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Payment from abroad…advice please.

T

Take5

pfm Member
So, I am trying to sell a sax mouthpiece.

Can’t find a buyer in the UK, but I now have a buyer in Singapore.

it’s a very easy sale in that it is very small, not expensive and I can just take it to the post office. Great.

But, he wants to pay me directly in to my Bank Account, and needs those details.
I wouldn’t be posting it until the money shows in my account.

any risk?

ie
1)can he ask his bank to get his money back, after receiving the item?
2) any way he can access my millions , by having my bank details?

thanks
 
You also need to be aware of potential money laundering and other criminal possibilities. Say you give him your details and it is for, say, £50. He sends you £5000 and then say, oh sorry, I made a mistake; can you please refund the balance? You do so, only then to discover that your bank account has been used to 'launder' this money.

Further, I have read of several instances of bank transfer payments being received from what turned out to be suspicious or watched accounts. If that happens then you could find yourself in the situation of having your bank account closed and having difficulty opening any other account. OK, rare instances, but it does happen.

I'd suggest PayPal and send once funds clear in to your account.

Giving out your bank details to random persons outside the UK is too risky for me but we all have our own acceptable risk levels.
 
sq225917 said:
If someone tried to massively overpay me I'd just keep the funds and the goods and report it as a potential fraud.
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Still got a problem though, haven't you? Your report would then be investigated; your account would then show a history of having been investigated for potential fraud, whatever your Bank might say to you. It's just not worth the risk, from my perspective. Might as well sell on eBay internationally and use their processes and methods to distance oneself from potential fraud, etc.
 
simon g said:
Still got a problem though, haven't you? Your report would then be investigated; your account would then show a history of having been investigated for potential fraud, whatever your Bank might say to you. It's just not worth the risk, from my perspective. Might as well sell on eBay internationally and use their processes and methods to distance oneself from potential fraud, etc.
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I don't think having a record of investigation as a potential fraud victim has any prejudicial effect, though. In the scenario described, the seller would be a potential victim of a scam, or an unwitting accomplice to money laundering. That they reported it and there was an investigation wouldn't reflect badly on them if the circumstances are as described.
 
Take5 said:
A very good point. Thanks.

we hadn’t talked about that.
But in my world.. he will !!

I had better raise this.

thanks again
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Use something like Transferwise (called Wise now I think) or Forex as an intermediary. Their currency rates and fees are very good, whereas the banks rip you off on exchange rates and fees.
 
simon g said:
Still got a problem though, haven't you? Your report would then be investigated; your account would then show a history of having been investigated for potential fraud, whatever your Bank might say to you. It's just not worth the risk, from my perspective. Might as well sell on eBay internationally and use their processes and methods to distance oneself from potential fraud, etc.
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interesting scenario.

if anyone sent too much to my account, there is no way I would simply send back “ the difference”

as sq….. suggested above, I would go straight to the bank for advice, saying that I was possibly the object of a scam.

I very much doubt that there is any UK bank who would then close my account and/ or refuse me access to my legitimate funds.

I don’t sell on eBay. Too much of a minefield.
This buyer doesn’t have Pay Pal.

I do accept gold ingots. How many are you offering?
 
IanW said:
Use something like Transferwise (called Wise now I think) or Forex as an intermediary. Their currency rates and fees are very good, whereas the banks rip you off on exchange rates and fees.
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This makes sense but it is nothing to do with Mr.5 how the person making the payment does that.
 
IanW said:
Use something like Transferwise (called Wise now I think) or Forex as an intermediary. Their currency rates and fees are very good, whereas the banks rip you off on exchange rates and fees.
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Excellent advice.
I use this to fund my French bank account to maintain my house there and to send money to my son in the US.
Very cheap to do.
 
Take5 said:
interesting scenario.


I very much doubt that there is any UK bank who would then close my account and/ or refuse me access to my legitimate funds.

I
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I'm not just making this stuff up. I'm passing on information on scenarios that have been reported by credible sources, including several features on Radio 4, for example.

Whatever you might 'think' this stuff does go on. Bank accounts do get frozen. I'm just offering advice; it's up to you whether ro not to pay any heed to it. But please don't make assumptions based on what you 'think' Banks may or may not do. Pease see FT article below for further reading:

https://www.ft.com/content/8fba7cac-83b3-4df3-a1a7-5b6869516085
 
Bananahead said:
This makes sense but it is nothing to do with Mr.5 how the person making the payment does that.
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You just send them a link and the payment is made they charge buttons, I've used it a few times, once to receive payment from Spain for a pair of Spendor speakers and once to pay for an apartment rental in Feurteventura (£1100) and I had to pay about £16 to Amazon Luxemburg or Germany using wise as I'd bought a Wailers boxset CD on Amazon France, they'd sent it out before taking payment then tried to take payment but the debit card was out of date so they sent me a cheeky letter demanding payment and I sent it via wise.
 
Yes, I use currencyfair every month myself. But my point is that the apartment owner didn't care how you sent the money, only that the correct amount arrived.
 
Bananahead said:
Yes, I use currencyfair every month myself. But my point is that the apartment owner didn't care how you sent the money, only that the correct amount arrived.
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The fees are pennies which is why I used them, my bank charges about £50 to send money abroad and you have to go into the branch and fill out a form too.
 
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