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giving buyer IBAN,BIC?

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  • 17-11-2014 7:30pm
    #1
    tommybc
    Banned (with Prison Access) Posts: 130 ✭✭


    is it okay to give a buyer your IBAN,BIC as well as account no. and sort code? (plus your name and bank location)


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    #2
    indigo twist
    Closed Accounts Posts: 500 ✭✭✭indigo twist


    tommybc wrote: »
    is it okay to give a buyer your IBAN,BIC as well as account no. and sort code? (plus your name and bank location)

    Well if you give them account no and sort code, they can very easily get the BIC and IBAN online anyways.

    Personally I see no problem with it ... it's considered quite safe to pay for anything by cheque, and cheques have your account no and sort code printed across the bottom. However no one can walk into the bank and access your money without your PIN.


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    #3
    DMcL1971
    Registered Users Posts: 1,444 ✭✭✭DMcL1971


    I've given out my BIC and IBAN to dozens of buyers and never had a problem.

    When setting up electronic transfers, different banks require different amounts of information. However you would rarely need to provide a BIC, IBAN, sort code, account number, account name, bank name and bank address.

    BIC and IBAN are meant to replace the older system of sort code and account number. If the transfer is between two Irish banks then some banks will allow you to use either the older sort code/account number system or the new BIC/IBAN system. If the transfer is between banks in different SEPA zone countries then you will have to use the BIC/IBAN system only. Only the BIC, IBAN and account name are actually need in order to set up a transfer but some banks also request additional information like the bank name and/or address.

    In terms of security it is perfectly safe to give out your BIC/IBAN. The only way that it can be used to take money out of your account is if it used to set up a direct debit from your account. But in that case the recipient of the money will be the direct debit originator which will be a company rather than an individual. A regular person cannot become a direct debit originator, only a company can. So, if I had your BIC/IBAN the worst I could do is to use your details to set up a direct debit to ESB or Vodafone or some other company. If this did happen all you would have to do is contact the bank and inform them that you did not set up the direct debit and you would get an automatic refund and the direct debit would be cancelled. In other words if someone wanted to be malicious the best they could mange would be to annoy you but they couldn't rob you.

    Years ago, Jeremy Clarkson, on a radio show gave out his sort code and account number to the audience in order to prove how safe it was. The only thing that happened was that someone set up a direct debit to a charity.


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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,281 Mod ✭✭✭✭Jim2007


    tommybc wrote: »
    is it okay to give a buyer your IBAN,BIC as well as account no. and sort code? (plus your name and bank location)

    Yes it is perfectly safe. In fact in most of mainland Europe it is now the long what to get paid, as we have not cheques etc....


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    #5
    fits
    Registered Users Posts: 13,503 ✭✭✭✭fits


    Jim2007 wrote: »
    Yes it is perfectly safe. In fact in most of mainland Europe it is now the long what to get paid, as we have not cheques etc....

    Ditto Jim. If you owe money for anything here, Iban and bic is exchanged.


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