Payment by Bank Transfer - how to provide information
Thread poster: Elin Davies

Elin Davies  Identity Verified
United Kingdom
Member (2008)
English to Welsh
+ ...
Jan 14, 2008

Dear all

I was wondering if anybody could give me advice on how to provide details in order to be able to receive payment by bank transfer. I'm always erring on the side of caution when it comes to providing personal and banking details with so many stories of personal details being cloned and so forth, but prefer being paid by transfer than cheque as it means I get paid whether I'm there to collect the mail or not.

So, do I provide my bank details (account name, sort code and account number) on every invoice I send out (along with payment terms, paypal account details etc etc...) or is there another way to go about it? I'd be grateful for any suggestions on how you all go about this.

Thanks
Elin


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Ralf Lemster  Identity Verified
Germany
Local time: 22:33
English to German
+ ...
Quoted on invoice Jan 14, 2008

Hi Elin,
We quote the bank details on every invoice - to me, this is part of our business details.

Best regards,
Ralf


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Nicole Y. Adams, M.A.  Identity Verified
Australia
Local time: 06:33
Member (2006)
German to English
+ ...
same here Jan 14, 2008

Ralf Lemster wrote:
We quote the bank details on every invoice - to me, this is part of our business details.


The same goes for me, and I also include SWIFT and IBAN on every invoice for European clients.

Regards,

Nicole


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ViktoriaG  Identity Verified
Canada
Local time: 16:33
English to French
+ ...
It's like displaying your address in the phone book Jan 14, 2008

If you are worried about account safety, don't be. Displaying your bank details on your invoice is much the same as displaying your address in the phone book. People know where you live - but don't have the key to enter. With bank accounts, it's even safer, because people who don't have the "key" have no door to smash, either.

Obviously, don't go as far as adding your debit card NIP. What you need is your full bank account number, which generally includes the code of the bank, the regional code, the account number per se and the IBAN/SWIFT number.

Ask your bank to provide you with the details for receiving wire transfers. They will give you the data in the right order - and they can also explain to you what information somebody other than you can access using this data, and how such data is handled by your bank and by the payer's bank. That discussion will probably reassure you.

All the best!


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Elin Davies  Identity Verified
United Kingdom
Member (2008)
English to Welsh
+ ...
TOPIC STARTER
Thanks Jan 14, 2008

Thank you to all three of you, this has put my mind at ease...!

I've put a box at the bottom of my invoice pro forma with all the payment information provided as it was getting a bit clustered.

Thanks again
Elin


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Samuel Murray  Identity Verified
Netherlands
Local time: 22:33
Member (2006)
English to Afrikaans
+ ...
I provide all my details Jan 14, 2008

Elin Davies wrote:
So, do I provide my bank details (account name, sort code and account number) on every invoice I send out (along with payment terms, paypal account details etc etc...)...?


I put my banking details on all my invoices. I include:

* The account holder's full name (my full name)
* The account number
* The account type
* The bank branch code
* The SWIFT code
* The full street address of the head office of the bank


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Heinrich Pesch  Identity Verified
Finland
Local time: 23:33
Member (2003)
Finnish to German
+ ...
And no spaces please! Jan 14, 2008

Do not put any spaces into your IBAN-number, so that the number can be copied straight from the invoice to the bank transfer form. I hate to write these numbers manually.
Nothing to be afraid of. Even the number of your credit card is information, that you can show to anyone. Because nobody gets far who uses these numbers without consent.


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Madeleine MacRae Klintebo  Identity Verified
United Kingdom
Local time: 21:33
Swedish to English
+ ...
For international clients Jan 14, 2008

If you've trusted the client enough to extend credit (i.e. by invoicing rather than demanding payment up front, I think you should be able to trust them not to misuse your account details (and accordsing to my son, I'm "paranoid" aboutsecurity on the internet). Which is not that easy anyway, as Victoria mentions - they potential swindler is still missing the "key".

Viktoria Gimbe wrote:

What you need is your full bank account number, which generally includes the code of the bank, the regional code, the account number per se and the IBAN/SWIFT number.



For international clients, all you need to quote on your invoice is IBAN and BIC/SWIFT. Your IBAN already includes your account number and sort code. And the BIC gives any other information needed to identify you bank.

http://en.wikipedia.org/wiki/International_Bank_Account_Number

http://en.wikipedia.org/wiki/ISO_9362

Madeleine


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Samuel Murray  Identity Verified
Netherlands
Local time: 22:33
Member (2006)
English to Afrikaans
+ ...
Some clients... Jan 15, 2008

Madeleine MacRae Klintebo wrote:
For international clients, all you need to quote on your invoice is IBAN and BIC/SWIFT.


True, but we're dealing with humans here, not machines. I have found that quite a few clients' accountants or bookkeepers prefer (or insist) that such otherwise superfluous information be mentioned anyway.

[Edited at 2008-01-15 05:32]


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David Singer
Local time: 21:33
Swedish to English
Not as safe as you might think Jan 15, 2008

http://news.bbc.co.uk/1/hi/entertainment/7174760.stm

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Parrot  Identity Verified
Spain
Local time: 22:33
Member (2002)
Spanish to English
+ ...
All I quote is Jan 15, 2008

Madeleine MacRae Klintebo wrote:

IBAN and BIC/SWIFT.


These come in standarised formats that include all other information needed for remittances. When not quoting the account holder (the account could also be a joint account), you have to make sure all the numbers and letters are right and check to see whether the client remitted the money accurately.

To put you at ease, it might help to check your bank's requirements and mechanisms for debiting. My bank needs my signature on a standing order and/or sends me an SMS for any other debits, including credit card purchases. I can block any outgoing payments within a timeline that varies between 24 hours (domestic) and longer (international).


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Caroline Moreno  Identity Verified
United States
Local time: 13:33
Chinese to English
+ ...
Separate business account Jan 20, 2008

The way I handle this security issue is to have a separate business bank account. When I receive payment, I quickly withdraw those funds and put them into another account (one whose information I don't give out). So, this account is empty except when I have just received a payment. This way, the client has the information they need, I get paid and I feel safe.

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Payment by Bank Transfer - how to provide information

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