Are bank Transfers safe?

[MintageSeller]

Hello, 

I know alot of people do business via bank transfer but is it safe?

[graham200666]

Depends on who you send it to.

If you send to a trusted person then yes, send to a Nigerian prince then NO.

[fehk2001]

send to me the funds are always safe , straight forward trade is easier than scam 

[MintageSeller]

14 minutes ago, graham200666 said:

Depends on who you send it to.

If you send to a trusted person then yes, send to a Nigerian prince then NO.

It is more so the question on the forum. 

4 minutes ago, fehk2001 said:

send to me the funds are always safe , straight forward trade is easier than scam 

Providing name acc number, routing. 

[MickB]

In the past I've had my bank question my transfers then delay sorting them out. They tried to block one transfer but after an argument they allowed it. Think it was for a bank account abroad to someone who was paying a bill for me. I tend to use Paypal when I can as less hassle. I've got a transferwise account but have never tried a bank transfer in the UK with it, just use it for paying bills abroad & buying from EU bullion dealers who only deal with bank transfers.

[Yetiwatch]

I'm glad to say that i have never had an issue paying via BT for my purchases on the forum and i have bought more than i should have

[silenceissilver]

I had one bank transfer I wanted to do via telephone rather than online because of the fees and the woman on the phone didn't want to carry it out because she felt it was not safe and might be a scam. So because of her feelings she blocked it. I will go to another bank although they are all the same, more or less.

I did do it online then, with the fees.

I also know of a patriotic activist who had more than 20 bank accounts closed because of his activism and without ever having committed a crime.

Once they got rid of cash, this would happen much, much more often. You called out the fakedemic as such - oops, account closed.

This is why it's beyond me that so many people deliberately don't pay cash in shops. Everyone who pays with card there, so probably 90% of the people who do it at least occasionally, haven't grasped the severity of the situation we are in, despite of everything that happened in the last year. Unbelievable but that's where we are.

I hope crypto currencies will kill banks and I think they actually will.

So, to answer you question: No, they aren't because you are dependent on their mercy.

 

[silenceissilver]

23 hours ago, silenceissilver said:

I had one bank transfer I wanted to do via telephone rather than online because of the fees and the woman on the phone didn't want to carry it out because she felt it was not safe and might be a scam. So because of her feelings she blocked it. I will go to another bank although they are all the same, more or less.

I did do it online then, with the fees.

I also know of a patriotic activist who had more than 20 bank accounts closed because of his activism and without ever having committed a crime.

Once they got rid of cash, this would happen much, much more often. You called out the fakedemic as such - oops, account closed.

This is why it's beyond me that so many people deliberately don't pay cash in shops. Everyone who pays with card there, so probably 90% of the people who do it at least occasionally, haven't grasped the severity of the situation we are in, despite of everything that happened in the last year. Unbelievable but that's where we are.

I hope crypto currencies will kill banks and I think they actually will.

So, to answer you question: No, they aren't because you are dependent on their mercy.

 

My bank has now declined my payment for the renewal of the silver forum premium membership which has not happened before. Probably because I complained about the first block.

[StackemHigh]

As safe a way as any in the FIAT world!

[Arganto]

Bank transfers are for trusted purchases such as to friends, family, forum members etc you are purchasing from. You do not have the 'safety net' of a credit card payment or a 'regular' PayPal transfer. PayPal friends and family is also without these protections (but you get to have a 3rd party track your transfers, some care about this sort of thing, some don't). Most individuals or under the tax limit traders do not want the hassle of accepting credit card payments or regular PayPal transfers as there are fees involved. Even the big dealers either don't accept credit cards for larger payments against metals or set an upper limit, deferring to bank transfer.

What 'protects' you on TSF is the way the community works. There is a trust network here that is very old fashioned and I like it. I will use bank transfer where possible despite essentially trading with anonymous people most of the time. I am confident that getting scammed here is so rare it isn't mentioned, if it's happened at all.

There is an intermediary service provided by @BackyardBullion that further aids confidence if you're nervous of a trade.

Your bank may be able to reverse a transfer, but I'm not aware of how the process would work. It would likely have to a consequence of stolen account details/unauthorised activity rather than a change of mind but I'm not an expert on such things and have never had cause to look it up 😁

[Vacendak]

As people have said: This type of payment should be done only between trusted parties.

Before making any significant purchase, opt for a smaller order. If the order shows up as planned, then make a big one. I did just that a few years back, then moved onto more significant orders and now I have no sweat when I place an order for a tube of Queen's Beast from Martin a.k.a. "The Silver Trader" via bank transfer.

Bank payments lower the costs on the seller/dealer's side and one tends to get a discount, so everybody wins. Still, it is all about trust.

[Guest]

One thing to remember: when you make/receive a back transfer, you move/receive money that is technically not yours, because money in a deposit is legal property of the bank. There was a video about that from the Positive Money people a few years ago but I'm not sure it's up there any more.

[Arganto]

2 hours ago, savoyard said:

One thing to remember: when you make/receive a back transfer, you move/receive money that is technically not yours, because money in a deposit is legal property of the bank. There was a video about that from the Positive Money people a few years ago but I'm not sure it's up there any more.

I think that's technically true of all fiat currency. It's an esoteric representation of a transfer of 'value', although fiat isn't really a store of value; it's a store of trust. The numbers on the screen and the cash in your hand are created by and owned by the bank. It's a similar concept to selling your 'time' to a company as an employee. It is physically represented by numbers on a clock and represents a transfer of something you have in exchange for a theoretical 'token' that you can transfer to someone else for goods and services. It's theoretical because w****s, sorry bankers, can make that token worthless or worthy with the stroke of a pen/keyboard. You can store a number in a database or stack cash in a safe, but they're only 'worth' anything if there is trust in the system.

A bit off topic, sorry OP. In all honesty though I would look up what the actual banks have to say about transfers on their respective websites. We can offer anecdotes and information from experience but we're just dudes and dudettes on the internet. Best to get the information from the lame, pus-ridden horse's mouth for peace of mind 😜

 

[Bigmarc]

I'm not sure if it would work as a pier to pier transfer but if I was to order from a business I'm not sure about I use revolute disposable card. It's a card link to your account where the account details your sending from gets erased after one purchase. The card stays linked to your account and proof of purchase is there.