A Quick summing up of UK Bank Transfers:

A UK bank transfer or debit payment (sometimes called a bill payment, debit transfer, or bank Giro credit) can be arranged using online or telephone banking, or over the counter at the local branch of your bank.

To make a UK bank transfer to someone - you need: the recipient’s bank, sort code, account number and account name e.g. Lloyds 50-10-24 01234567 Mr John Jones.

These same details are printed on all UK personal cheques and, in the absence of a valid signature, password or PIN, cannot be used to withdraw funds from a UK bank account. An optional payment reference can be added along with your details when making a bank transfer.

Why Use Bank Transfer?

Because it is FREE, easy to use, totally SECURE and provides an excellent audit trail for your payments.

What is the Cost to the Seller and Buyer?

Bank Transfers between UK banks are FREE of charge.

As a Buyer, how do I make a payment?

On receipt of the Seller’s bank account number and sort code there are actually several ways you can pay.

1. Online Banking. Log in to your account, click on “transfer money” or “pay a bill” etc (whichever your bank uses for this option) and enter the sort code and account number. Enter the EBay item number as your reference and hit “Send”. Off goes your money to your Seller.

2. Telephone Banking. Ring your bank, ask them to set up a transfer, give them the sort code and account number and give them the EBay item number for the reference. Off goes your money

3. Over the Counter. Go to your own bank tell them over the counter that you want to transfer some money and they will do this for you in a matter of seconds. You can use funds in your account, a cheque or cash.

How long does it take for my money to reach the seller?

If you paid cash or did a transfer from funds it will clear in the seller’s account within 24 hours if you bank with the same bank as them, or you go to their bank to pay in.

If you don’t bank at the same bank as your seller the transfer will normally appear in their account within 3 working days.

If you pay by cheque, it will take 5 working days to clear.

Is it secure?

You are giving away less information than you do by writing a cheque. (That has Sort Code, Account Number, sometimes your card number on the back – incidentally something you should never put on the back yourself anyway - and a copy of your signature!)

Where can I get more information? I’m still worried!

Ask your own bank and they will reassure you. Visit their website or look at the information on bank transfer on your online banking pages. Visit your branch and ask someone to explain it to you. (Find someone who doesn’t just say “Computer says “No””)

DON’T believe all you read about identity theft. For some reason the media think we are all thick and that as soon as you tell someone your bank account details you will lose all your money. This is complete RUBBISH!!!

As previously said, if you have ever paid by cheque you have already given out more information than you needed to. If you put your address and cheque card number on the back you have compromised your account already!