How does bank transfer work?

[xizang]

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.

 

[Pickle]

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

 

[Harryburgundy]

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.

 

[cherrybomb]

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.

 

[xizang]

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.

 

[stevek]

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.

 

[Pickle]

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.

 

[xizang]

Now that does make more sense. Thanks for all the help.

 

[stevek]

If you register with your bank you can transfer funds on line. Easy peasy.

 

[jimihendrix]

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.