Are bank transfers safe?

I'm selling a party hat and he wants to trade it via bank transfer. Is this safe for me as the seller?

 

Of course, as long as you ring your bank and make sure the payment has been put through. Once the payment is held in your account there's absolutely no way the buyer can claim back their money.

 

Okay, thanks a lot, once I pick up my money and have it in hand, I'm stress free?

 

That's correct, once the payment leaves his account he can't cancel it. And you reserve the right to turn him down for a refund, obviously. He couldn't take it to court because there's no laws on virtual goods, so he wouldn't have a case against you. Once you have your money, you're all good.

 

I live in the Netherlands. Over here you're able to cancel the payment to certain bank account within 7 days. I don't know what the rules in law are for other countries.

@Barrgage: In which country is your bank located?

 

I'm pretty sure its safe but I'd recommend you check with a trusted seller or check with your bank if there is anyway somebody can reverse a payment if it is done with a bank transfer. I know with online banking in the first half hour- hour the payment can be canceled but I'm unsure if it can be reversed after the money is in your bank.