Below are details of the various methods available to pay for your auction winnings
(The Seller will always have the final say on which of the available methods they are willing to accept)
If you are unsure of the popularity of these Payment Methods have a look at the
Fair Trader Scheme ~ Questionnaire Results to give you an idea of the ones which are most frequently used
Other Payment Methods
|
Cash
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash
|
Cash
|
|---|
| Fee/Cost |
Postage
|
None
|
|---|
| Advantages |
Simple
|
Cleared Funds
|
|---|
| Disadvantages |
Risky of loss in post (wise to use Registered / Special Delivery). Not covered by eBays buyer protection scheme. Sum owed might be rounded up to avoid posting coins.
|
|
|---|
| Speed |
Postal Service
|
|---|
| Comments |
Cheap, Risky (Sellers on eBay UK & Eire are not allowed to ask for payment by Cash)
|
|---|
|
|
Postage Stamps
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Postage Stamps
|
Postage Stamps
|
|---|
| Fee/Cost |
None
|
None
|
|---|
| Advantages |
|
Cleared funds, frequent sellers are going to be using a lot of stamps
|
|---|
| Disadvantages |
|
Cannot be changed back into cash, ensure the stamps are of usable values
|
|---|
| Speed |
Visit Post Office + Post + time to use them
|
|---|
| Comments |
If paying by cash the smallest bank note is £5, use stamps instead of coins for smaller values.
|
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|
|
Personal Cheque by Post
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cheque
|
Cheque
|
|---|
| Fee/Cost |
Postage
|
None
|
|---|
| Advantages |
Cheap, Reliable
|
|
|---|
| Disadvantages |
None
|
Uncleared Payment, Buyer can cancel cheque
|
|---|
| Speed |
Post + Time Travelling to Bank / Post office + 4-5 working days to clear.
|
|---|
| Comments |
Everybody knows what a cheque is, probably the most widely accepted payment method.
|
|---|
|
|
Cash or Cheque Paid into Your Bank Account
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash or Cheque
|
Bank
|
|---|
| Fee/Cost |
None
|
None
|
|---|
| Advantages |
Avoids postal delays
|
|
|---|
| Disadvantages |
|
Need Internet / Phone access to account to verify payment, if used frequently identifying which payment is which could be a problem
|
|---|
| Speed |
Buyer travels to Bank + 4-5 Days while cheque (if used) clears
|
|---|
| Comments |
Seller provides bank details (sort code & account number), buyer uses paying in slip in their local branch of sellers bank to pay cash / cheque into sellers account. Receipt could be scanned and mailed to seller as proof of payment. Could also use other bank or Post office to pay in but adds extra delay.
|
|---|
|
|
Electronic Fund Transfer
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Bank
|
Bank
|
|---|
| Fee/Cost |
None
|
None
|
|---|
| Advantages |
Quick
|
Cleared Funds
|
|---|
| Disadvantages |
Need Internet / Phone access to bank account
|
Need Internet / Phone access to account to verify payment, if used frequently identifying which payment is which could be a problem
|
|---|
| Speed |
Instant if Buyer & Seller Bank with the same company, otherwise approximately 3 working days
|
|---|
| Comments |
Some worries about giving over bank details, but in practice they are exactly the same details provided on every cheque used.
The banks have different names for this i.e. 'Pay Someone' and 'Third Party Payment'
For more information see the Electronic Fund Transfer page
|
|---|
|
|
Girobank
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash or Cheque
|
Bank
|
|---|
| Fee/Cost |
None
|
None
|
|---|
| Advantages |
Avoids postal delays
|
|
|---|
| Disadvantages |
|
Need Internet / Phone access to account to verify payment, if used frequently identifying which payment is which could be a problem
|
|---|
| Speed |
Buyer travels to Bank + 4-5 Days while cheque (if used) clears
|
|---|
| Comments |
Seller provides account details then Cash / Cheque can be paid in directly at the Post Office which has more widely distributed branch network and is typically open longer hours then banks.
|
|---|
|
|
Postal Order
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash / Cheque
|
Cash / Bank
|
|---|
| Fee/Cost |
Fee
|
None
|
|---|
| Advantages |
Useful for those without access to Bank Accounts or credit cards
|
Can be cashed at same time as posting winnings. If paid into bank is cleared funds
|
|---|
| Disadvantages |
fee (see comments below)
|
None
|
|---|
| Speed |
Visit Post Office + Post + Visit Post Office/Bank
|
|---|
| Comments |
Safer to post than cash. (fees 50p to £1 = 25p, £2 to £4 = 45p, £5 to £7 = 65p, £8 to £10 = 80p,
£15 = 90p, £20 = 95p)
It has been reported that Post Offices rarely ask for id when cashing uncrossed Postal Orders,
the sender should retain the stub.
|
|---|
|
|
NoChex
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
From Debit or Credit Card
|
To Bank via Debit Card
|
|---|
| Fee/Cost |
Free
|
Receive Payment 2.6% + 20p
25p to withdraw (free if £50 or more)
|
|---|
| Advantages |
Speed, can send money to anyone with an e-mail address
|
Cleared funds
|
|---|
| Disadvantages |
UK only
|
fee, needs to be registered before able to withdraw money, UK only
|
|---|
| Speed |
e-mail + approximately 3 days if money is withdrawn
|
|---|
| Comments |
There is no need / requirement to withdraw funds so it is advantageous to let them mount up prior to withdrawing or using them to pay another seller for goods bought.
|
|---|
|
Gift Vouchers from Online Shops
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Credit / Debit Card
|
Voucher
|
|---|
| Fee/Cost |
None
|
None
|
|---|
| Advantages |
Quick
|
Cleared Funds
|
|---|
| Disadvantages |
|
|
|---|
| Speed |
Voucher e-mailed to seller by shop
|
|---|
| Comments |
Buyer needs to be able to use specific shops voucher. If you are considering using Amazon you need to be aware that the different countries Amazon sites do not accept each others vouchers.
Here is a list of some places you can buy Online Gift Vouchers
|
|---|
|
|
Foreign Currency
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash in local currency
|
Foreign Cash
|
|---|
| Fee/Cost |
None
|
Currency conversion charges, Handling fees, commission
|
|---|
| Advantages |
Simple
|
|
|---|
| Disadvantages |
Risky sending cash in post (wise to use Registered / Special Delivery or equivalent). Not covered by eBays buyer protection scheme. Sum owed might be rounded up to avoid posting coins.
|
fees, possibility of receiving counterfeit currency
|
|---|
| Speed |
Post + time taken to convert to £'s
|
|---|
| Comments |
The Post Office don't charge commission, but don't have the best rates either
See Auctionpix (Sellers on eBay UK & Eire are not allowed to ask for payment by Cash)
|
|---|
|
|
Sterling Money Orders
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash, Cheque, Credit / Debit Card
|
Sterling Money Order
|
|---|
| Fee/Cost |
Purchase Fee + Postage
|
Some Banks may charge to handle these
|
|---|
| Advantages |
Safer then a cheque
|
Cleared Funds, Sterling
|
|---|
| Disadvantages |
Purchase cost
|
Possible bank charges
|
|---|
| Speed |
Purchase Time + Post + Pay into bank
|
|---|
| Comments |
these can be paid into your bank.
Possibly for no fee though some banks have recently introduced charges. Check with your branch.
|
|---|
|
|
US Dollar International Money Orders
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash, Cheque, Credit / Debit Card
|
US$ Money Order
|
|---|
| Fee/Cost |
Purchase Fee + Postage
|
Conversion costs
|
|---|
| Advantages |
Safer then a cheque
|
Cleared Funds
|
|---|
| Disadvantages |
|
Need Converting to £'s
|
|---|
| Speed |
Purchase time + Post + conversion time
|
|---|
| Comments |
These can be paid into your bank but will incur a charge.
See Auctionpix
|
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|
|
Foreign Cheque
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cheque in own currency
|
Foreign Cheque
|
|---|
| Fee/Cost |
Postage
|
Cost of Converting to £'s
|
|---|
| Advantages |
Simple, generally safe
|
|
|---|
| Disadvantages |
If you are paying a large sum and / or have low feedback the seller may choose to wait for the cheque to clear which can take a number of weeks
|
Conversion costs
|
|---|
| Speed |
Post + time taken to convert to £'s
|
|---|
| Comments |
If paid into your bank it is worth knowing that different banks have different charges and some can clear foreign check faster then others depending on the country of origin, i.e. HSBC is faster with European cheques.
See Auctionpix
|
|---|
|
|
Sterling Travellers Cheques
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Various
|
Sterling Travellers Cheque
|
|---|
| Fee/Cost |
Purchase fee + postage
|
None
|
|---|
| Advantages |
|
Cleared funds
|
|---|
| Disadvantages |
No Recourse if 'lost in post'
|
|
|---|
| Speed |
Purchase Time + Post + Pay into bank
|
|---|
| Comments |
can be paid into your UK bank like a normal cheque, no charges to pay, but unlike a cheque are treated as cleared funds, so no delay while they clear.
If lost etc the issuing 'bank' may claim that you have used them incorrectly "you are supposed to counter-sign them in front of the retailer or exchanging bank"
|
|---|
|
|
PayPal
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Credit / Debit Card or PayPal Balance
|
Bank
|
|---|
| Fee/Cost |
Free
|
For US$ transactions -
2.9% + 30 cents
For £ transactions -
3.4% + £0.20
For € transactions -
3.4% + €0.35
+ Crossborder fee if Buyer & Seller in different countries (1%)
+ Withdrawal charge (25p) [Free withdrawal if £50+]
|
|---|
| Advantages |
Quick
|
Cleared Funds
|
|---|
| Disadvantages |
|
Fees
|
|---|
| Speed |
Transaction Fast, e-mail. Withdrawn funds take about a week to reach your bank account
|
|---|
| Comments |
PayPal now operates in Sterling, Euros and US$, but you need to be aware of the advantages
and disadvantages and costs of each currency.
You are advised to quote your own UK£ to US$ conversion rate due to the figure used by eBay being significantly lower then the going rate, it is normal to see conversion rates of between £1 = $1.50 and £1 = $1.60.
Basic PayPal membership does not allow you to accept payments from credit cards only from other users accumulated balance's, but carries no transaction fee.
It can be worth watching the exchange rate they use, so that you can withdraw your funds at the best rate.
Almost essential if you are intending to sell to the US.
(There's an inconsistency between Paypal's T&C and eBay's about whether PayPal fees can be passed on to the buyer)
|
|---|
|
|
SendMoneyOrder.com &
ToShip.com
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Credit Card
|
US Dollar Money Order
|
|---|
| Fee/Cost |
Fee
|
Conversion Charges
|
|---|
| Advantages |
Quick
|
|
|---|
| Disadvantages |
Fee
|
Conversion Charges
|
|---|
| Speed |
(Air)mail + Convert to £'s
|
|---|
| Comments |
All let you buy Money Orders online & will post them within the USA.
SendMoneyOrder's fees.
ToShip's fees.
SendMoneyOrder & ToShip will accept payments via PayPal.
ToShip has low maximum. of $50.
See Auctionpix for US Dollar Money Order Conversion.
|
|---|
|
|
Foreign Currency Bank Account
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cheque / Money Order in own currency
|
Bank
|
|---|
| Fee/Cost |
Postage
|
None
|
|---|
| Advantages |
|
No Currency conversion costs
|
|---|
| Disadvantages |
|
Unless you buy and sell in the foreign currency you will need to convert your money back to sterling occasionally
|
|---|
| Speed |
Post + Travel to bank
|
|---|
| Comments |
If you are going to be doing a lot of business with US or Euroland buyers you could open a US$ or Euro bank account here in the UK.
Most UK banks offer this service.
|
|---|
|
European Electronic Fund Transfer
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Bank in local currency
|
Bank in £'s
|
|---|
| Fee/Cost |
Possible fee
|
Possible fee
|
|---|
| Advantages |
Quick
|
Cleared Funds
|
|---|
| Disadvantages |
Needs Internet / Phone access to bank
|
Needs Internet / Phone Access to bank to confirm receipt. Frequent users might have problems identifying buyers.
|
|---|
| Speed |
A few working days
|
|---|
| Comments |
HSBC can accept any EU or EEA
currency free of charge into a sterling account. The buyer will most likely have to pay a fee to their own bank. You can also EFT to other European banks, depending on
the receiving bank / country at HSBC it costs between about £6-10.
|
|---|
|
|
Western Union
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Various
|
Cash / Cheque
|
|---|
| Fee/Cost |
Fee
|
None
|
|---|
| Advantages |
|
Paid in £'s
|
|---|
| Disadvantages |
Fee
|
|
|---|
| Speed |
Paying Fast (Online / Phone) + Seller Collection Time
|
|---|
| Comments |
There are Western Union Agents in most UK Towns (typically Travel Agents, News Agents, Off Licences). It is free to receive money, but costly to send (the minimum you can send is £15 for which the fee is £8 (£15-£25 = £8, £26-£50 = £12, £51-£100 = £14 etc) ). To send money you either visit the web site, phone 0800-833833 or visit one of their Agents, you give the Agent the payment & fee and the name of the recipient and they give you a 10 digit payment tracking number, you give the recipient the number and they then visit their local agent with proof of their id and they can them take the payment in their local currency.
This service is not secure i.e. the recipient need only prove his id and he can then withdraw the payment
See Moneygram. (Sellers on eBay UK & Eire are not allowed to ask for payment in this way)
|
|---|
|
|
Moneygram
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash
|
Cash
|
|---|
| Fee/Cost |
Fee
|
None
|
|---|
| Advantages |
|
Payment in £'s
|
|---|
| Disadvantages |
Fees
|
|
|---|
| Speed |
Travel to Agents to Pay + e-mail + Travel to Agents to Collect
|
|---|
| Comments |
Agents in most towns (Post Office, Travel Agents)
Low minimum amount payable (1 cent). Cheaper then its competitor
Western Union for larger transactions. (Sellers on eBay UK & Eire are not allowed to ask for payment in this way)
|
|---|
|
|
place2pay
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cheque, Credit / Debit Card
|
Cheque
|
|---|
| Fee/Cost |
Fee
|
None
|
|---|
| Advantages |
|
Payment in £'s, no fees
|
|---|
| Disadvantages |
Fees
|
Uncleared Payment
|
|---|
| Speed |
Online Payment (or post cheque to place2pay) + cheque posted to seller + time to pay cheque into bank
|
|---|
| Comments |
Pay by credit / debit card online in own currency and seller is sent a cheque in their own currency
(limit of $500 by credit card), alternatively send place2pay a cheque in which case no upper limit.
Full service (buy & sell) in 17 countries. 10 other countries can make credit / debit card payments
but cannot accept payments.
The flat fee structure ($0 - $100 = $6, $100.01 - $1500 = $12, $1500.01+ = free) makes some values
of payment better/worse value for money then others.
|
|---|
|
|
Auctionpix
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
US Dollar or Euros
Cheques, Money Orders or Cash
|
Sterling Cheque / Electronic Fund Transfer
|
|---|
| Fee/Cost |
No Fee, Possible Postage Costs
|
Fee depends on chosen payment method
plus cost of posting payments to Auctionpix
|
|---|
| Advantages |
|
|
|---|
| Disadvantages |
|
|
|---|
| Speed |
Worst Case - Airmail + UK Post to Auctionpix + return post + pay into bank + 4-5 days cheque clearance
Best Case - Airmail to Auctionpix - EFT to sellers bank.
|
|---|
| Comments |
A convenient way to avoid the high charges most banks levy on overseas payments.
Can also be used to make Euro & US Dollar Payments.
|
|---|
|
|
Foreign Currency Bankers Draft
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Bank
|
Bankers Draft in own Currency
|
|---|
| Fee/Cost |
Fee + Postage
|
None
|
|---|
| Advantages |
|
No Fees
|
|---|
| Disadvantages |
Fee
|
|
|---|
| Speed |
Bank Processing Time + Post + pay into bank + 4-5 days clearance
|
|---|
| Comments |
A typical fee is about £10
|
|---|
|
Canadian Sterling Postal Order
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash or Cheque in Can$
|
Cash or Bank in Sterling
|
|---|
| Fee/Cost |
Can$4.50
|
Free
|
|---|
| Advantages |
Useful for those without access to Bank Accounts or credit cards
|
Can be cashed at same time as posting winnings. If paid into bank is cleared funds
|
|---|
| Disadvantages |
Fees
|
None
|
|---|
| Speed |
Visit Post Office + Post from Canada + Visit Post Office / Bank
|
|---|
| Comments |
Safer to post than cash.
the sender should retain the stub.
There is a picture of one of these here
|
|---|
|
Citibank Sterling Money Order
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Cash or Cheque in US$
|
Cash or Bank in Sterling
|
|---|
| Fee/Cost |
Fee
|
Free
|
|---|
| Advantages |
|
Can be cashed at same time as posting winnings. If paid into bank is cleared funds
|
|---|
| Disadvantages |
Fees
|
None
|
|---|
| Speed |
Post from USA + Visit Post Office / Bank
|
|---|
| Comments |
It can take up to 8 weeks for one of these to arrive
There is a picture of one of these here
|
|---|
|
|
PPPay.com
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Bank, Credit or Debit Card
|
Bank via Debit Card
|
|---|
| Fee/Cost |
Free
|
1.95% to receive payment, 1% withdrawl fee
|
|---|
| Advantages |
Quick
|
Cleared Funds
|
|---|
| Disadvantages |
|
Fees
|
|---|
| Speed |
Transaction Fast, e-mail. Withdrawn funds takes 5 working days to reach your bank account
|
|---|
| Comments |
Works in Pounds, US Dollars & Euros. Also has an Escrow Payment Service available to its users
|
|---|
|
|
Egg Pay
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Bank (Egg)
|
Bank via EFT or into own Egg Pay Account
|
|---|
| Fee/Cost |
Free
|
Free
|
|---|
| Advantages |
Free, Quick
|
Free, Cleared Funds
|
|---|
| Disadvantages |
UK Only
|
UK Only
|
|---|
| Speed |
Transaction Fast, e-mail. Withdrawn funds takes 5 working days to reach your bank account
|
|---|
| Comments |
There are reports of the EFT being faster then normal, but this can vary depending on who you bank with.
Funds in the Egg Pay account earn interest.
|
|---|
|
|
iKobo
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
Credit/Debit Card
|
Cash Machine, with i-Kard
|
|---|
| Fee/Cost |
4%, $2 minimum charge
|
Possible Cash Machine Charges
|
|---|
| Advantages |
Quick
|
|
|---|
| Disadvantages |
Fees
|
Can only withdraw as cash
|
|---|
| Speed |
Fast
|
|---|
| Comments |
The use of the cash machine to withdraw your payments is currently unique among payment services and could be a benefit for those few who do not have a bank account. The cash machine, i-Kard, is issued when the member first has funds to withdraw
|
|---|
|
|
GreenZap
|
|---|
| Buyer | Seller |
|---|
| Payment Method |
US Bank Account / Cheque / Money Order
|
US Bank Account / Cheque
|
|---|
| Fee/Cost |
Free
|
$2
|
|---|
| Advantages |
Quick
|
|
|---|
| Disadvantages |
|
Fees
|
|---|
| Speed |
Fast
|
|---|
| Comments |
GreenZap is of limited use to those who live outside USA as it operates in US Dollars and only links to US bank accounts. GreenZap also runs a WebCash service (Sellers on eBay UK & Eire are not allowed to ask for payment in this way)
|
|---|
Other Payment Methods
- Paymate
- An Australian online payment system, only Australians can be members.
Non Australians can make payments by Credit Card to Australian members.
Non Australians who pay by credit card via Paymate will be charged a fee.
|
Your Comments / Thoughts / Additions / Corrections etc 
