There are different types of bank transfer - BACS, FPS, SWIFT, CHAPS... Some of them take a while to go through so it might be possible for the sender to stop the payment before it's actually 'gone'... But I've always thought once it's in my account, that's it.
I'm sure they can all be reversed by the banks (if they suspect fraud, etc) but it would be odd for a customer to be able to request it.
Safest thing is to just call your bank and ask for conformation that it's all clear.
I'm also interested what you don't like about paypal (if gift)?
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