08-01-2018, 04:44 PM	#15
j0n4hpk Senior Member Join Date: Apr 2009 Location: Ohio Photos: Gallery \| Albums Posts: 293	If I were you, I'll stick with PayPal. When someone ask me for a transfer to get some mythical amount of money from some country out there via the 'cloud' (not any one above, but the one beyond my router, I just delete such communique.