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Are bank transfers safe?
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sctt_stone
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#1
25th November 2008
Old 25th November 2008
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Are bank transfers safe?

Are bank wire transfers safe or is there a better option without using Paypal?
For international buyers?
#2
25th November 2008
Old 25th November 2008
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I think we've discussed this recently.....

Anywhoo.
In principle bank transfers are very safe.
They are safest for the seller of course.
The draw back for the buyer is once the money is transferred you have to trust the seller to actually send you the item.
Unlike credit cards, paypal, ebay etc, there are no avenues to recover your money if something goes wrong. Once it's sent, it's sent.
I've successfully paid for things with wire transfer many times though, but I'm choosey about who I'm dealing with.
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sctt_stone
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#3
25th November 2008
Old 25th November 2008
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Right. I would imagine that going through the bank rather than a company such as Ebay and Pay Pal would make it easier to get the authorities involved if indeed the seller did not ship the item as promised.
I believe that is a federal ofence if it is overseas.
Interstate fraud or something like that.
Quote:
Originally Posted by chrisso View Post
I think we've discussed this recently.....

Anywhoo.
In principle bank transfers are very safe.
They are safest for the seller of course.
The draw back for the buyer is once the money is transferred you have to trust the seller to actually send you the item.
Unlike credit cards, paypal, ebay etc, there are no avenues to recover your money if something goes wrong. Once it's sent, it's sent.
I've successfully paid for things with wire transfer many times though, but I'm choosey about who I'm dealing with.
#4
25th November 2008
Old 25th November 2008
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The point I was making is that there are established and swift methods of recovering your funds if there is a hitch having used a credit card (and Paypal I think).
Not so with bank transfers.
#5
25th November 2008
Old 25th November 2008
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While they can be safe be very skeptical at the same time. I lost $1000 through an ebay bank transfer purchase last year. Never used it again.
But my case was probably kind of rare?
#6
25th November 2008
Old 25th November 2008
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Rufuss Sewell's Avatar
 
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I learned the hard way that with PayPal the buyer has complete control over whether or not the seller gets paid. In my case the buyer received the item, and even thanked me and let me know he was fully satisfied before reversing the charges. PayPal did absolutely nothing to help me.

Ever since I've only accepted bank transfers and all of my transactions have been great!
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