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Do You Prefer Paypal,Bank Transfer,Cheque or Cash?
Paypal 65%  65%  [ 13 ]
Bank Transfer 25%  25%  [ 5 ]
Cheque 5%  5%  [ 1 ]
Cash 5%  5%  [ 1 ]
Total votes : 20
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PostPosted: Sat Feb 02, 2008 8:02 pm 
Retro Guru
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Ok, this may seem dumb to you but how does a bank transfer work? I've got Paypal, no problem with that apart from the high fees, but I've been asked to accept a bank transfer but have no idea how to do it. :?
Any help would be appreciated.


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PostPosted: Sat Feb 02, 2008 8:18 pm 
Lincs AEC
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xizang wrote:
Ok, this may seem dumb to you but how does a bank transfer work? I've got Paypal, no problem with that apart from the high fees, but I've been asked to accept a bank transfer but have no idea how to do it. :?
Any help would be appreciated.


You basically give the person paying you your bank details; account number and sort code, and they credit the required amount to your account.
Proceed with caution if they aren't known to you.....as you are handing out your bank details


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PostPosted: Sat Feb 02, 2008 9:04 pm 
Old School Grand Master
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Pickle wrote:
xizang wrote:
Ok, this may seem dumb to you but how does a bank transfer work? I've got Paypal, no problem with that apart from the high fees, but I've been asked to accept a bank transfer but have no idea how to do it. :?
Any help would be appreciated.


You basically give the person paying you your bank details; account number and sort code, and they credit the required amount to your account.
Proceed with caution if they aren't known to you.....as you are handing out your bank details


No need to worry really I think...no more information than giving someone a cheque.


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PostPosted: Sat Feb 02, 2008 9:07 pm 
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T'is true. All the same information is on a cheque. Name, Sort Code, Account number and branch.

Up side to bank transfer is it's much quicker, normally show up in your account the next morning at the very latest.


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PostPosted: Sat Feb 02, 2008 9:47 pm 
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Pickle wrote:

You basically give the person paying you your bank details; account number and sort code, and they credit the required amount to your account.
Proceed with caution if they aren't known to you.....as you are handing out your bank details


Ok, I can understand all that but how do you credit someone? Do you have to set it up with your bank? Thanks for the help so far.


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PostPosted: Sat Feb 02, 2008 9:55 pm 
Retro Guru
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As said there's more info on a cheque including your signature. Bank transfers are fine, the bank website is secure/encrypted and all you need is name, sort code and acc number to transfer to.

As I remember you just go to your banks website and register. Doesn't take long.


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PostPosted: Sat Feb 02, 2008 9:57 pm 
Lincs AEC
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xizang wrote:
Pickle wrote:

You basically give the person paying you your bank details; account number and sort code, and they credit the required amount to your account.
Proceed with caution if they aren't known to you.....as you are handing out your bank details


Ok, I can understand all that but how do you credit someone? Do you have to set it up with your bank? Thanks for the help so far.


As long as you have their details, all you do is ring your bank and ask them to transfer the money accross to their account. If its the same bank as you, normally shows in their account straight away, if its a different account, normally 3 to 4 days for clearance of funds.


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PostPosted: Sat Feb 02, 2008 10:03 pm 
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:D Now that does make more sense. Thanks for all the help. :D


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PostPosted: Sat Feb 02, 2008 10:13 pm 
Retro Guru
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If you register with your bank you can transfer funds on line. Easy peasy.


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PostPosted: Sun Feb 03, 2008 8:41 am 
MacRetro rider
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Have'nt tried phoning my bank recently, get the feeling i'd be through to a call centre in india :? , i did a bank transfer a while ago but i actually drew the money out of my account and paid it into his bank with his details, luckily though the bank he used had a branch within walking distance of mine, no problem really.


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