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Electronic fund transfer

  • 09-11-2009 10:48am
    #1
    brundle
    Closed Accounts Posts: 94 ✭✭


    Im paying for a small internet purchase via electronic transfer to the persons bank account.
    Is this safe? Can they see my account number. Now I know account numbers are shown on cheques etc but I dont know this person and they will have my name & address & account number if that is sent with the transaction.
    It is going to an irish account. Im thinking it must be safe but I know if I came on here saying a nigerian was looking for my name address & account number, I would be told they will steal all my money so where is the difference here, apart from being 99% sure the person is genuine.

    Wouldnt it be possible for a fraudster to use my name & address to make up a dodgy licence or something for id then go and take all my money?


Comments

  • #2
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    If you are just sending money to their sort code and account number (91-23-45 67890123) they won't see your details on their statement, just whatever reference you put on the transaction when you use Internet banking/the bank teller puts on it when they make the payment.


  • #3
    Long Onion
    Closed Accounts Posts: 1,342 ✭✭✭Long Onion


    OP - any reason why you are using ETF for a payment into an Irish Bank account, they tend to be quite costly, it would be easier to bring the cash or cheque into a branch of the recipients institution and lodge it over the counter.

    As regards security, ETF transfers are no less secure than other means of transfer but it can still be difficult to retrieve the funds in the evnt of some error or scam. The safest option would be to lodge a personal cheque to the account of the recipient, you could then still place a stop on the cheque before it passes the clearing systems should the need so arise. Make sure the cheque is payable to the vendor - cheques made payable to cash cannot be stopped.


  • #4
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Long Onion wrote: »
    OP - any reason why you are using ETF for a payment into an Irish Bank account, they tend to be quite costly, it would be easier to bring the cash or cheque into a branch of the recipients institution and lodge it over the counter.

    I cannot imagine the charge for any Irish bank being more than 20cent, unless one pass the bank, any trip would cost a lot more in time/money.

    As regards security, ETF transfers are no less secure than other means of transfer but it can still be difficult to retrieve the funds in the evnt of some error or scam. The safest option would be to lodge a personal cheque to the account of the recipient, you could then still place a stop on the cheque before it passes the clearing systems should the need so arise. Make sure the cheque is payable to the vendor - cheques made payable to cash cannot be stopped.[/QUOTE]

    Cheques can only be stopped for a day or so after they are lodged...


  • #5
    Long Onion
    Closed Accounts Posts: 1,342 ✭✭✭Long Onion


    GerardKeating wrote: »
    I cannot imagine the charge for any Irish bank being more than 20cent, unless one pass the bank, any trip would cost a lot more in time/money.

    51c for a three day transfer (AIB may be 28c) for a faster transfer it ranges between €15 and €25 euro.
    GerardKeating wrote: »
    Cheques can only be stopped for a day or so after they are lodged...

    That is a day or so m ore than an EFT though.


  • #6
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    Long Onion wrote: »
    51c for a three day transfer (AIB may be 28c) for a faster transfer it ranges between €15 and €25 euro.

    That is a day or so m ore than an EFT though.

    I was forgetting the time, the few companies i deal with all maintain bank accounts with AIB/, BoI, PTSB etc so most/all customers can do instant transfers (AIB-AIB is virtually instant)...


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  • #7
    none
    Registered Users, Registered Users 2 Posts: 569 ✭✭✭none


    Can you please clarify what charges are you talking about? I might be missing something but I never had any charge for Euro transfers in or out of other Euro accounts. I think SEPA (Single Euro Payments Area) mandates that all such transfer within the Eurozone are free.


  • #8
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    none wrote: »
    Can you please clarify what charges are you talking about? I might be missing something but I never had any charge for Euro transfers in or out of other Euro accounts. I think SEPA (Single Euro Payments Area) mandates that all such transfer within the Eurozone are free.

    Not exactly, SEPA mandates that all Eurozone transfers are at the same rates as domestic transfers.

    If Domestic transfers are free, then so is all of the Eurozone, if they charge €50 for a domestic transfer, they could charge the same for Eurozone.


  • #9
    c4cat
    Closed Accounts Posts: 518 ✭✭✭c4cat


    Long Onion wrote: »
    51c for a three day transfer (AIB may be 28c) for a faster transfer it ranges between €15 and €25 euro.



    That is a day or so m ore than an EFT though.


    EFT with PTSB is free of charge even when I transfer funds to any Euro a/c within Euro Zone using internet banking


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