Hey Guys This is directed at the Americans here. Do any of you accept bank transfer as a form of payment? I know it's used in Japan and Europe but last I heard it's bangerous to give out your routing number since people can use the information to make a purchase online. Is that still the case? Thanks, Eric
Given that your routing number is on your checks (cheques, if you're a Brit), it shouldn't be any risker than using those. I'd be wary of putting that information online either way, but I didn't think a routing number on it's own would be sufficient to access an account - you'd need a signature+ID if doing something in person & online payments normally require some kind of account authentication before you can do anything. The main problem with bank transfers is that they're silly expensive for the buyer!
Nope, wire transfers are SUPER annoying. If you receive one, you need to at least login to your bank account instead of getting an email from PayPal. They also take a few days domestic, probably a week internationally. To send one is hell of expensive in the US, the last time I transferred money overseas (2003) my bank charged $35! It's completely not worth it unless you're transferring more than $1000 where it'd be cheaper to wire it than bite PayPal's fees.
I don't use them, too risky. If whoever you're selling to can't get a paypal account or send an international money order, then they should be getting thier finances in order before spending money. The risk was never straight out buying things online, but rather in using the routing number (along with other personal information, your name and address, soc, etc.) to social engineer thier way into your account, and thus clean it out.
I use it for large amounts, where it's worth the fees. In amaerica I have never face fees, but overseas people can face some fee of $50 or so on say $500-3000. The SWIFT number is the international info, a routing number is just the bank "address" and cannot be abused except with the account number. That is the PROBLEM. Usa is so unfamiliar with bank transfer it is SUPER EASY to steal money from someone. Say I buy $4000 item, put in routing / acct info. I can bill that account for the "purchase". What you should have is this: Savings account - never use online except on bank site. Checking account - never use online except on bank site. Checking account #2 - online and bill pay. Put only as much as you need into the account, when you need it. Any GOOD bank won't charge for sub $100 balance fees, esp if you have good balance. Only cheap banks charge monthly fees. I hope this helps.
Limey, that's the problem. In the US there is no password protection on your account for bank transfers. The only time I've used it is online, and there's no password to supply. You just give them the information plus the right to take the funds out. To accept a bank transfer I'll have to give my routing number and account number as well as my full name and bank address. That's what makes me nervous. Giving that info in Japan and Europe is commonplace but it's not in the US. Sure, that information is on a check as well, but since 99.99999% of the people wouldn't know how to scam you it's not something you really think about. This is different since the other person is requesting a bank transfer and knows how to use the sytem. I've also had 3 people ask me to do a bank transfer in the last 3 weeks. Usually I get 1 or 2 a year. When that happens it makes me wonder if something is up or if it's just coincedence.
