Is it safe to email IBAN and BIC number to a prospective buyer

Wailin

I have a person in France interested in buying something from me on donedeal and has asked for it to be done via bank transfer rather than say paypal. I actually prefer this method of receiving payment instead of paypal because I have heard paypal protects the buyer more so than the seller. Just wondering though can I be subjected to any fraud on my bank account by sending on my BIC and IBAN number? Obviously I would never post until payment is in my bank acc.

Carawaystick

Can only make lodgements with account details

28064212

Carawaystick wrote: »

Can only make lodgements with account details

Not quite true, someone could maliciously use your details to sign you up for a direct debit. However, that would be quite easy to reverse (providing you keep an eye on your accounts), and be a minor annoyance at worst

coylemj

28064212 wrote: »

Not quite true, someone could maliciously use your details to sign you up for a direct debit. However, that would be quite easy to reverse (providing you keep an eye on your accounts), and be a minor annoyance at worst

This is true, it was done to Jeremy Clarkson and IIRC involved someone signing him up to a SO for a well known charity (who were not party to the action) so it was a prank rather than fraud but remember that in the days of cheques, every time you handed someone a personal cheque, all of that data was printed on it - sort code and account number.

murphaph

IBAN & BIC is printed on debit cards here in Germany, just like it is on cheques. I'd prefer to be paid this way than any other to be honest (it's the normal way to pay a private seller here for something you buy online by the way)

wolfyboy555

Hoping to get more info on this as I am in similar situation to OP.

28064212

wolfyboy555 wrote: »

Hoping to get more info on this as I am in similar situation to OP.

What more info do you need? All the relevant information is in the thread already

wolfyboy555

28064212 wrote: »

What more info do you need? All the relevant information is in the thread already

Well one person saying only lodgements can be made and you say direct debits cab be set up without knowing. Which is it?

28064212

wolfyboy555 wrote: »

Well one person saying only lodgements can be made and you say direct debits cab be set up without knowing. Which is it?

The latter

wolfyboy555

Ok thanks. I should probably insist on a paypal transaction then.

Wailin

wolfyboy555 wrote: »

Ok thanks. I should probably insist on a paypal transaction then.

I went ahead with the bank transfer in the end and it worked out fine. Just to be aware, paypal is great but it protects the buyer rather than the seller. By that I mean you could post an item to a buyer and receive payment. The buyer could then claim he/she did not receive it and claim payment back through paypal and you'd be left without money or item. Very rare I'm sure but just be aware of it.

SwissK

It's 100% safe to hand out IBAN details. This is the only way people can transfer money to you. In most European countries it's actually normal for businesses to have their full bank details made public on websites. Even here in Ireland all companies display their bank details on their invoice. There is no difference between private account and public account.
You cannot take money out by knowing someones IBAN, nor their full address.

The only think that could happen within Ireland, is that someone uses your IBAN to sign up for a direct debit, but if you let your bank know that this was not you signing up for that direct debit, they reverse it immediately and the person who used your details will end up with criminal charges (fraud-which is punishable by imprisonment). Worst case scenario, it's a phone call away to reverse this. However I have never heard of anyone having had such an issue, mainly because using someone elses direct debit, will get the other person caught easily.

So yes, it's 100% safe to give your IBAN details even to a guy in Nigeria.

SwissK

*No difference between private and business account, I meant to write. (in the sense that it can be used for direct debit)