Payment By Bank Transfer Always Safe?

[OliverKlozerof]

Maybe a silly question but... 
Say you sell something online and the person wants to pay by bank transfer (using an app from BKK Bank, SCB, etc.). Is this always safe? Even if the amount is large (equivalent to several thousand US dollars)? One friend says yes: Once the amount shows up in my acct (when I log in using the app), there's no way the person could somehow reverse the transaction. 
The only reason I'm asking is...it seems like I heard a case of someone making payment into a seller's bank acct, then through some trick, the money was not there later. But I kind of think this happened in the US; they actually went to the bank together, deposited a check with a clerk...but then somehow later the check was negated somehow (can't recall the details). Anyhow, I suppose I'm being extra paranoid, but as we all know, if there are ways to take advantage of people, other people will find a way.... 
Would you ever hesitate to be paid a large amount via bank transfer app?

[sanmyintmaung]

You can do the immediate withdraw of the cash using ATM card as soon as the money show up in your banking app. Nothing more certain than cash in hand. 

Edited June 23, 2021 by sanmyintmaung

[OliverKlozerof]

57 minutes ago, sanmyintmaung said:

You can do the immediate withdraw of the cash using ATM card as soon as the money show up in your banking app. Nothing more certain than cash in hand. 

 

A friend recommended that. But, I currently have a few 100k baht in that acct. Say someone pays me 100k baht. I'm not going to withdraw 300k baht just to see if his pmnt went through. Also, I think limit for ATM withdrawals is considerably lower than 100k per withdrawal.... ? So, not practical.

Another friend also said, 'nothing more certain than cash.' So I recently sold something for a few 100k baht. We went together to guy's bank and got cash. Then I went to my bank next and deposited it. So this way certainly possible, but not very convenient.

[topt]

20 hours ago, OliverKlozerof said:

deposited a check with a clerk...but then somehow later the check was negated somehow (can't recall the details).

Big difference between depositing a cheque, which normally takes several days plus to clear, and an instantaneous bank transfer. Unless the cheque is a bank draft which is often used in larger transactions here, vehicles, property for example. Bank drafts are not free however so there is a small added cost.

[Caldera]

I think there's a risk in the form that the sender might not be the legitimate owner of the account the money is sent from (by gaining unauthorized access to that account).

 

If the account owner, upon discovering this, files a police report, it's not inconceivable that the bank(s) could be ordered to revert the transaction, if the sender can prove that they've been defrauded and you cannot prove that you were actually dealing with the rightful account owner.

[OliverKlozerof]

16 minutes ago, Caldera said:

I think there's a risk in the form that the sender might not be the legitimate owner of the account the money is sent from (by gaining unauthorized access to that account).

 

If the account owner, upon discovering this, files a police report, it's not inconceivable that the bank(s) could be ordered to revert the transaction, if the sender can prove that they've been defrauded and you cannot prove that you were actually dealing with the rightful account owner.

Yikes

[Artben]

I have transferred much larger amounts for years and never had a problem.  Once the money is in your account it's yours

[wwest5829]

On 6/23/2021 at 12:59 PM, OliverKlozerof said:

 

A friend recommended that. But, I currently have a few 100k baht in that acct. Say someone pays me 100k baht. I'm not going to withdraw 300k baht just to see if his pmnt went through. Also, I think limit for ATM withdrawals is considerably lower than 100k per withdrawal.... ? So, not practical.

Another friend also said, 'nothing more certain than cash.' So I recently sold something for a few 100k baht. We went together to guy's bank and got cash. Then I went to my bank next and deposited it. So this way certainly possible, but not very convenient.

That is the way I sold my condo. Cash was brought by the buyer to the land office and paid to me, then I signed over the Chanote. Directly went to the bank and deposited the payment in my account (1 million baht).

[MadMuhammad]

I can’t say I’ve ever heard of any ‘fake’ payments, I guess we can call them that. It’s not something I’ve ever thought or worried about anywhere tbh 

[natway09]

There is no "human element" using a bank app or transfer within Thailand. Once you see it in the account it cannot be reversed by the sender without actually going to both banks.

A cheque on the other hand ?

[AgMech Cowboy]

On 6/23/2021 at 11:36 AM, OliverKlozerof said:

Would you ever hesitate to be paid a large amount via bank transfer app?

No, perfectly safe.

[tonray]

On 6/23/2021 at 11:36 AM, OliverKlozerof said:

it seems like I heard a case of someone making payment into a seller's bank acct, then through some trick, the money was not there later

Never heard of that in my 6 years here...forget rumors...it's the way everday business is done here...otherwise spend a lot of time at the ATM making big withdrawals

[Leaver]

On 6/23/2021 at 11:36 AM, OliverKlozerof said:

Would you ever hesitate to be paid a large amount via bank transfer app?

 

Nothing to do with the transfer being made using an app, or online.  The buyer could also walk into a bank branch and deposit the money in cash.  Either way, the money hits your account, and the buyer has completed their end of the contract.  .

 

To be safe, you should have a secondary account.  This account has an ATM card, and is linked to your main account.  When you want to withdraw some cash from the ATM, you move over the amount you want to withdraw from you main account onto the secondary account which has the ATM card attached to it.  You then go to the ATM and withdraw the cash.  This will protect you against skimmers, and is good anti-theft practice, and has nothing to do with your transaction in the OP.

 

However, you can give this secondary account number to the buyer, basically because there is nothing in that account.  After they deposit, you move the money to your main account and release the property that is the subject of the sale.