Buying selling bank transfer v cash

[onesea]

I have come to the thinking that if buying or selling anything over a couple of £100 bank transfer is the way forward.

 

particularly if item is an easily stolen item pushbike, dinghy, motorbike part, tv etc.

 

We are all aware that you can only take £2-300 out of your bank cash at anyone time.

 

Most of us have internet banking… My routine:
1) Send a small amount £1-5 pounds, they can confirm the amount when received.

2) Send deposit if required (collecting later etc),

3) On collection send the rest.

 

Reasoning being if anyone ever questions the items history you have record of where you purchased it.

[geofferz]

Or paypal

[onesea]

3 minutes ago, geofferz said:

Or paypal

For buying certainly but selling PayPal to good and giving your money away. There buyer protection is strong, have heard to many nasties.  
It has scratch that was not on the description…

[Gerontious]

Ive always either used bank transfer for cash for buying second hand bikes, Did so for the K1200GT (BT) F800S (BT) my second GS (BT) all previous bikes were pre internet and so bought with cash, The charges for PayPal transfers fall on the seller and they usually balk at that.

 

.

Edited September 15, 2021 by Gerontious

[S-Westerly]

Bank transfers are the way to go imo. I've had issues with PayPal in the past so prefer to avoid them. Also if the seller is reluctant to share bank details it might indicate a less than honest deal.?

[geofferz]

On 15/09/2021 at 08:02, onesea said:

For buying certainly but selling PayPal to good and giving your money away. There buyer protection is strong, have heard to many nasties.  
It has scratch that was not on the description…

yeah, but the paypal friends and family option negates any buyer protection, and fees, basically a transfer.

[geofferz]

20 hours ago, S-Westerly said:

Bank transfers are the way to go imo. I've had issues with PayPal in the past so prefer to avoid them. Also if the seller is reluctant to share bank details it might indicate a less than honest deal.?

I've never understood why (even legit) people are shady about bank details.  Having a sort code and account number doesn't give you access to anyone's bank, loads of customer services reps at your utility companies have your details anyway.

[Bianco2564]

I bought my M3 with a bank transfer, went to look at it and paid a deposit, went back the following week and paid the balance by transfer when I got there. Turning up to an unknown persons house with a wad ful of cash is risky business.

I only use PayPal for buying stuff off ebay, given up selling anything on there, too much hassle.

 

 

[geofferz]

9 hours ago, Bianco2564 said:

I bought my M3 with a bank transfer, went to look at it and paid a deposit, went back the following week and paid the balance by transfer when I got there. Turning up to an unknown persons house with a wad ful of cash is risky business.

I only use PayPal for buying stuff off ebay, given up selling anything on there, too much hassle.

 

 

Ooh which m3? 

[Bianco2564]

@geofferz 2003 E46.

Took a recent trip in it to South Devon.

Pic on Dartmouth river front

Edited September 17, 2021 by Bianco2564

[S-Westerly]

4 hours ago, Bianco2564 said:

@geofferz 2003 E46.

Took a recent trip in it to South Devon.

Pic on Dartmouth river front

Know it well, both my kids went to  Britannia Naval College. 

[geofferz]

On 17/09/2021 at 08:33, Bianco2564 said:

@geofferz 2003 E46.

Took a recent trip in it to South Devon.

Pic on Dartmouth river front

Weapon! 

[SometimesSansEngine]

On 16/09/2021 at 09:35, geofferz said:

I've never understood why (even legit) people are shady about bank details.  Having a sort code and account number doesn't give you access to anyone's bank, loads of customer services reps at your utility companies have your details anyway.

I can easily set up a direct debit on your account using those details, and many people are amazingly lax at checking what comes out of their bank account each month.

 

It wouldn't stop me giving them out, as I'm like a hawk when it comes to my account. But Jeremy Clarkson found this out the hard way when he posted his bank details in his newspaper column claiming no one could use them maliciously 

[geofferz]

20 hours ago, SometimesSansEngine said:

I can easily set up a direct debit on your account using those details, and many people are amazingly lax at checking what comes out of their bank account each month.

 

It wouldn't stop me giving them out, as I'm like a hawk when it comes to my account. But Jeremy Clarkson found this out the hard way when he posted his bank details in his newspaper column claiming no one could use them maliciously 

Yeah but only legit companies are allowed to collect direct debits. My old company traded for 15 years, 3m turnover, had to jump through loads of hoops. And the money is always recoverable. 

[fastbob]

I used Bank transfer when I bought the Harley . I got the seller to take me to a bank . Hand over debit card , say " Please give this bloke £4,200 " Seller hands over debit card . I get a bit of paper and that's it . Well almost ..........Then the seller says in a horrible mock foreign accent so all the bank can hear " Very good  , now I release your family "  Great .

[SometimesSansEngine]

On 19/09/2021 at 11:10, geofferz said:

Yeah but only legit companies are allowed to collect direct debits. My old company traded for 15 years, 3m turnover, had to jump through loads of hoops. And the money is always recoverable. 

 

I'd say it's pretty easy now, having gone through the process to set up a voluntary organisation to use GoCardless. As they effectively become the intermediary you don't need a Service User Number from your bank, and you can sign up as an individual. Prove you own the bank account you're sending funds to and et voila. 

 

In this case, the hoops you mentioned have already been jumped through by GoCardless.

[bonio]

I used to get problems like this with my smile account (which is run by the co-op). They'd hold up a transfer, and the following day I'd get a message saying there was a security question. Then I'd have to call them and sort it out, and eventually they'd release the money. Then I'd have to sort out all the mess with the company who was to receive the money.

It happened one time too often, so I closed the account and moved to starling. They've been just fine.

[V650]

1 hour ago, bonio said:

I used to get problems like this with my smile account (which is run by the co-op). They'd hold up a transfer, and the following day I'd get a message saying there was a security question. Then I'd have to call them and sort it out, and eventually they'd release the money. Then I'd have to sort out all the mess with the company who was to receive the money.

It happened one time too often, so I closed the account and moved to starling. They've been just fine.

Ulsterbank were as bad 

Froze my account cause I had the audacity to try buy a second hand camera for €100 via bank transfer without ringing them first to see if it was ok

But the same ejits allowed someone in the states to buy €700 euro worth of books that were then returned for a refund in cash 

Nevermind the 10 Domino's Pizzas that were delivered to an address in tottenham also using my credit card 

Edited March 18 by V650

[onesea]

My bank recently stopped a payment as suspicious on me.  I had to contact them , the information flow wasn't great.

 

They thought the transaction was suspicious, as friends have pointed out,  its understandable. Why would I be buying a sports orientated smart watch?

 

I always try when buying online to split the payment a small amount to check it goes into right account.  

Then followed by the big amount,

1: security the seller has to tell me the exact amount.

2: seems to ease concerns at the bank?

 

 

[Yorky]

I'm with @onesea on this one.

I always split large payments into 2 parts, small amount 1st which has to be verified by recipient. Balance immediately after.

Everyone seems happy with this arrangement.

[bonio]

I've done this; the first payment for £10 went through fine and the bank (thank you, co-op) stopped the second one