payment method: transfer

[reid4311]

I've just been looking at compact discs in the German site and am noticing that more and more sellers there will ship to Canada but do not it seems accept Paypal. Beside payment it says transfer / other payment methods. When I click that it says 'Certain payment methods are offered in the purchase only when sufficient creditworthiness of the buyer.' Has anyone had experience with this or know what exactly this is, how it operates? 

[marnotom! · Accepted solution]

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@reid4311 wrote:

I've just been looking at compact discs in the German site and am noticing that more and more sellers there will ship to Canada but do not it seems accept Paypal. Beside payment it says transfer / other payment methods. When I click that it says 'Certain payment methods are offered in the purchase only when sufficient creditworthiness of the buyer.' Has anyone had experience with this or know what exactly this is, how it operates? 

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I would ignore that little blurb as it sounds like bad machine translation to me.  I would just focus on the "transfer" aspect.

Many German sellers accept direct bank transfers from buyers within the Euro Zone because they're a lot less expensive to deal with than PayPal payments.  Sometimes they're even free.  eBay's attempts to get German sellers to embrace PayPal were unsuccessful largely due to this reason.

However, our banking system in Canada is incompatible with that of the Euro Zone.  German sellers who claim to ship to Canada but do not accept PayPal are probably unaware that it's usually very expensive (at least in relation to the price of a compact disc) to make and accept a bank transfer from Canada.

A bank to bank transfer is not the same as an Interac e-transfer, a Western Union money transfer, or (the now defunct) Hyperwallet transfer.  No third party is involved in these transfers.  Sometimes you may see them referred to as "wire transfers".

Is this the sort of information you're looking for?

[pjcdn2005]

A bank to bank transfer is not the same as an Interac e-transfer, a Western Union money transfer, or (the now defunct) Hyperwallet transfer. No third party is involved in these transfers. Sometimes you may see them referred to as "wire transfers".

How how does a bank to bank transfer differ from an interac e transfer?

[marnotom!]

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@pjcdn2005 wrote:

How how does a bank to bank transfer differ from an interac e transfer?

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No third party is involved in a bank to bank transfer, i.e. no "Interac" or equivalent is necessary.  Just plug the details into your financial institution's website and the sending and receiving institutions do the rest without some other party pocketing a $1.50 service fee.

[pjcdn2005]

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@marnotom! wrote:

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@pjcdn2005 wrote:

How how does a bank to bank transfer differ from an interac e transfer?

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No third party is involved in a bank to bank transfer, i.e. no "Interac" or equivalent is necessary.  Just plug the details into your financial institution's website and the sending and receiving institutions do the rest without some other party pocketing a $1.50 service fee.

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Whenever I've done an interact e transfer that is exactly what I've done. I go through my bank, give them the other persons email address and transfer the amount.  I think that it is just another name for a bank transfer. I'm not sure who this third party is that you're referring to. 

http://interac.ca/en/interac-e-transfer-consumer.html#sp-expandable-content-wrapper

[reallynicestamps]

I suspect the 'third party' is Interact or Moneris who are one of the companies offering Interac to merchants.

[marnotom!]

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@reallynicestamps wrote:

I suspect the 'third party' is Interact or Moneris who are one of the companies offering Interac to merchants.

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Exactly.  European bank transfers don't require an Interac-type service to facilitate them.