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Old 25.10.2006, 09:29
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IBAN/BIC/PayPAL/money transfer related questions

Ok I did search the forum and google but nothing like getting some more helpful personal opinion from good folks who are in CH.

Q1-Is it safe to show IBAN and BIC information on a website under "payment info" section? The website has my address and name as well. What I am asking is can the combination of all the info be used to defraud me in any way? Some of the identity theft stuff you guys talk about on this forum + articles like this http://news.bbc.co.uk/2/hi/business/4311073.stm make me nervous (no I don't throw my documents in the bin). I don't want anyone to steal my hard earned money

Q2- IBAN/BIC combo used widely outside CH? Do you think giving them to customers is best method of getting money from western world in particular and rest of the world in general? Some Canadian and American people prefer to send cheques instead! Wha the hell is that all about? Takes almost a month to clear. Time is money so I hate taking cheques.

Q3- What is the maximum you have transfered using PayPal? It seems that the limit is $10,000. Any advice?

Q4- Between IBAN method and PayPal which would you reccomend?

Q5- Is there some other method that I don't know about?

P.S- The amounts I am talking about are in CHF 500-CHF 40,000 range.

Thanks for any input.

Last edited by jamaicanRUM; 25.10.2006 at 09:59.
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Old 25.10.2006, 09:47
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Re: IBAN/BIC/PayPAL/money transfer related questions

I can offer some answers.

Q2. IBAN/BIC is mandatory now for all payments in Europe.
See this UBS link:
http://www.ubs.com/1/e/ubs_ch/privat.../iban_bic.html
Every bank account in Europe has an IBAN number (well, maybe not all...)

Q3, Q4. Personally, I don't and wouldn't use PayPal.
I'd also say that IBAN/BIC is far more secure than PayPal.
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Old 25.10.2006, 09:59
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Re: IBAN/BIC/PayPAL/money transfer related questions

Thanks GBN. Yes I am aware IBAN thing is becoming mandatory...so I am pleased about that actually. The problem area seems to be the American continent. Not sure why some people there want to send cheque intead of using the IBAN method >confused<
I will do more googling.
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Old 25.10.2006, 10:21
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Re: IBAN/BIC/PayPAL/money transfer related questions

When transferring to the US, you don't use IBAN - they will use BIC or Fedwire numbers with the account number.

IBAN is a unique number which identifies your bank and account in an absolute manner: http://en.wikipedia.org/wiki/IBAN

I would look into becoming able to accept credit card payments.
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Old 25.10.2006, 11:22
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Re: IBAN/BIC/PayPAL/money transfer related questions

Quote:
I would look into becoming able to accept credit card payments.
Could you please expand on that? Would you class paypal in the same category as they allow usage of credit cards. Btw I sell services and not multiple items like an online shoping website.

Any views on displaying BIC/IBAN number online from safety point of view?
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Old 25.10.2006, 11:33
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Re: IBAN/BIC/PayPAL/money transfer related questions

I would avoid Paypal. www.paypalsucks.com is a good read for anyone wanting to use Paypal in the way you wish.

I would supply, on request, the IBAN. Whilst there is very little they can do with this number, them knowing less about you and your account is a good thing.

I'd also perhaps get a PO Box and use a different account for incoming payments - discuss this with your Bank.
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