BACS transfer, how safe? (1 Viewer)

[Diabalo]

A person owes me money and wants to pay me via a BACS transfer, is it safe to give someone your account number and sort code?

 

[icantremember]

Should be no problem Dane ... if you are worried just give them my details.

 

[Xabia]

I have paid and received many transactions by BACS without any problems.

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[Robert Clark]

It's totally safe
If it's a large amount of money you might like to do a test transfer first.

 

[Clickem]

Your account number and sort code is on every cheque that you give to anyone

 

[RogerThat]

Yes, it's completely safe, no one can do anything with your account number and sort code (except send you money!).

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[Camping Gaza]

Rest assured.

 

[Lenny HB]

Also since the faster payments system was put in place the sender can no longer recall a payment.

 

[Spidey]

We use this a lot to pay bills or transfer money. I remember years ago buying a folding camper and the people we were buying of were really worried about giving us their account info. But they also didn't want cash, so not sure how they expected paying. We pointed out its on all your cheques and they relaxed a bit

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[tofo]

A person owes me money and wants to pay me via a BACS transfer, is it safe to give someone your account number and sort code?

When I bought my Alfa Romeo spider

The seller and myself went to the bank

Told the assistant what we needed to do

I logged into my account set up a transfer

He put in his details

Money transferred under supervision of the teller

He received a text from his bank

Showing money arrived

About the safest way I could find

 

[mitzimad]

i do it all the time at work no problem as said if its a large amount do a 1p test transfer first to ensure its going to the right account

 

[Derbyshire wanderer]

It's totally safe but as said above do a test transfer with a small amount first as if sent to a wrong account number there is no way to recall it.

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[Peter JohnsCross MH]

Your account number and sort code is on every cheque that you give to anyone

Very true

 

[magicsurfbus]

A person owes me money and wants to pay me via a BACS transfer, is it safe to give someone your account number and sort code?

Is it exiled Vice President Mkwame Mbopo of Nigeria by any chance? He's very generous with his embezzled millions.

 

[ianandkath]

thats how i bought my rv. safe as houses

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[TJBi]

i do it all the time at work no problem as said if its a large amount do a 1p test transfer first to ensure its going to the right account

A very wise precaution, but be aware that some (not all) banks, if they spot an initial small transfer, will then block a subsequent larger one, on the basis that fraudsters/hackers often operate in this way. The bank may contact the sender relatively fast, but in some cases it may be several hours. Some form of additional confirmation is then required before the second transfer is allowed to proceed.

 

[Kingham]

Other than your bank balance, are there any restrictions on the amount you can transfer, or any fees involved ?

I'm hoping to pay for my Auto-Sleeper by this method.

 

[RogerThat]

Also since the faster payments system was put in place the sender can no longer recall a payment.

Well, that's what I learnt today

That's quite reassuring too!

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[TJBi]

Other than your bank balance, are there any restrictions on the amount you can transfer, or any fees involved ?

I'm hoping to pay for my Auto-Sleeper by this method.

Yes, there are restrictions on the amount in one transaction and generally also on the amount per day. These vary from bank to bank but are often in the range £10k (common) to £25k.

 

[klaatu]

With my Nationwide account, there is a limit of £10k per transaction (I don't actually know whether there's a daily limit) and I was able to do a transfer of over £30k by doing 4 transfers one after the other.

 

[sedge]

Used to charge about £25 to do it, but not sure now as we haven't needed to pay anyone abroad directly for anything for years.

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[Kingham]

With my Nationwide account, there is a limit of £10k per transaction (I don't actually know whether there's a daily limit) and I was able to do a transfer of over £30k by doing 4 transfers one after the other.

I'm with Nationwide too.... I'll send them an email to check what their preferred method is, as at the moment if there's no daily limit, I'll be looking at 6 transactions on the day.

 

[jollyrodger]

Apparently I've got a long lost uncle in Nigeria who's won £2000000 and wants to share half with me ,"just send me your bank details" he said and he'll bac's it to me !
Shall I go ahead ?

 

[TJBi]

Used to charge about £25 to do it, but not sure now as we haven't needed to pay anyone abroad directly for anything for years.

But international is not BACS. International transfer charges will vary from bank to bank and will also depend on whether you wish to pay charges levied by the receiving bank.

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[Ralph-n-Bev]

We got our buyers to do a test transfer first . Then they did 3 separate transfers . We then transferred the full amount straight out into a different account. With it being over 26k .
Somebody , I think it was from mhf , said it could be snatched back ! So just in case , we transferred.

 

[clanjones]

Couple of points.

Faster payments is free but the upper limit varies from bank to bank. some are 5k some are 10K e.g Nationwide). There is also a 'guarantee' transaction time of 2 hours. Nothing to stop you doing multiple transfer at the upper limit - I have had to do that on occasions. Not sure if the rules have changed since I last had to do it.

For larger one off sums you might wants to use CHAPS, there is a fee involved (£20.00 for Nationwide I think, you can do it online) and this is used for for larger one off sums but with Nationwide for a same day transaction you need to have sent the CHAPS transfer request by 15:00 - I might be incorrect on that it is almost year since I had to do it!

 

[138go]

We had a new kitchen fitted and I paid by BACS. Kitchen Company rang to ask where the money was. They said they had not received it. I asked my bank and they gave me a long tracking number. When I presented the Kitchen Company with the number the money suddenly appeared .. Often wonder where it was hiding. BAC's transactions are very traceable

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[namwaldog]

We are collecting our new (to us) MH on Wednesday from a dealer and they presented us with a "Payment Methods" handout but added that their preferred method was BACS.

I was a little perturbed about handing over the balance prior to collecting the MH and as they had different bank to us we were quoted 3 days for the transfer but the money would have to be in the dealers a/c before they would release the MH so I read their alternatives and one of them was to pay by Debit card at the time of handover.

I enquired at our bank, Natwest, in branch and they said that yes, this would be fine but to be prepared for some security questions as the transaction would probably be 'referred' and the dealer would have to ring the Natwest, and then Natwest would ask me some security questions over the phone.

The lady at the Natwest who we saw checked our account and gave us the heads-up as to what the questions are likely to be. She also told us that, using BACS, once the payment is made, the bank could not take it back for us!

We are going to use Debit Card at the dealers (we have checked with them) so that we can see that the snagging list has been done and we are happy with it before paying.

We have a Visa Debit card so it may also give us a bit of protection through VISA

 

[Abacist]

There seems to be confusion over terminology!

A faster payment is an Internet banking instant transfer or payment available to personal customers and some business customers.

A CHAPS payment is a same day payment that costs about £20 a go and you fill in a CHAPS form, deliver it you your bank by a certain time and they will then guarantee the payment that day. Commonly used by solicitors to pay for houses on completion.

A BACS payment is a business system which gets used to pay staff salaries and wages and suppliers accounts and is a three day process. On day one you send your electronic transmission file to your bank BACS service centre. On day 2 the file gets processed by all the banks concerned and on day 3 the money is all credited to wherever you sent it!

 

[Minxy]

When we sent the deposit across for our first lodge I did it by BACS on-line myself without a problem, but when we did the payment of the balance we went into our bank to do it (over £100k) and expected to have to pay £30 for them to do it as a CHAPS payment but fortunately as the bank it was going to was the same as ours we weren't charged as it was an 'internal' transfer.

We usually pay for campers in cash on the day (ie the 'cost to change' difference), just arranging with the bank a few days before so they have sufficient funds for us to be able to draw out the cash ... saves a lot of worry about problems with the transfers (on-line or using a debit card) and security questions when large amounts are involved.

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