Bank Transfer

[Yosh]

Hey, when i'm selling online i tend to use Paypal, but the fee's are a pain 3.4% +20p.

I have considered Bank Transfer, although i think i've sold 2 items in 10 years that required a payment by BT so i really have no clue about it.

I'm wondering how secure it is, which details i would have to pass on to the buyer, and how long it takes for the payment to clear with say Lloyds TSB.

Thanks Yosh

[mrt9888]

You will need to give your name, sort code and account number. If its Lloyds to LLoyds it could take about an hour.

[Funkstar]

Clearing times depends on which combination of banks it is. Many now process transfers there and then so the money is transferred pretty much instantly. Otherwise it can take three of four days.

All you need is the account number and sort code. You don't need to know what bank it is or the full name of the recipient.

Unless someone is going to contradict me, I would say it is pretty secure, if it wasn't then banks would need to stop offering it as a service.

[Yosh]

Ok thanks for clearing this up. I think paypal would still be my preferred payment, i'll just have to deal with the charges

[jackvdbuk]

paypal gift doesnt do fees, though i suppose you get 0 support or anything for that matter, more risky but if the person is trustworthy go for it!

[Yosh]

Thats good to know thanks Jack