Secure way to transer cash?

[alexb]

I am selling something privately to someone up north.
How secure is a BACS transfer?

Is it free?

What are the other options?

[JohnP]

Online cash payment?  Tell them sort code and account number and they can transfer to you in hours.

Payment methods detailed @
UK Payments Administration - About UK Payments

[border-rider]

I am selling something privately to someone up north.
How secure is a BACS transfer?

It's a standard bank transfer.   It should be as secure as your banking is. Takes about 3 days, usually.

Is it free?

yes.

What are the other options?

CHAPS is same-day but costs up to £20

Some banks now do a fast-BACS that takes a day or so

edit: JohnP provided detailed info

[andygates]

And if the person doesn't have electronic banking, they can go into their bank with your name, account number and sort code and arrange the transfer there.

(Don't sign any correspondence though )

[alexb]

I'm a bit nervous about giving my sort code and bank account number to a stranger.

[border-rider]

yes, that's a fair comment

But would you be nervous of paying for something by cheque ?

With that they get your sort code, a/c details and your signature

[Greenbank]

I'm a bit nervous about giving my sort code and bank account number to a stranger.

I kept an old bank account for things like this. As soon as the money gets deposited in it I transfer it to my normal account. I keep a small amount in it in case one card stops working (such as on an Audax). I don't rely on this account for anything, so if the worst came to the worst I could simply close it and open another.

With your account nos and sort code people can setup Direct Debits from the account, assuming they can find your address (a la Clarkson) but you'll be able to dispute them and have them canceled and the money returned (but it could be a great hassle, especially if the missing money means you miss mortgage or other debt repayments, getting your credit report sorted out is a big pain in the arse). But that's about it, unlikely really.

[Gruff]

I am selling something privately to someone up north.
How secure is a BACS transfer?

Is it free?

What are the other options?

As a seller, BACS transfer is an excellent way to receive payment. It's free, reasonably quick, and has a (practically) zero chance of a Paypal style "chargeback".

As Mal has said, there's no reason to be nervous about giving out your account number and sort code. They are printed on every cheque you write and, in isolation, are of very little use to anyone who has malicious intent.

Many banks now use the Faster Payments System to send/receive funds which would previously have been processed via BACS, so you may even find your money arriving in 5 minutes flat.

[Biggsy]

But would you be nervous of paying for something by cheque ?

With that they get your sort code, a/c details and your signature

That's why I prefer not to pay by cheque (to private individuals who may be dodgy, at least) when there are alternatives.

I'm happy with PayPal in terms of convenience and safety.  It's easy and no-one can get your bank details through the system.  There can be fees, though, depending on types of account involved.  With mine, receiving, it's typically 3.5%.

[Biggsy]

As Mal has said, there's no reason to be nervous about giving out your account number and sort code. They are printed on every cheque you write and, in isolation, are of very little use to anyone who has malicious intent.

As Greenbank said, that info, along with your address, can be used to setup direct debits.

[alexb]

I forgot about the idea of using a little used account. We have exactly this for similar purposes, a slush fund that the Misses and I use to transfer money to and from, but with no direct debits etc.

That should do the job nicely.

Thanks for all the suggestions peeps!

[Gruff]

As Mal has said, there's no reason to be nervous about giving out your account number and sort code. They are printed on every cheque you write and, in isolation, are of very little use to anyone who has malicious intent.

As Greenbank said, that info, along with your address, can be used to setup direct debits.

And direct debits from your account are protected under the terms of the DD guarantee. The bank must reinstate funds erroneously (or fraudulently) debited from your account immediately on request. You carry no risk.

Your exposure to fraud and chargebacks is *way* higher when receiving money via Paypal than by BACS/FPS.

[thing1]

Re. sort code & A/C number, don't forget the sting on our favourite celeb

So long as you have a reasonable level of trust in the stranger (you must have some to be doing a remote transaction without an intermediary) the biggest risk could be that their PC is riddled with malware or their email provider's servers get compromised and the email details nicked that way. Still a very remote risk, but a lucrative one that people really do pursue.

If you're properly paranoid about this, you could arrange to send the a/c no. by phone. Has the benefit of highlighting to treat it appropriately.