What's the deal with SEPA transfers being reversible?

[K~Ehleyr]

I'm starting to consider trying my hand at localbitcoins and similar, but while researching I keep coming across claims that SEPA transfers cannot be trusted because the sender can recall them.  Can anyone give me a definitive answer on this, please, as I have worked in a European bank and have never known a SEPA transfer to be returned without the express written consent of the beneficiary.

Thanks.

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[Serpens66]

They are not reversible BUT the bank can tell you to send it back or they will sue you, IF the owner of the bank account claims that he did not send this money (but a hacker).

So you will have big problems with banks trying to get back the money. Most people say that if you are going to court, you would win it and can keep the money. But it will definitely take alot of time and money to get there. And of course your bank can close your bank account without providing any reason. And they will do so, if you get stolen money too often (sometimes once is "too often).

You should ask companies how they do deal with fraudulent SEPA transfers. Obviously they have a better way to deal with it.

[K~Ehleyr]

Ah thank you for explaining!  I guess, even though the bank would normally ask for proof of fraud, Bitcoin is something they would disapprove of anyway.

I've just opened an account with Fidor AG, hopefully that will mitigate the risk...

[valta4065]

I'm starting to consider trying my hand at localbitcoins and similar, but while researching I keep coming across claims that SEPA transfers cannot be trusted because the sender can recall them.  Can anyone give me a definitive answer on this, please, as I have worked in a European bank and have never known a SEPA transfer to be returned without the express written consent of the beneficiary.

Thanks.

Hey,

I hang a lot at localbitcoin.
I buy and sell BTC essentially with SEPA. And never got any problem.
Theoretically SEPA transfer can be asked back by a bank, but for that the person doing the transfer must lie to the bank stating that he was not the one who made the transfer and he got pirated...
Never happened.

[K~Ehleyr]

I'm starting to consider trying my hand at localbitcoins and similar, but while researching I keep coming across claims that SEPA transfers cannot be trusted because the sender can recall them.  Can anyone give me a definitive answer on this, please, as I have worked in a European bank and have never known a SEPA transfer to be returned without the express written consent of the beneficiary.

Thanks.

Hey,

I hang a lot at localbitcoin.
I buy and sell BTC essentially with SEPA. And never got any problem.
Theoretically SEPA transfer can be asked back by a bank, but for that the person doing the transfer must lie to the bank stating that he was not the one who made the transfer and he got pirated...
Never happened.

That's reassuring - thanks!