SWIFT code,bank account and VAT number: Can this be abused?

Hey guys. I wanted to know if its possible for a company to take money out of a bank account if they have your SWIFT code, bank account and VAT number? I want to sign up with a program located in the netherlands but im not fimilar with that kind of info being in others hands. Please give me some info on this.

 

Why give the VAT number in the first place?

And no one can take money out of your bank account without your authorization. But obviously banks in different countries have different rules.

But yeah... swift is no big deal.. and as far as the Vat is concerned.. its just your tax id. How can they use it to run or debit your account :S

 

are you getting paid? if thats true you will need to submit your bank account and SWIFT code of your bank. As otherwise it is not necessary. Nonethless, there is no way anybody can take money out of your bank without your permission.

see: http://www.europebanks.info

 

They asked for the VAT number. I'm not even sure what it is. I am concerned because the company is overseas and we are here in the US. Thanks

 

most companies ask for vat number

 

I'd be very cautious before giving away all these details, especially if this is your primarily bank account and you have some money on it, because this info can get either abused of hacked.

Why not to receive the money on paypal and transfer it from paypal to your bank account, it's far more secure in teh first place.

 

No one can take your money from you with the SWIFT Code and Bank Account number without your authorization. I believe all of which needs to originates from your account and they probably require your signature and photo id to be able to initiate a transfer. This has been used for as long as I remember and I never heard of any case of fraud in regards to this.

Of course, the only abuse I see is that you get deposits into your bank account which you have no clue as to where they come from

Paypal isn't all that secure, it is good for small amount transactions though. Besides, Paypal will pinch a little here and there in terms of charges.

I guess the VAT number is only relevant if you are operating within EU otherwise it probably isn't needed. I supposed they request that just to determine if you are a real company.

 

I dont think USA has the concept of VAT. No one can take money out of your account based on swift or Tax id. But do not give any personal info thats not required.