Payment by Direct Bank Transfer to the UK

Bank Transfer in the UK
Also known as:BACS paymentBank Account Clearing System PaymentWire TransferDirect Bank TransferBTIBAN payment(Bank Deposit) see note on bank deposits below
What is it?An electronic payment direct to or from your
trading partners 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 sellers bank (this
may attract a fee so check first). This is termed a Bank Deposit by
eBay.
Is it Safe?Yes - the process of making a bank transfer is safe and secure. BUT
there is no Buyer Protection on eBay for this method of payment, so
that does not mean that the purchase is guaranteed to be 'safe'.The eBay Standard Purchase Protection Programme no longer exists. As a buyer, you will be relying on the seller to put things right if the transaction goes wrong. If they don't, your only recourse will be to :Report the matter to the Police as Fraud by obtaining money by deceptionTake the seller to the Small Claims Court (will cost you 30 to start proceedings)but there will be no guarantee of getting the item or a refund.The only way to obtain Buyer Protection is by paying with PayPal. But please don't forget
that low-value transactions do not need Buyer Protection. Bank Transfer
purchases from sellers with an impeccable selling record can be
considered (but thoroughly research their feedback, including the
comments and any withdrawn ratings). Do you want to pay a premium for
PayPal (as sellers will pass on the receiving PayPal fee to you) for
protection that you might not need?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 unauthorised 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 fraudsters 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.
What do I Need?As a seller To make your Name, Bank Account
Number and Sort Code available to your buyer (IBAN, BIC/SWIFT and
possibly your bank's and your postal address for international payments).Your
IBAN and BIC numbers can be found on your bank statement, either/or
paper/electronic statement. If you can't find them, ring your bank and
ask them to tell you them.As a domestic buyer your sellers full Account Name, Account Number and Sort Code As an international buyer additionally, IBAN and BIC, bank name and possibly bank addressAccess to telephone or internet banking.
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.
How Much Does it Cost?The below statements apply to a Personal
bank account. There may be fees involved with bank transfers to/from a
Business bank account check with your Business Manager.UK domestic transfers FREE for both buyer and sellerReceipt
of Euro Zone to UK international transfer A few pennies on the
exchange spread of currency conversion from Euro to GBP, as long as
buyer selects shared charges (default option) and pays in Euros.Sending
a Euro Zone to UK international transfer Probably free, but check
with your Bank, as long as buyer selects shared charges (default
option) and pays in Euros.Receipt of Non-Euro Zone
International transfer Variable. Check with your bank. Ask for the
International Transactions Department.Payment of non-GBP
international transfer Variable. Check with your bank. It is likely
it will cost at least 10-20 through the banks RELAY or SWIFT
payment system. It may be possible to make an IBAN payment at a lesser
cost ask your bank. There is a third party payment service that can
make the transfer for you, run by a well known, established eBayer, at a cost almost certainly cheaper than your bank. The new links policy means I can't put the link here, but if you would
like details, please contact me (but please don't hide your email
address so I can reply - sometimes eBay block replies through their
message system).Due
to EU regulation, EU and EEA countries are not allowed to charge more
for a cross-border payment made in Euros with shared charges
selected than they are for a domestic transfer.UK banks are allowed to charge conversion fees from Euro to GBP Some
UK banks will attempt to charge you ~1 for a letter of advice on
receipt of a cross-border payment (Natwest and RBOS at least). If that
happens, tell your bank you do not want a letter of advice, otherwise
you will close your account and move it to another bank.AJ