Best/cheapest way to send Stg to a UK Bank account from an Irish Euro a/c

vicwatson

A request from a holiday home owner to transfer deposit to their HSBC account in UK.

How does one do that?

Via Swift?

Does it cost a fee above the exchange rate?

Does the irish bank set the exchange rate?

It's hardly the safest method is it? Say the money is transferred to the persons bank account, you'd be leaving yourself wide open right? If it was fraudulent for example, they withdraw the money and off you go.

Any specific things to be watching out for, any measure you can put in place?

srsly78

Use airbnb and you don't have to worry about this stuff. Yes there are lots of scams involving sending deposits abroad. And yes you will get ripped off on exchange rates by the bank.

readytosnap

vicwatson wrote: »

they withdraw the money and off you they go.

whomever you are dealing with could be a genuine person, I just know that I would not do something of that nature if i did not have concrete evidence the vendor was legit. If you do transfer funds and they leg it or do not provide the service then i don't think you can do anything about it as you willingly transferred the funds.
escrow maybe?

vicwatson

srsly78 wrote: »

Use airbnb and you don't have to worry about this stuff. Yes there are lots of scams involving sending deposits abroad. And yes you will get ripped off on exchange rates by the bank.

Why would I use airbnb when the property is not listed there? It is however listed on ownersdirect.com but If I pay through that website I pay €100.00 more, might be worth it for piece of mind as I can use credit card there

Yggr of Asgard

If you are willing to take the risk with the person and want to do it via bank transfer have a look at currencyfair or transferwise which will offer you better exchange rates and less charge than your Irish Bank.

You will pay them to their € bank account via SEPA transfer or via your debit/credit card and they will pay the £ to the persons bank account.

But as others say, maybe going via the website might be safer in case the person is not really renting out their place.

vicwatson

Yggr of Asgard wrote: »

If you are willing to take the risk with the person and want to do it via bank transfer have a look at currencyfair or transferwise which will offer you better exchange rates and less charge than your Irish Bank.

You will pay them to their € bank account via SEPA transfer or via your debit/credit card and they will pay the £ to the persons bank account.

But as others say, maybe going via the website might be safer in case the person is not really renting out their place.

Looks like transferwise is the thing to do as if I use my credit card to pay then surely I could get a chargeback if the bank ac in GB was a fraudulent one ????

Yggr of Asgard

vicwatson wrote: »

Looks like transferwise is the thing to do as if I use my credit card to pay then surely I could get a chargeback if the bank ac in GB was a fraudulent one ????

Unlikely as the charge is for transferwise to do a transfer.

xDisneyDivax

Check Revolut out! I used this to transfer money to friend in UK

vicwatson

Yggr of Asgard wrote: »

Unlikely as the charge is for transferwise to do a transfer.

But would there not be protection if I paid the full amount of what I want to transfer via credit card to this bank account? protection by my credit card company?

EDIT - Have checked with CC co and they confirm you would be covered if this ended up being a fraudulent transaction

Yggr of Asgard

vicwatson wrote: »

But would there not be protection if I paid the full amount of what I want to transfer via credit card to this bank account? protection by my credit card company?

EDIT - Have checked with CC co and they confirm you would be covered if this ended up being a fraudulent transaction

I hope you got that in writing.

Your deal is with the currency broker for them sending money to a bank account and when they send it they have done their job.

If the receiver does pull a fast one than it's not the currency brokers fault, so why should they be penalized for you wanting to save some money and not using the websites payment system which protects you.

If that person is going to pull a fast one, get ready to fight with the currency broker who is going to come after you.

vicwatson

Yggr of Asgard wrote: »

I hope you got that in writing.

Your deal is with the currency broker for them sending money to a bank account and when they send it they have done their job.

If the receiver does pull a fast one than it's not the currency brokers fault, so why should they be penalized for you wanting to save some money and not using the websites payment system which protects you.

If that person is going to pull a fast one, get ready to fight with the currency broker who is going to come after you.

No, not in writing but aren't phone calls recorded for some purposes.

pauldavis123

vicwatson wrote: »

No, not in writing but aren't phone calls recorded for some purposes.

No way you are covered there. In either of the issues you now have.

Marcusm

vicwatson wrote: »

But would there not be protection if I paid the full amount of what I want to transfer via credit card to this bank account? protection by my credit card company?

EDIT - Have checked with CC co and they confirm you would be covered if this ended up being a fraudulent transaction

You are paying Transferwise to put chase GBP and transfer it to a specified GBP account. Even if the apartment turns out not to exist, you will have had complete satisfaction of the transaction for which the card is used. I do not believe you are covered by chargeback in the circumstances you are citing. A leap of faith is needed with these rentals; I have generally found it useful to make personal contact and try to gauge honesty.

lbyrne121

currencyfair or Transferwise