Transferring Money to Another Person's Bank Account Securely?

Hi everyone,

I'm really sorry to be asking such a basic question, but I've heard of horror stories where people have tried to transfer money to another person they met online and haven't met in person so I just wanted to double check this!

What's the best way for me to transfer $AUD300 to someone online?

I only know this person online so I don't want them to have the ability to withdraw money from my account….

How can I prevent them from withdrawing money from my account?

Thank you for any help!

Comments

  •  

    What makes you think if you transfer $$$ to another person, they would be able to withdraw money from your account?

    •  

      I've never needed to do a transfer of money from my account to another person's account before so I just wanted to check.

  • +4 votes

    They wont be able to withdraw from your account if you just are EFTing (funds transfer online).

    however, I would not recommend transferring to someone you do not know, until you receive the good/service.

  • +4 votes

    This might not be for you but I run a couple of accounts for this kind of thing.

    I have an account that has ~$0. I transfer the exact amount to that then transfer to the receiving party. I will then close out that account after awhile then open another.

    Paypal and other providers are also useful. I also use prepaid visa cards etc. Cost a little bit but worth it to me. As you can see from my previous post, I still get bitten, unfortunately by the Council.

    Also, in general, keep your personal details secure. It's amazing how far you can get with a DOB, address and a phone number.

    I might sound paranoid and it might seem cumbersome to do. But I've been fleeced, skimmed and robbed. Some say there are protectuion measures from your Bank but they can really make you jump hoops then wait 90 days if you're lucky. At least I'm jumping my own hoops.

  •  

    Ah yes, our dear Pensioner. What mick123 said. They don't get your account number. In fact they have to give you their account number.

  • -1 vote

    Sorry, I have no ideal what are you talking about ? :)

  •  

    Thanks guys.

    What information do I need from the person I want to send money to?

    What information will they see from my side?

    • +1 vote

      you need their bsb and account number ( it asks for name but does not use it , at least most banks do not)
      they get zero information, they have to pay to trace where it comes from , and then their bank asks your bank and your bank asks you , and you can say , i don't want to tell them who i am.

  •  

    You have to get their name and BSB and account numbers.

    They will only see on their side what you write. Maybe that will be your name and the item you have bought. Your account details will not be visible.

  • +1 vote

    Why don't you say to that person that you are not comfortable sending them the bank transfer. Do the transfer in person, or if they are in another city, see if a friend or relative could help you with cash on delivery.

  •  

    The horror stories you hear are most likely about scams. Those scams work on emotional manipulation rather than obtaining your bank account info.

  • +1 vote

    Unless you trust this person or have the goods, think carefully about sending a transfer. There is very little recourse for you if you send money and you don't receive what you paid for.

  •  

    Have you got and use "Internet Banking"?

  •  

    The only risk in your case is that you lose the money you sent if they take the money and do not send you the goods (that is if you do not get the goods before you send the money, which is unlikely though).
    More of a risk is to receive money as the seller needs to give the buyer bsb number, account number and complete name on the account (not all banks ask for the name, but many do).
    After saying that I do not think it is that easy to get money out of an account even if you know bsb, acc. number and name.
    What could be easy is probably to set up a direct debit to that account, but that can be reversed as soon as the account holder realises it.
    A lot of companies print their account details for payments on invoices, so I guess it must be quite safe.

    .

  • +1 vote

    Why are you asking this again?

  •  

    The reason I created this thread was because I'm transferring money to an account that is not a business account.

    The other thread was about depositing money into a business' account.

  • +1 vote

    I just want to make it clear that I'm in a genuine need of help and I'm definitely not trolling.

    • +5 votes

      No offence, but if you need help, you need to help yourself. Teach your self. You make so many threads based on the same thing, asking the question again and again when there are plenty of helpful suggestions from kind people, but you just ignore them- that imo is just rude and trolling.

    • -1 vote

      why not just go to your bank instead and ask as many questions as you like?

    •  

      Just get the BSB and account number from the other person and go to your bank and ask to transfer the money to it.
      The other person won't see you account details. It is safe.

  • +1 vote

    You can safely transfer money from one account to another. It would be best to know the person to whom you are transferring money. He/She cannot withdraw money from your account. He will be able to view some data such as the name from whom he has received payment, the sum of the payment, the hour of the payment but he can definitely not withdraw money from your account. As I can see you are really worried about this (although many people do it without any problem), you can take into account the other users' advice and open up a new account and deposit the exact sum you want to transfer. This way, even if the person to whom you are transferring money would want to withdraw money from your account (still not possible) wouldn't have from where to take it.

    Let us know if you have managed to safely complete the transaction. Good luck!

  • +1 vote

    I may create a PayPal account. Are there any more risks with using a PayPal account instead of a normal bank account?

  •  

    Can I transfer using PayPal if I have the other person's BSB number?

    • +2 votes

      No, Paypal works on email addresses. Also people don't have BSB (Bank-State-Branch) numbers, financial institutions or their branches do. People have account numbers with financial institutions. You so badly need to educate yourself.

  • -2 votes

    I'm an old guy, but this is still really new to me…

    • +3 votes

      Seriously, can't you Google this? How is it that you know about Bitcoin and want to get in on it, but you aren't familiar with internet banking transfers or PayPal?

  •  

    Thanks so how would I transfer money to someone from my PayPal account to their bank account?

  •  

    Thanks for your reply.

    I don't know why I'm receiving so much negative energy?

    I'm just an old guy and it's hard for me to learn new things…

    • +1 vote

      Because you don't know how to Google?

    • +1 vote

      Well short of hiring somebody to be your PA, since nobody here likes to spoon feed you, you'll just have to do your own research, or live a quiet life looking after your garden.

      And what's with these increasingly complicated schemes? What's wrong with the original plan of transferring to their bank account directly, provided you are sure that you will get the goods? We already explained that the greatest danger is that you pay and get nothing for it, not that your account info will leak. If you can't handle this then pay cash and take the goods in person.

  •  

    New problem:

    My bank account is linked to a family member's account. How can I transfer the funds to someone without my family member being able to see who I'm transferring to?

    I thought a PayPal account would allow me to do this…?

  •  

    If I want to send from my Paypal account to another Paypal account what do I need from the other person?

  •  

    I've recently created a Paypal account, but I've never tried sending money to another person using Paypal so I'm not sure how to do it… :'(

    •  

      OK I will join in! You need a linked bank account otherwise you will pay a commission on the credit card. To link a bank account account paypal need to verify your account by sending you 2 very small amounts of money like 4 cents and 8 cents and you need to tell them the amounts before you can debit your bank account. You need their paypal email address to send them money.
      Wow you certainly do ask a lot of questions!

      •  

        There's money in my Paypal account so I just need to transfer the money to the other person.

        So I just need the email address of the other person?

        Don't I need their Paypal account number or something?

        •  

          Yep just their email address that they have linked to their paypal account.

        •  

          @Peck:

          Wow, really?

          I'm surprised!

          Is transferring money from my Paypal account to another person's Paypal account a secure way of transferring money?

        •  

          @ThePensioner: it is no more secure than EFT directly, and there are usually fees involved…

          I can't help but wondering.. Have you bought something? Or what is the purpose of sending the money?

          Usually if you buy something you can use PayPal (credit card) directly on the sellers website (e.g. EBay). I hope you're not walking into a scam and just sending $300 to someone you don't know.. Especially if you don't trust them enough thst you have to ask these questions

        •  

          @brezzo:

          Don't worry, it's not a scam.

          It's just that I need to send $300 to a close family member who needs it.

  • +2 votes

    This person that you're transferring money to… Did he say he was a Nigerian prince?

  •  

    That's what bitcoins are for!

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