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Payment in euros
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leon



Joined: 11 Jan 2012
Posts: 30
Location: niort

PostPosted: Thu Jun 29, 2017 12:28 pm    Post subject: Reply with quote

Zingara,
Do you mean that Barclays gave you a better exchange rate than Transferwise?That's amazing.
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Cassis



Joined: 20 Jan 2006
Posts: 1083
Location: Normandy/Pays de Loire border

PostPosted: Fri Jun 30, 2017 9:00 am    Post subject: Reply with quote

Jenster wrote:
No but i'm wondering if transfer wise payment in Euros would be cheaper than than the guests credit card charge for paying in pounds? You can also pay by credit card through transfer wise, but in your own currency, so no cc fees, just a small transfer wise fee for the service.


You request payment in pounds. Transferwise uses the spot rate to convert to the equivalent in euros. Your guest pays in Euros, using his card or bank transfer as preferred. There is a small charge by Transferwise. This is shown to the guest, no hidden charges or card charges. You receive payment in pounds, direct to your bank account.
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Cassis



Joined: 20 Jan 2006
Posts: 1083
Location: Normandy/Pays de Loire border

PostPosted: Fri Jun 30, 2017 9:03 am    Post subject: Reply with quote

leon wrote:
Zingara,
Do you mean that Barclays gave you a better exchange rate than Transferwise?That's amazing.


Transferwise doesn't necessarily give the best rates for very large amounts like house purchases, but it's pretty much unbeatable for small transfers.
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Zingara



Joined: 09 Apr 2013
Posts: 602
Location: Antibes, PACA

PostPosted: Fri Jun 30, 2017 10:11 am    Post subject: Reply with quote

Yes, Leon....but part of it was that there was no inter-country 'exchange'. The funds arrived in the UK in euros, and then were converted by the same bank...so maybe not so many 'commissions' to pay, and yes, Cassis, I think one needs to be careful when it's larger amounts, such as house sales / purchases.
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Jenster



Joined: 08 Mar 2016
Posts: 423
Location: Cornwall

PostPosted: Fri Jun 30, 2017 11:04 am    Post subject: Reply with quote

Cassis wrote:
Jenster wrote:
No but i'm wondering if transfer wise payment in Euros would be cheaper than than the guests credit card charge for paying in pounds? You can also pay by credit card through transfer wise, but in your own currency, so no cc fees, just a small transfer wise fee for the service.


You request payment in pounds. Transferwise uses the spot rate to convert to the equivalent in euros. Your guest pays in Euros, using his card or bank transfer as preferred. There is a small charge by Transferwise. This is shown to the guest, no hidden charges or card charges. You receive payment in pounds, direct to your bank account.


Maybe I'm not being clear. My question is - is the Transferwise method and small fee you describe cheaper for the guest than their credit card fee would be if you requested payment in pounds through Wave/stripe? I would have thought so but I'm not familiar with credit card charges in other countries.
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Cassis



Joined: 20 Jan 2006
Posts: 1083
Location: Normandy/Pays de Loire border

PostPosted: Fri Jun 30, 2017 11:08 am    Post subject: Reply with quote

Jenster wrote:


Maybe I'm not being clear. My question is - is the Transferwise method and small fee you describe cheaper for the guest than their credit card fee would be if you requested payment in pounds through Wave/stripe? I would have thought so but I'm not familiar with credit card charges in other countries.


Yes, it is cheaper, because it gives the spot rate. Cards will use a high street bank rate with a spread for buying and selling.
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Hells Bells



Joined: 30 Apr 2005
Posts: 13142
Location: French Alps

PostPosted: Fri Jun 30, 2017 6:00 pm    Post subject: Reply with quote

Depends on the credit card, my Halifax Clarity card is giving 1140 for 1000 today, Transferwise just 1130. No fees with that one either.
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Jenster



Joined: 08 Mar 2016
Posts: 423
Location: Cornwall

PostPosted: Fri Jun 30, 2017 6:22 pm    Post subject: Reply with quote

Hells Bells wrote:
Depends on the credit card, my Halifax Clarity card is giving 1140 for 1000 today, Transferwise just 1130. No fees with that one either.


No fees with your credit card? Looks like it is not straightforward. Confused now about the best way to offer cc payments for foreign guests!
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COYS



Joined: 06 Jun 2015
Posts: 746
Location: Greek Islands

PostPosted: Sun Jul 02, 2017 8:44 am    Post subject: Reply with quote

Jenster wrote:
Hells Bells wrote:
Depends on the credit card, my Halifax Clarity card is giving 1140 for 1000 today, Transferwise just 1130. No fees with that one either.


No fees with your credit card? Looks like it is not straightforward. Confused now about the best way to offer cc payments for foreign guests!


Trouble is always that you can't possibly please everybody, all of the time. Rates & rules vary across the globe as do consumer preferences. Realistically, unless you're regularly dealing with significant sums, the differences would probably be negligible. I'd sooner concentrate on a system that offers security, simplicity of use & that I'm comfortable with. Like VAL I'd invoice through Wave/Stripe in GBP, customer pays by card in their currency at the prevailing exchange rate. If that costs them a few extra pounds for the protection & convenience that their cc offers I don't think you'll get too many complaints.
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