Bank Transfer or Pay Pal

Hi wiseowl, I have used paypal to pay in several occasions and so far no complaints and it is easy to do.

 

Be careful accepting Paypal for items that are collected from you, as buyers have 6 months to claim they never received the items, and without proof you will be forced to refund, it's a well known scam on ebay.

 

Paypal charge fees for incoming funds if for goods sold . They definitely do on Ebay stuff anyway.
Then there is the charge-back thing. If the buyer plays up saying the goods haven't arrived or are not as described they can refund in part or full. They will take the money back out of the paypal account or from the linked account you have to have in order to have a paypal account if there is a zero balance in the paypal one.

Once the funds are in your paypal account it can take several days to transfer into that linked bank account. Not ideal for many !

In short bank transfer is safer faster and you wont have the ridiculous scenarios that folk have with paypal.

Paypal are out to make money plain and simple. I would rather have a boil on me bum than receive funds through them .

For a bank transfer you need to give the purchaser just the account number and sort code for the money to be paid into along with the account holders name. The purchaser cannot get into the account in any way so its quite safe. Once the funds land they are 100% safe with none of the pit falls of paypal and you will not get charged a single penny coin.

The money should be in your account within 24 hours Max once the purchaser clicks pay. The faster payments scheme means this is usually reduced to two hours though.

 

I would use PayPal . The general advise is not to accept money transfers , as these can be manipulated - don't know how though .

 

Are you sure that's correct, that the buyer is going to get paid? Is your son the buyer or seller as that would affect advice.

Are you thinking of Western Union money transfers, rather than BACS?


If it's an ebay/other website item being paid for the seller will pay the PayPal fees, if it's a 'private sale' the buyer (and seller?) will incur fees. I Prefer PayPal every time, but as JazzSi mentions above, never accept PayPal for something to be collected, always cash on collection.

 

I've got a paypal account, but its not linked to my bank account.

So cant see howq anyone would get money from me if my account was at zero.

 

@pete .Your Paypal must be linked to a credit card then, if not linked to your bank account.
You will still end up out of pocket if you get a chargeback.

 

But how does that sit with the credit card companies?

 

That's it Scrungee !

 

Hi Woo,

If your son is receiving the money then use BACS as this is the safest option other than cash for him if he is sending money then use PayPal as that is much safer for the sender

 

Now that sums it up perfectly - well done ICR

 

Yes good point.. As this was a question about receiving money I was a little remiss in not mentioning your points Re sending money.

There are no merits in receiving money through paypal over bank transfer.
Your bank will never retrieve any or part of the funds if a buyer starts playing silly buggers.

Your bank will not charge you 3% for you getting paid. (Not always applicable)

The money will be in your bank usually within two hours assuming faster pay system or overnight at the latest.

Paypal is fine for sending as you get the paypal protection which paying by bank transfer gives none.

I have a paypal account which I use for paying for many products over the internet and not just for Ebay purchase .. This is 100% safe and fast and easy to do !

I absolutely refuse to sell items on Ebay now because a buyer can play silly buggers and Ebay and Paypal (Paypal is owned by Ebay) will always take the side of the buyer. So its just simply to easy to get scammed !