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electronic funds transfer
Within the UK funds can be transferred between bank accounts quickly & easily.
Buyer requirements:
- UK Bank Account.
- Internet or telephone access to their Bank Account.
How it works:
- The Seller gives the Buyer their account number & branch sort code (in some cases the bank and/or account holders name are also needed).
- The Buyer then accesses his/her own bank account and sends the money.
Why use Electronic Funds Transfer?
- If the Buyer & Seller Bank with the same company the transfer is instant otherwise it takes two/three working days.
- The transfer is of cleared funds. The buyer may only send cleared funds from their account & once it appears on the sellers account it is immediately available for withdrawal.
- No more waiting for cheques to clear, waiting for cheques in the post etc.
- Quicker and less risky then sending a cheque.
- No fees for Buyer or Seller.
- No minimum or maximum amount (limited only by buyers available cleared funds).
Limitations:
- UK only (Overseas EFT is available from some banks but usually carries a fee).
- Buyer must have internet or phone access to his account. (Note however, that a buyer may make a similar transaction in person at a bank branch.)
- The Seller will only know the money has arrived by checking their bank their balance online / by phone etc.
- The "Instant" transfer might have to wait until the next working day if it is done outside banking hours.
A highly effective payment system with significant advantages to both parties.
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