Returning security deposits to overseas guests

Up, down, could be better? How to get more bookings is our number one obsession. Talk shop here.
Post Reply
Whatever
Posts: 11
Joined: Tue Nov 18, 2014 4:09 pm

Returning security deposits to overseas guests

Post by Whatever »

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.
Top
User avatar
PW in Polemi
Posts: 1781
Joined: Sun Oct 21, 2012 5:23 am
Location: A village in Paphos, Cyprus

Post by PW in Polemi »

Have a look at Currencies Direct - can't find the thread on here about it otherwise I'd post it for you :oops: :D
Dogs have masters. Cats have slaves!
Top
User avatar
kevsboredagain
Posts: 3207
Joined: Sat Jan 20, 2007 9:32 am
Location: France
Contact:
Contact kevsboredagain

Post by kevsboredagain »

I've been using Transferwise to do return many of my deposits
Top
kg1
Posts: 2347
Joined: Tue Jan 05, 2010 4:23 pm

Post by kg1 »

We use Tradex, no problems so far.
Top
Bunny
Posts: 3387
Joined: Wed Oct 16, 2013 8:48 pm
Location: South of England

Post by Bunny »

kevsboredagain wrote:I've been using Transferwise to do return many of my deposits
+1
Excellent and easy to use for a very nominal fee - only £1 to refund £100 to Euros.
Top
Whatever
Posts: 11
Joined: Tue Nov 18, 2014 4:09 pm

Post by Whatever »

Very helpful. Many thanks to you all.
Top
User avatar
kevsboredagain
Posts: 3207
Joined: Sat Jan 20, 2007 9:32 am
Location: France
Contact:
Contact kevsboredagain

Post by kevsboredagain »

Reviews and comparisons here:
https://www.fxcompared.com/money-transfer-companies/
Top
pachypach
Posts: 54
Joined: Mon Feb 03, 2014 10:40 pm
Location: France
Contact:
Contact pachypach

Post by pachypach »

I use Uk Forex, great rates & very quick transfer.
http://www.ukforex.co.uk/?pid=2628
Top
User avatar
kevsboredagain
Posts: 3207
Joined: Sat Jan 20, 2007 9:32 am
Location: France
Contact:
Contact kevsboredagain

Post by kevsboredagain »

pachypach wrote:I use Uk Forex, great rates & very quick transfer.
http://www.ukforex.co.uk/?pid=2628
A £7 fee makes that about as expensive as Paypal for a £200 deposit
Top
brightmike
Posts: 169
Joined: Thu Feb 26, 2015 9:36 am
Location: Brighton

Post by brightmike »

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.
Our property website can be found by looking at our profile.
Top
Hells Bells
Posts: 13173
Joined: Sat Apr 30, 2005 8:42 am
Location: French Alps
Contact:
Contact Hells Bells

Post by Hells Bells »

For a damage deposit taken less than 60 days in advance, Paypal is free, as they refund the charges when you refund the deposit.
Top
RichardHenshall
Posts: 414
Joined: Sat Sep 05, 2009 4:06 pm
Location: Luz, Algarve

Post by RichardHenshall »

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.
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.

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.
Top
Post Reply

Return to “Bookings”