Returning security deposits to overseas guests
Returning security deposits to overseas guests
Our properties are in the UK. We only accept payment by bank transfer to a UK account. We charge a refundable security deposit. What do people do about refunding such deposits to those who have paid from an non-UK bank account? Any solutions I can find seem to levy a hefty charge. If this is the only route do people include in their T&Cs that the guest is liable for such charges? Thanks.
- PW in Polemi
- Posts: 1781
- Joined: Sun Oct 21, 2012 5:23 am
- Location: A village in Paphos, Cyprus
- kevsboredagain
- Posts: 3207
- Joined: Sat Jan 20, 2007 9:32 am
- Location: France
- Contact:
- kevsboredagain
- Posts: 3207
- Joined: Sat Jan 20, 2007 9:32 am
- Location: France
- Contact:
Reviews and comparisons here:
https://www.fxcompared.com/money-transfer-companies/
https://www.fxcompared.com/money-transfer-companies/
I use Uk Forex, great rates & very quick transfer.
http://www.ukforex.co.uk/?pid=2628
http://www.ukforex.co.uk/?pid=2628
- kevsboredagain
- Posts: 3207
- Joined: Sat Jan 20, 2007 9:32 am
- Location: France
- Contact:
A £7 fee makes that about as expensive as Paypal for a £200 depositpachypach wrote:I use Uk Forex, great rates & very quick transfer.
http://www.ukforex.co.uk/?pid=2628
-
- Posts: 169
- Joined: Thu Feb 26, 2015 9:36 am
- Location: Brighton
-
- Posts: 13173
- Joined: Sat Apr 30, 2005 8:42 am
- Location: French Alps
- Contact:
-
- Posts: 414
- Joined: Sat Sep 05, 2009 4:06 pm
- Location: Luz, Algarve
Even if that is a fair and enforceable condition, I would think you would be obliged to make reasonable efforts to reduce those charges. At 0.5% (€1 or £1 minimum) for delivering back a damage deposit to your guest in his/her home currency, Transferwise is pretty good - low enough that the costs can possibly be ignored.brightmike wrote:Not had any yet but our t&c says guests will pay all bank fees. I had just planned to use a normal bank transfer but would not want guests to have unnecessarily high costs.
If you can receive money from guests and return it at the lowest cost, you can charge a little more for your accommodation* - more money in your pocket, more money in your guest's pocket and less in the bank's - what's not to like?
* compared to keeping your charges lower and letting the banks take the extra.