Sofortüberweisung - a secure payment method?

It is very difficult to answer a general question as to whether the instant transfer, which you can now make in numerous online shops, is secure or not. Therefore, we have briefly summarized the main advantages and disadvantages of the payment method below.

The advantages of Sofortüberweisung

The payment method of Sofortüberweisung is not that new anymore and with online shopping you will find more and more shops that offer this payment method.

• In any case, what speaks for the immediate transfer is the convenience.
• You don't have to go to your bank's website first to make the transfer.
• You simply enter your account details, PIN and TAN on the shop page and the transaction is carried out on your behalf at the financial institution.
• Of course, this procedure also saves a little time.

The disadvantages of Sofortüberweisung

• The PIN and the associated TANs are usually reserved for direct communication between you and your financial institution. You alone are responsible for ensuring that neither PIN nor TAN falls into the wrong hands.
• In the instant transfer procedure, however, you pass on both your PIN and a TAN to a third party, who then carries out the transaction on your behalf.
• This violates the general terms and conditions of most financial institutions.
• So in the event of a damage, you initially take the risk alone. Since this is a form of prepayment, you can no longer have the money transferred back.
• In addition, the process is nowhere near as secure as online banking via your own bank's website. In fairness, however, it must be noted that cases of abuse have so far not been reported.
• Last, but not least: Make sure in advance that by handing over the data to a third party, you allow an insight into your account details, such as your current account balance or standing orders.

The payment method Sofortüberweisung - conclusion

• As already mentioned at the beginning, nobody can make the decision for you. There are now also some financial institutions that expressly have no objection to the instant transfer.
• The best thing to do with your bank is to check with your bank before using the Sofortüberweisung payment method. This can save you a lot of trouble afterwards.

If you prefer to go online shopping with your credit card anyway, we have put together a few tips for online credit card payments.