Skip to main content
eBay

i--v--s
Author information

Bank Transfers for sellers. Pros & Cons.

0 Is this guide helpful? 61 4 Report
 


Many sellers have concerns over accepting bank transfer as a safe and viable method of payment.

Presented here is some advice written by a banking expert , and an experienced eBay seller, (ME, of course - LOL) which will hopefully reassure any sellers new to accepting Bank Transfers.



ADVANTAGES OF BANK TRANSFERS


Immediate access to your money either on-line, via the cash-point, over the counter etc.
Funds cannot be retrieved once sent unless authorised by the receiver.
FREE to access your money and receive it
NO LIMIT on receiving or sending the funds
It is the MOST SECURE way to accept funds, as they cannot be reclaimed once sent, unlike Paypal!



WHY IS IT SECURE?


Because, in order to send a transfer you have to identify yourself through the banking system, be it on the telephone or internet, or over the counter.
Once the payment has been sent it cannot be retrieved from the account to which it has been sent without the permission of the receiving account holder


IS IT REALLY SAFE TO GIVE OUT DETAILS?


You only need to give your buyer your Account Name, Your Sort Code and Your Account Number.
This is less information than you would have if you had sent a cheque. (That has Sort Code, Account Number, sometimes your card number on the back – incidentally - something you should never put on the back yourself anyway - and a copy of your signature!)


HOW DO I SHOW BANK TRANSFER ON eBAY?

On your auctions you need to state that you accept Direct Bank Transfer as boldly as possible.

Something like:

“I prefer Bank Transfer payments, however I also accept the following...”

In the seller’s payment instructions, enter something like this...

“If you wish to pay by bank transfer please send your payment to: Sort Code xx xx xx Account Number: xxxxxxxx. Bank Transfer is FREE, takes a maximum of 3 working days to clear and is VERY secure. If you use on-line banking it takes just a few seconds!”

Then when you send your invoice, this will appear in their payment instructions.

Alternatively you could email your buyer with the details at the end of auction...


INTERNATIONAL PAYMENTS


You will find that many Buyers from Mainland Europe actually prefer to pay by Bank Transfer (or Wire Transfer as they may call it)

How Do I Accept International Bank Transfers?

* You will need to give your buyer your IBAN (International Bank Account Number) and your BIC (Bank Identification Code) – both of these should be available on your bank statement. If not, you will need to ask your Bank.
* Your Buyer will also need your name and address.
* Mainland Europeans can do an International IBAN transfer on-line, over the phone and in branch, just as we can transfer UK to UK.
* Your buyer should pay you in EUROs, not UK £ and should select “shared charges”.

The EU directive on transfer in Euro in Europe can be summed up pretty simply.....

Banks in the EU (even if not in the Euro) may not charge more to send a transfer or receive a transfer in Euro within the EU than they do for a domestic transfer. To stay within the scope of this directive, the sender of the money must send Euro, select "shared charges", and IBAN and BIC must be used. Shared charges simply means the buyer pays their fees and you pay yours.


COMPARISON OF BANK TRANSFER & PAYPAL

Paypal

Takes up to 21 days to access your funds once you have hit the “withdraw funds” button.
Funds can be reversed at any time by the buyer, for “non receipt” of goods, or any other spurious excuse, paid with fraudulent funds etc. etc.
Costs money to withdraw less than £50
Costs to receive funds if an upgraded account.
Receiving limits, (forcing you to upgrade if you have a good business going).

Bank Transfer

Immediate access to your money either on-line, via the cash-point over the counter etc.
Funds cannot be retrieved once sent unless authorised by the receiver.
FREE to access your money and to receive it
NO LIMIT on receiving or sending the funds.

I hope this guide helps.
Choose a template

Additional site navigation

eBay Buyer Protection