Sold my CU24 Floyd. Buyer wants to pay by Bank Transfer

jeztone2

The buyer wants to pay by Bank Transfer Im quite scared. Is this safe? 

grungebob

If it’s a bacs payment it should be fine. It can be reversed on some instances but this is easier for the originator to do on the same day so maybe just wait a day or so before posting

mburekenge

Either way, the good news is you no longer have a prs

jeztone2

grungebob said:

If it’s a bacs payment it should be fine. It can be reversed on some instances but this is easier for the originator to do on the same day so maybe just wait a day or so before posting

He wants to meet, I'm in London often. But I prefer cash. 

jeztone2

mburekenge said:

Either way, the good news is you no longer have a prs

I do I have my CU22 which I prefer the neck on. 

carlos

If he wants to meet then let him hand over the cash. It's just an extra step for him to walk to the counter and get the money.

Nikc

if its in your account it should be fine 

bwets

If I was buying I would prefer a bank transfer. I can only get £300 out per day from a machine so it would mean me either going into the bank or saving up the daily withdrawals. Bank transfer is way easier!

See what vibe you get from them.

Michael84

Just make sure the money has reached your account. Usually takes place within a few hours from experience

DB1

Yes, see it hit your account first. Any time that I've bought or sold a guitar, the transfer has shown up within a few minutes. Awkward silence while you wait though. :-)

Twinfan

I don't use PayPal so it's always BT for me with both buying and selling.  Never had a problem.

jeztone2

I’ve spoken to him. I’ve managed to glean enough information to work out he’s genuine. 

sunshinewelly

You are completely protected by a bacs transfer. Just make sure its in your account  I would rather have a bacs transfer than cash 

danny_777

carlos said:

If he wants to meet then let him hand over the cash. It's just an extra step for him to walk to the counter and get the money.

Agreed. I'd be okay with a cleared bank transfer, otherwise I'd want cash. 

Dominic

There's nothing wrong with a bank transfer from a known bank ..........it's a perfectly normal professional way to do business.
Million pound transactions are done each and every day in business by Bank Transfer let alone a little guitar sale.
Of course, you wait to see the money is securely in your account before parting with the goods.
Large items are only done like this ie Car Purchases , Art,Antiques,etc etc

Dan_Halen

A BACS payment and a bank transfer aren't the same thing - BACS takes a while and is usually used for larger sums than this. Bank transfer is exactly what it sounds like and direct to an account. Usually appears in your account very quickly but can take an hour or 2.

rlw

Dan_Halen said:

A BACS payment and a bank transfer aren't the same thing - BACS takes a while and is usually used for larger sums than this. Bank transfer is exactly what it sounds like and direct to an account. Usually appears in your account very quickly but can take an hour or 2.

Right and wrong in that you can send a BACS for £1.00 up to, I think, £50000.00, and a BACS can turn up on the same day if you tell it to.  Faster Payments, or whatever each bank calls them, are pretty much immediate, even on Sundays I have discovered.

Dan_Halen

Which bit was 'wrong'?

axisus

I've used BTs both in buying and selling. No probs.

jeztone2

Thanks guys, it was fine.