I have been letting my cottage in the UK (in Sussex) through an agency but am working on my own website and hope to have it up and running soon.
Some past visitors have been former UK residents now living in Europe. If residents outside the UK booked with me should they be able to pay by bank transfer into my account? Do they have to pay additional charges? Should I specify something in terms and conditions about this? How long should it take long to transfer money?
I have a Pay Pal account. Is there an advantage is using this instead or as well as my bank account? Do I have to set up a special Pay Pal account specifically for my cottage?
How can I take payments from outside the UK?
-
LaVilleauTady
- Posts: 524
- Joined: Sat Jan 27, 2007 6:52 pm
- Location: Southern Brittany (& Lancashire)
- Contact:
Re: How can I take payments from outside the UK?
I think so. We offer a choice of payments by bank transfer into either our UK a/c in Pounds or French a/c in Euros. Some prefer bank transfers.rosebud wrote: If residents outside the UK booked with me should they be able to pay by bank transfer into my account?
Usually, yes. Possibly both parties. The sender can specify that they will pay all fees.rosebud wrote: Do they have to pay additional charges?
Yes, you should specify who is responsible for paying the fees, and also make this clear on your adverts.rosebud wrote: Should I specify something in terms and conditions about this?
It varies depending on the countries and banks. A standard transfer non-Euro is 2-4 working days. It can be an urgent payment for a higher fee.rosebud wrote:How long should it take long to transfer money?
The advantage is that PayPal is instant, and easy. You do pay a fee (3.4% fees in Europe) which you can absorb into your business model or recharge to the renter. If you take out an advert with HolidayLettings and link your payPal a/c the fee is discounted (pay advert) or absorbed by them (commission only advert).rosebud wrote:I have a Pay Pal account. Is there an advantage is using this instead or as well as my bank account? Do I have to set up a special Pay Pal account specifically for my cottage?
The PayPal a/c is linked to your email address. It can be updated to a business a/c free of charge. You will ned to verify your a/c to receive more than £1,900 in payments
each year
RoseBud
I accept payments via several methods; all are tailored to have no additional cost to the guest:
UK Bank Transfer:
This is free between UK banks and takes no more than 2-hours if the bank accounts are current accounts. The guests will have to have signed up for on-line banking with their bank. You will need to provide your bank account number and sort code, I suggest that you tell them to use their last name or your booking reference as the bank reference. It will be easier to spot on your statement (on-line system).
International Bank Transfer:
Similar to above with on-line guests, some may have to visit their bank in person to enable the transfer. There maybe costs to the guests, you should state that they will be responsible for all bank costs using this method. You will need to provide the guest with your account IBAN & SWIFT codes; these should be on your statement, but your branch will give them to you. Transfers can take up to 5-days from Europe (India can take months!).
Personal Cheques:
Accept only those drawn on a UK bank account, allow 3 to 5-days for clearance before confirming reservation. I don't accept cheques with less than 14-days to go before arrival. Have a clause in your Ts&Cs about charging a fee for bounced cheques (at least £50).
Credit & Debit Cards via PayPal:
If you don't have an on-line form for this you can send the guest a PayPal invoice from your PP on-line account. Guests with PP accounts can send you the money by simply using your linked email address. UK PP accounts will have been verified by PP so this gives added comfort to guests. As LVT states your normal PP charges are 3.4% + 20p per transaction, extra fees apply for international payments.
If you advertise with HL and sign up for the basic Bookings Manager, your existing PP account will be linked to your HL profile. You can choose to use the quote system with BM or not. Regardless, you will benefit from the lower community rate HL have negotiated that you would only get if you processed thousands of pounds worth of transactions per month; this is now 1.4% +20p. I have just received a payment today for £710 my PP fee was £10.14 at the new rate, previously, this would have been £24.34 saving £14.20; I now absorb this charge myself making a big issue out of the fact I take cards without a handling fee - just about every guest pays using this method where previously they hardly did -I charged them 2.5%.
In all of these cases you don't provide the bank account information until after you have received your booking form completed with all guest info. Don't forget that your bank account and sort code are on your cheques, so this information is of no use to someone unless they are paying you.
Our Ts&Cs are on our website, feel free to nick the bits that are useful to you.
Steve
I accept payments via several methods; all are tailored to have no additional cost to the guest:
UK Bank Transfer:
This is free between UK banks and takes no more than 2-hours if the bank accounts are current accounts. The guests will have to have signed up for on-line banking with their bank. You will need to provide your bank account number and sort code, I suggest that you tell them to use their last name or your booking reference as the bank reference. It will be easier to spot on your statement (on-line system).
International Bank Transfer:
Similar to above with on-line guests, some may have to visit their bank in person to enable the transfer. There maybe costs to the guests, you should state that they will be responsible for all bank costs using this method. You will need to provide the guest with your account IBAN & SWIFT codes; these should be on your statement, but your branch will give them to you. Transfers can take up to 5-days from Europe (India can take months!).
Personal Cheques:
Accept only those drawn on a UK bank account, allow 3 to 5-days for clearance before confirming reservation. I don't accept cheques with less than 14-days to go before arrival. Have a clause in your Ts&Cs about charging a fee for bounced cheques (at least £50).
Credit & Debit Cards via PayPal:
If you don't have an on-line form for this you can send the guest a PayPal invoice from your PP on-line account. Guests with PP accounts can send you the money by simply using your linked email address. UK PP accounts will have been verified by PP so this gives added comfort to guests. As LVT states your normal PP charges are 3.4% + 20p per transaction, extra fees apply for international payments.
If you advertise with HL and sign up for the basic Bookings Manager, your existing PP account will be linked to your HL profile. You can choose to use the quote system with BM or not. Regardless, you will benefit from the lower community rate HL have negotiated that you would only get if you processed thousands of pounds worth of transactions per month; this is now 1.4% +20p. I have just received a payment today for £710 my PP fee was £10.14 at the new rate, previously, this would have been £24.34 saving £14.20; I now absorb this charge myself making a big issue out of the fact I take cards without a handling fee - just about every guest pays using this method where previously they hardly did -I charged them 2.5%.
In all of these cases you don't provide the bank account information until after you have received your booking form completed with all guest info. Don't forget that your bank account and sort code are on your cheques, so this information is of no use to someone unless they are paying you.
Our Ts&Cs are on our website, feel free to nick the bits that are useful to you.
Steve
"Write something, even if it's just a suicide note"
"There is no human problem which could not be solved if people would simply do as I advise"
"As for my amnesia, I've had it as long as I can remember"
Real name: Steve
Gender: Male
"There is no human problem which could not be solved if people would simply do as I advise"
"As for my amnesia, I've had it as long as I can remember"
Real name: Steve
Gender: Male