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Accepting Payment via Bank Transfer

by Dena Gottlieb
10 replies
Has anyone here every accepted payment via bank transfer from someone you aren't really acquainted with in another country? Someone in the Far East wants to pay me via bank transfer and I'm a little hesitant to give him my bank info. Can I be ripped off that way?
I asked for Paypal payment but he says it's easier via bank transfer.

What say you?
#accepting #bank #payment #transfer
  • Profile picture of the author dmadnani
    Originally Posted by Dena Gottlieb View Post

    Has anyone here every accepted payment via bank transfer from someone you aren't really acquainted with in another country? Someone in the Far East wants to pay me via bank transfer and I'm a little hesitant to give him my bank info. Can I be ripped off that way?
    I asked for Paypal payment but he says it's easier via bank transfer.

    What say you?
    It isn't the safest practice to give away your bank details due to the likeliness of someone misusing them, specially with the high rate of fraud coming from that area.

    Though that being said, bank wires (unlike paypal transfers) can't be refunded.
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    • Profile picture of the author Silas Hart
      Originally Posted by dmadnani View Post

      It isn't the safest practice to give away your bank details due to the likeliness of someone misusing them, specially with the high rate of fraud coming from that area.

      Though that being said, bank wires (unlike paypal transfers) can't be refunded.
      Yes they can. Bank transfers are reversible.

      Ask for something like Money Gram, iKobo, Xoom, Western Union, etc.
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      • Profile picture of the author cindybidar
        Originally Posted by FaJeeb View Post

        Yes they can. Bank transfers are reversible.
        ^^True^^

        In my day job we receive payments from customers via wire transfer. In one instance a customer had accidentally paid an invoice twice. They discovered it weeks later and promptly reversed the transaction.

        Unless you are well-acquainted with this person or his company, I wouldn't give out the details of my bank account.
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      • Profile picture of the author dmadnani
        Originally Posted by FaJeeb View Post

        Yes they can. Bank transfers are reversible.

        Ask for something like Money Gram, iKobo, Xoom, Western Union, etc.
        Really? Can you quote this from somewhere? Because as far as International transfers are concerned (which this is) I'm pretty sure you can't reverse it. However if I am wrong it would be good to know all the details

        You can however file a fraud case with your local justice department and notify the internationally responsible justice department as well but this usually leads nowhere.

        Also, if in case the wire transfer is reversible by the time someone receives the money and cashes it out, who is responsible for paying the reverse amount? Surely not the bank I'm assuming.
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        • Profile picture of the author Silas Hart
          Originally Posted by dmadnani View Post

          Really? Can you quote this from somewhere? Because as far as International transfers are concerned (which this is) I'm pretty sure you can't reverse it. However if I am wrong it would be good to know all the details

          You can however file a fraud case with your local justice department and notify the internationally responsible justice department as well but this usually leads nowhere.

          Also, if in case the wire transfer is reversible by the time someone receives the money and cashes it out, who is responsible for paying the reverse amount? Surely not the bank I'm assuming.
          As far as quoting it, I don't know what you are expecting... It's pretty common knowledge, feel free to contact a couple banks and ask about reversing a wire transfer.

          Wire fraud was pretty common about 10 years ago among wholesalers. China probably lost billions.

          If you get a payment for say, $2,000, and you cash it out (which is what everyone does), and the previous "senders'" bank does a reversal, your bank will most likely give them the money, and deduct it from your account. If your bank is charging you fee's for overdrawing meaning you have a negative balance, they are less likely to assist you in getting that money back or stopping the reversal as they stand to make money from you. Don't be surprised if it's put into collections pretty quick.

          People really underestimate the quality of bank when doing international business. You pretty much have to go bank shopping, which seems silly if you have a little amount of funds and you are just starting your business.
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  • Profile picture of the author Naveed Peerzade
    Well, I don't see any problem with wire transfers.. Just giving out your account no. doesn't give them access to use your bank account and takeout money. I know quite a few websites have posted their bank wire instructions on their websites.
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  • Profile picture of the author seanicasia
    Well, unless it's actually a reputable company where you can do some research online and find out more about them.

    Otherwise, I'd steer clear from divulging my bank details to some stranger.
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  • Profile picture of the author cassidywilliams
    They cannot do any harm by knowing your bank accout no, SWIFT code etc. They can only put money on the account, not withdraw. Go for it, nothing to lose.
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  • Profile picture of the author TyBrown
    In theory, someone could create checks with that info and write checks against your account.

    What I do is keep one account with a near zero balance in the same bank where I keep my regular account. When I get a wire transfer I quickly transfer the funds into the new account. That way, if anyone does create checks against the empty account they aren't drawing against any real funds. Sure, if someone did write the checks then I'd have to deal with the fraud of the overdraft but at least my funds wouldn't be tied up.
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  • Profile picture of the author Shannon Herod
    I would never do a bank transfer with anyone I do not completely trust.

    Meaning I would not do a bank transfer with some I did not know personally.

    Talk soon,

    Shannon Herod
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