International buyer wants to do direct bank transfer

[tony41]

I am sure you have seen this before, but here is what eBid has posted.

5) Most common online auction Fraud scams and ways to spot them.

• Wire Transfers overseas (especially Western Union) - seller insists that you pay by wire transfer and your payment is safe because money will not be released without a password or ID code. This is not true. If they insist on a wire transfer it is almost certainly a scam.
• Will only provide you with a mobile, pager or voice messaging system.
• Landline number is always engaged or "please leave a message".
• Hotmail account or another third-party email address.
• High priced auctioned item from a member with zero feedback.
• Offers to complete the sale before the auction has finished - contact telephone number or email in the text of the auction.
• Requesting your banking details after the auction has closed and then setting up direct debits with your banking information. Always use a payment provider such as PPPay.com to avoid giving your banking information.
• Makes an excuse why they cannot use the Escrow Payment facilities.
• Fraudulent escrow services (what is escrow?) - Ssellers offering to use an escrow company that is not regulated.

If you have any doubt or suspicions contact us before doing anything!

All these relate to actions taken by a seller in an attempt to defraud a buyer.
In the OP's case it was a buyer who requested the details as a method to pay by bank transfer which is common in Europe.
The details needed are no more than if you send a cheque to anyone and a cheque contains a signature. However, you can accept payment by whatever means you are happy with. You state clearly what payment methods you accept. If someone offers a different payment method you can refuse it if that is what you decide to do.
I have bank transfer listed as a payment method but only one buyer has tried to use it but was put off by the charges that their own bank applied.

[HaleysComics]

All these relate to actions taken by a seller in an attempt to defraud a buyer.
In the OP's case it was a buyer who requested the details as a method to pay by bank transfer which is common in Europe.
The details needed are no more than if you send a cheque to anyone and a cheque contains a signature. However, you can accept payment by whatever means you are happy with. You state clearly what payment methods you accept. If someone offers a different payment method you can refuse it if that is what you decide to do.
I have bank transfer listed as a payment method but only one buyer has tried to use it but was put off by the charges that their own bank applied.

Yes but if a buyer gets your bank details they can set up debits as the O.P. stated in their 1st post.

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International buyer wants to do direct bank transfer

In the past we had a really silly situation where a bidder asked for bank details and then set up direct debits on accounts - no-one lost money and the police insisted there was no crime but it took about 40 hours to sort it out so I'm a bit wary of passing bank details out.

I usually use a savings account when UK buyers want to do transfers as they can't set up anything on those.

Are there any risks associated with giving out the IBAN number etc,please?

[purplestevie]

In the past we had a really silly situation where a bidder asked for bank details and then set up direct debits on accounts - no-one lost money and the police insisted there was no crime but it took about 40 hours to sort it out so I'm a bit wary of passing bank details out.

I usually use a savings account when UK buyers want to do transfers as they can't set up anything on those.

Are there any risks associated with giving out the IBAN number etc,please?

I did it a few years ago ( friend in Finland) but was out of pocket due to bank charges so i will not be doing it again.

[Anniemcc2]

That's why it's worth looking at Transferwise for sending/receiving money from abroad - we're using it to send money to Australia with no problems. All you need is an email address.

https://transferwise.com/

[tony41]

Yes but if a buyer gets your bank details they can set up debits as the O.P. stated in their 1st post.

Quote
International buyer wants to do direct bank transfer

In the past we had a really silly situation where a bidder asked for bank details and then set up direct debits on accounts - no-one lost money and the police insisted there was no crime but it took about 40 hours to sort it out so I'm a bit wary of passing bank details out.

I usually use a savings account when UK buyers want to do transfers as they can't set up anything on those.

Are there any risks associated with giving out the IBAN number etc,please?

As I understand things, a bank can only set up a direct debit or other debit on your account if they have a signature from you or the request is made via online banking. If you give a buyer your account number and the name of the account holder debits cannot be set up unless your bank breaks the rules or unless your internet banking security is so weak that it allows this. If a bank does break the rules and set up a unauthorised debit they have to put things right.
If you give someone a cheque you give them your bank account name and number PLUS a copy of your signature. I do not recall that there were a large number of fraudulent debits set up in the days when everyone used cheques.

I presume that if the OP does not give out their bank details they have never written a cheque.

[lofty100e]

That is the theory concerning signatures, however when my account was scammed the Nationwide Building Society said it was up to the individual companies to police this. Total garbage as how could they. The person who scammed did not have a signature and still set up the DDs.

Also the signatures seem to count for nothing, I worked with someone who's partner discovered that cheques had been passedat his banks branch; despite the fact that the signature looked nothing like his and him being a frequent customer.