Any card reader experts around, please?

[dunedin]

Can they not telephone their bank and make it happen?

Telephone is the least secure method of payment, and most exposed to fraud. Expect payment limits might be quite low.

 

[NealB]

It reads the chip on your card - which knows everything - and then once it's checked that you know your pin it turns that into a number that the bank will recognise. That gets you logged in, and it's much the same process for the other functions.

Thank you: I see the light!

 

[dunedin]

It reads the chip on your card - which knows everything - and then once it's checked that you know your pin it turns that into a number that the bank will recognise. That gets you logged in, and it's much the same process for the other functions.

Actually it depends. Some banks use the card and reader for more secure login, some use if for payment authentication, some may use it for both. Without knowing the buyers bank we can’t be sure

 

[NealB]

Very good point. I get round that by sending the seller £1 the day before (or vice versa). @NealB you need to get him to do that.

Good thinking.

 

[penfold]

Again will depend on bank, but RBS / NatWest have a lower payment limit on a new payee set up using the mobile app than one setup via the online banking plus the card and reader (card and reader can’t be used on their own). Not sure what is today, but think possibly used to be £1k and £20k.

Indeed; my bank-a-tron only lets me send £25k a day, apparently more needs the services of a human being as it involves IBAN things, mere BACS cannot suffice or something. No danger of actually getting a human as the local branch opens for 30 seconds twice a week and the phone banking (dis)service leaves me perpetually on hold.

 

[roblpm]

I'd be very wary, I know RBS used to have such a device when I was with them some time ago but can't believe that digital banking being so advanced, they cannot just use an online banking app and transfer the funds.

I'm casting no dispersions.........but I am also a Cynic!

I just ditched my Natwest account and moved to Nationwide for the travel insurance. Now I need the card reader all the time! ? Natwest (ie rbs) had eliminated it.

 

[dunedin]

Indeed; my bank-a-tron only lets me send £25k a day, apparently more needs the services of a human being as it involves IBAN things, mere BACS cannot suffice or something. No danger of actually getting a human as the local branch opens for 30 seconds twice a week and the phone banking (dis)service leaves me perpetually on hold.

Sorry but your description is nonsense - IBAN is an International Bank Account Number, and as such just a number. Exists for all UK accounts, but rarely used except for international payments. It has no impact on payment limits.
BACS payments isn’t relevant either, as that is the slow overnight system used for Direct Debits etc.
The OP’s buyer will be making the payment via the Faster Payments system, which goes through nearly, but not quite, instantaneously - unless it is a posh yacht in which case might need CHAPS, as used for most UK house purchases.
But yes it is confusing

 

[NealB]

a posh yacht

Oh .... she's posh all right.

 

[NealB]

Thanks for your educational thoughts.

Sounds like plan A is 'suck it and see'.

 

[Juan Twothree]

Just saw this elsewhere

"I have a Barclays one. Thought I'd try other cards in it:

First Direct: Fine
Lloyds: Fine
Halifax: Fine
Santander: "This Card is Not Valid". "

And a NatWest card works in a Nationwide card reader, and vice versa.

 

[Andrew_Trayfoot]

My Lloyds and NatWest readers are interchangeable with no issues.

 

[alan_d]

Thanks for your educational thoughts.

Sounds like plan A is 'suck it and see'.

Yes, safe enough, but I suspect it will merely take you as far as the next obstacle.

 

[penfold]

Sorry but your description is nonsense - IBAN is an International Bank Account Number, and as such just a number. Exists for all UK accounts, but rarely used except for international payments. It has no impact on payment limits.
BACS payments isn’t relevant either, as that is the slow overnight system used for Direct Debits etc.
The OP’s buyer will be making the payment via the Faster Payments system, which goes through nearly, but not quite, instantaneously - unless it is a posh yacht in which case might need CHAPS, as used for most UK house purchases.
But yes it is confusing

Thank you for agreeing with me in an incredibly patronising way; do you work for my bank?

 

[KompetentKrew]

Telephone is the least secure method of payment, and most exposed to fraud. Expect payment limits might be quite low.

Santander allowed me to transfer £99,999 over the phone. I'm sure that's a higher limit than can be made using their website.

 

[PaulRainbow]

I'm not sure whether to ask this on the PBO forum or in the Lounge, but it relates to a boat, so I'll try here (and it makes a change from water pumps).

It's looking as if, out of the blue, we've sold our motor-boat (yeah ..... almost back to single-ship ownership!).

An offer was made, that offer was accepted, a deposit was received and no survey is involved: so there's only the balance to be paid, and the deal will be complete.

The buyer is keen to complete tomorrow, then take her away on Monday.

The potential problem is that he forgot to bring his card reader, and couldn't get a banker's draft today.

Hmmmmmm ........ so ...... would he able to make an online transfer using my very basic card reader?

I've only ever used it at home, where the same reader works happily enough across several different banks.

Is there any reason why it wouldn't work on someone else's account, and in a fairly remote boatyard?

These days, you'd have to be a raving lunatic to accept a bankers draft Neal. BACS is the way to go, bu phone, app' or online banking, no need for a card reader.

Be very, very careful.

 

[coopec]

These days, you'd have to be a raving lunatic to accept a bankers draft Neal. BACS is the way to go, bu phone, app' or online banking, no need for a card reader.

Be very, very careful.

In Australia that's the way it works.

I can log into my online bank account, select "payments" and provide payee's name, BSB No (Bank State Branch. The BSB is a six-digit number that is used to identify a bank code and its associated branch in Australia ) and the payee's account number, nominate the amount and do an instant transfer (within 10 seconds!).

Surely the UK has something equivalent?

"Have you seen Osko® in your online banking? You may have seen Osko at the end of your bank transfer, or in your transaction history. It simply means your money has been sent or received fast, no matter the time or day. Osko is available in over 85 Australian banks.

 

[KompetentKrew]

Surely the UK has something equivalent?

Yes, but the card reader is for authenticating oneself to the bank's website when making the transfer. It gives you a magic number, you enter the number into your card reader and type the reply back into the website and the bank knows your card was used to authenticate.

 

[coopec]

Yes, but the card reader is for authenticating oneself to the bank's website when making the transfer. It gives you a magic number, you enter the number into your card reader and type the reply back into the website and the bank knows your card was used to authenticate.

I just log in to my bank's website (Name/password) and go from there.

If it is a new payee (as in this case) they would SMS me on my mobile phone giving me a five digit number which I would input to my online bank website and then the payment would be processed.

 

[KompetentKrew]

If it is a new payee (as in this case) they would SMS me on my mobile phone giving me a five digit number which I would input to my online bank website and then the payment would be processed.

Yeah, that's often used here too. I haven't used a card reader in years.

 

[NealB]

I suspect it will merely take you as far as the next obstacle.

I strongly suspect that you are wrong, for numerous reasons!