Lay My Hat Forum

[teba18]

I'm pretty sure this must've been covered multiple times before - and this quite probably isn't the place to post this query - but I'm a little stressed and really need a quick answer from anyone who knows & can maybe point me in the right direction....
We've been renting for over 10 years and so far have only ever had bookings from the UK - this is just the way it's been, not by design!
Today we appear to have a booking from Portugal. We don't have a euro account and, having said yes to the booking, I'm now in a bit of a panic over how to get the money!
Can they do a bank transfer (the way most of our guests pay these days) - and if so, does anyone know exactly what info they'll need? And how I ensure I get the GBP rate they've agreed to ....
And sooo sorry if this should be somewhere else! Just call me stoopid ...

[nuneatonmark]

You could use Paypal. If both of you have Paypal accounts, Paypal will do the currency conversion from Euros to sterling. Paypal take about 3.5% as a charge. It's safe and easy but I am sure there are other ways.
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[lorca]

They don´t need a Paypal account, just a credit card. You can set an account up quite easily.
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[Marks]

If you want to take payment by bank transfer you will need to supply your guest with your IBAN and SWIFT code.
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[French Cricket]

teba18 - I'm a bit confused Is your property in Portugal? If so, do you really not have an account to pay your bills there?

But yes, ignoring my confusion for a minute, Paypal would work - you'd need a Paypal account (a premier account or whatever it's called now - it's free) but those paying you don't - they can just pay by credit/debit card. The fees work out at 3.4% plus 25 centimes - you decide whether you are they are going to pick those up. Your guests pay you in the currency you're charging them in, but their card is charged in their own currency - Paypal set the exchange rate. It's not brilliant, but not the worst.

To pay by bank transfer your guests would need your IBAN and SWIFT codes (your bank will give you these). Be aware that if you're asking for payment in sterling an international non-euro transfer going to cost them dear .... and if they're from Portugal anyway they might not take kindly to that!
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[teba18]

Thanks so much for all your replies - this forum is sooo helpful!
Yes our property is in Portugal but we recently closed our account there because of all the uncertainty with banks in the eurozone. We have a property manager and now make transfers to her account when needed. Which has got me thinking that the best thing to do is to get the guests to pay her direct - and I'm wondering why I didn't think of this before!
Right now I can't see any drawbacks .........??

[holidayloverxx]

I'd go with that option, you can offset the amount owing to you against what you owe her
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[e-richard]

Don't you just love it when you answer your own question with such simplicity


Moving on slightly, I was surprised that you closed your bank account. I assume you own a property in Portugal, so surely the exposure of a thousand Euros in a bank account, which would be so useful, palls into insignificance compared with your exposure on the property itself.

And anyway don't Portugal have a similar Govt sponsored bank guarantee system to that employed all over the EU ?
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** Richard
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[teba18]

It was more that the original bank was taken over and then we were being charged a ridiculous amount to have the account at all. (and no alternative within easy striking distance) Also our bank cards suddenly had to be renewed annually and if we weren't physically there to collect and activate them within 3 weeks of issue, they wouldn't work at all! We had so many problems with this madness that we decided it was more trouble than it was worth! But we could still live to regret it! ....

[e-richard]

Oh yes, I'm glad to hear it wasn't just a reaction to the economic crisis.

I can certainly relate to all that kerfuffle with the banking system. You forgot to mention that you have to buy your cheques, and they only have a shelf life of one year, after which all they are good for is writing out shopping lists on the back.

In balance though, I have to say that because Portugal only came out of the dark ages very recently, there are many aspects of their infrastructure (A22 tolls apart) that are bang up to date and slick. e.g. being able to go to any "hole-in-the-wall" and pay your taxes, utility bills, get a date for the evening, top up your phone or dongle and get cash.

... but you need a bank card to do all that
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** Richard
Is your glass half full or half empty ?
I don't care - either way there is room for another half glass of wine.

PIMS: Holiday Rental Management made easy