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Refunding security deposits

 
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RebelEmC



Joined: 06 Jan 2015
Posts: 59
Location: Italy

PostPosted: Sat May 26, 2018 3:11 pm    Post subject: Refunding security deposits Reply with quote

Hi

I and my guests are being hit by exchange rate fluctuations when I refund security deposits to foreign banks/cards. Anyone got any bright ideas to avoid this? Some of the security deposits are large amounts and losing £50 on return.
Thanks
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Moliere



Joined: 08 Mar 2007
Posts: 4721
Location: Magalas, Languedoc

PostPosted: Sat May 26, 2018 7:24 pm    Post subject: Reply with quote

Just a thought, who are you using for the Exchange and transfer? Some companies apply horrible FX rates whereby you have a built-in loss.
I use Currencyfair, whose rate is within half a percent of interbank rate, and they charge a fee of only €3.

Beyond that it's a case of practicalities - FX rates do move over time, sometimes quite sharply and there's not much you can do about it except maybe take the damage deposit upon arrival, to minimise the scope for movement, but as we have seen here, that gives rise to other problems. However you could try demanding the deposit money, say, one week before arrival, which would at least minimise the time factor in exchange movements.
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gardenboy



Joined: 02 Jul 2011
Posts: 267

PostPosted: Sun May 27, 2018 8:38 pm    Post subject: Reply with quote

I refund in the currency the client paid in, euros or gbp. Transfer costs me c 1e max online for euros, free in gbp.
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joddle



Joined: 22 Feb 2010
Posts: 692
Location: Valencia

PostPosted: Tue May 29, 2018 11:38 am    Post subject: Reply with quote

I always give deposits back in the same currency I received them - i.e. Euros or £UK (I don't accept any other currency) then I don't have to worry about any exchange rate changes.
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RichardHenshall



Joined: 05 Sep 2009
Posts: 401
Location: Luz, Algarve

PostPosted: Tue May 29, 2018 12:43 pm    Post subject: Reply with quote

Try using the TransferWise Borderless account which would allow you to hold the deposit in the currency it's paid in. There would be a small fee for returning it (€0.60 ??) but low cost exchange if you need to keep it.
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joddle



Joined: 22 Feb 2010
Posts: 692
Location: Valencia

PostPosted: Fri Jun 01, 2018 6:25 am    Post subject: Reply with quote

RichardHenshall wrote:
Try using the TransferWise Borderless account which would allow you to hold the deposit in the currency it's paid in. There would be a small fee for returning it (€0.60 ??) but low cost exchange if you need to keep it.


I already use this company for money transfers but cannot find any reference to borderless accounts on their website!
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RichardHenshall



Joined: 05 Sep 2009
Posts: 401
Location: Luz, Algarve

PostPosted: Fri Jun 01, 2018 9:52 am    Post subject: Reply with quote

https://transferwise.com/gb/borderless/
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joddle



Joined: 22 Feb 2010
Posts: 692
Location: Valencia

PostPosted: Fri Jun 01, 2018 11:00 am    Post subject: Reply with quote

RichardHenshall wrote:
https://transferwise.com/gb/borderless/


Brill - thanks Smile
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