Grantier

I am making reservations for B&B's in France. Most haven't required a deposit but a few have. They sent me their international banking account number and want me to send them a portion of the cost. How do I do this? I'm assuming someone else has encountered this situation and can help me. Thanks!!

fmpden

Just go to your bank and have them do a wire transfer to that account number. Will cost about $50.

Sher

If you live in a small town, like I do the people at my local bank are clueless. What should be a simple transaction never is.
But it will cost you.

carlycat

You might want to check with your bank, in the past I've been able to mail an international certified cheque as deposit, with no extra charge to myself as it's included in my monthly bank fee. This year we were able to pay a deposit via pay pal, however it's not everyone who this. It certainly makes it easier though. Most b&bs will ask for a deposit.

Michael

Go to xe.com, establish an account and transfer the sum electronically from one account to the other. Xe.com will charge a few pennies per dollar on the transaction, so if the euro is rated at $1.29, you will pay $1.32 approximately for the transfer. There are no other charges. I've been using this system these last couple of months and it is the simplest and cheapest way to do it. You will have confirmation of the transaction, which will be your proof of payment.

Carlux

The difficulty, as someone who lives in France, is that they probably want an IBAN number - International Bank Account Number http://en.wikipedia.org/wiki/Interna...Account_Number

Unfortunately not all banks use this - we were dealing with a Hong Kong bank who didn't, much to our local French bank's surprise.

You may have to ask for a BIC or SWIFT number, other international bank codes, for use by your bank - best thing presumably is to go to them and ask if they have ever done this. Try to find someone who knows what you are talking about!

Michael

I simply had to give xe.com to withdraw the money from my credit union account. No IBAN needed on this side of the Atlantic.

flanneruk

As far as the payee is concerned, xe.com almost - but not quite - simulates a conventional electronic bank transfer: you give xe the payee's bank details, you tell the payee you've paid, and a day or so later (depending on the French bank's systems), the payee should see credit in his online bank statement.

Sending any kind of cheque to most foreign countries will almost certanly dump considerable costs and uncertainty onto the payee (whatever "certification" you might think it's got, the payee's got no way on earth of telling that means anything till there are real confirmed funds in his account. And that's often WEEKS later). For small businesses you might deal with only once in your life, it's not a fair way of dealing with them: for a deposit of a few tens of euros, the clearance fees on a foreign cheque can easily more or less wipe out the value.

So xe is preferable. But European small businesses are used to the way conventional international bank transfers work: you tell the payee you've told Citibank or HSBC to transfer $100, if it's not in his account a few days later and he needs proof, you show him the Citibank confirmation, and the payee trusts you. xe doesn't quite work that way, and small businesses on the Continent are generally unfamiliar with it so if you use it and want the service immediately, you might have to spend a bit of time explaining what xe is.

But it really is the method that costs you and the payee least, and gets money into his account more or less fastest. For very big sums - if you were buying a house, say - there are a couple of slightly clunkier competitors that might offer better rates. But on $100 or so, a few tenths of one per cent don't matter, whereas looking to the payee as much like an ordinary transfer really does.

Grantier

Thanks. I've got some homework to do. One B&B took paypal so that was simple. I appreciate learning about xe.com. I'll let you know what happens.

StCirq

Any decent size bank will be able to get you an international draft in euros, for which you'll pay $5-$7. No need for an expensive wire transfer. You pay, they hand it to you, you mail it. The payee might have to pay to deposit it - you can work that out with him/her upon arrival.

Michael

<i>Any decent size bank will be able to get you an international draft in euros, for which you'll pay $5-$7.</i>

BofA charges a conversion rate which adds 5 to 6% to the transaction.

Michael

Here's a thread I started when I was trying to figure out the best way to transfer money. Its discussion will give all the options available:

http://www.fodors.com/community/euro...y-transfer.cfm

Michel_Paris

I send payments to france regularly. Your choices (ignoring things like Paypal and Western Union) are wire trasnfers and bank drafts.

A bank draft is like a certified cheque, the money is withdrawn from your account, it is in euros, and is drawn from a bank in France affiliated with you home bank. Costs are ~$5-10. No costs for destinee. If it gets lost, you can get money reversed. You need to mail it.

A wire transfer is an electronic transfer from your account to theirs. You need the IBAN and BIC numnbers, which identify the destinee's bank branch and account #. More expensive than draft (as stated above). Takes couple of days. If doing this, make sure to tell bank you want to pay all costs (i.e. any of the destinee's costs)

Michael

<i>Your choices (ignoring things like Paypal and Western Union) are wire trasnfers and bank drafts.</i>

From the States, and probably Canada since xe.com is based in Canada, an electronic transfer is cheaper.

Michel_Paris

Paypal is %4 of total, bank draft $6.50, wire transfer was (if I can remember from December) ~40 euros (from Canada).

I've not used XE, but have seen it mentioned here regularly. I'd be interested in knowing the costs and exchange rates used.

Scotia

The above discussion reminds me of the article I read yesterday in Toronto's National Post Newspaper. The bottom line is, don't send money via Western Union.
http://www.nationalpost.com/todays-p...370/story.html

Michael

Michel_Paris,

Read the previous thread I posted. My only cost with xe.com was the 1.32% above the daily posted rate. Banks usually have their own conversion rate plus the cost of the wire transfer.

Grantier

I chose to go with a B&B that didn't require a deposit...and that's a better location for me. I did discover google translation, which has helped me decipher the replies I've received from my inquiries.

sssteve

If the deposit is is a problem for you, then find a B&B which doesn't require a deposit, or which uses credit cards. There are plenty of great B&B's which fit into this category.

dsevig

I got ripped I feel on a 95E deposit by paying a big conversion fee + $40 fee to my bank - then I was advised that the gite owner was only credited for 78E- I asked why but he is researching! I know it is his french bank charging him to accept the wire and he thinks it is my problem - I don't think so but what can I do??

I forgot to do what SSteve suggested and not use a gite requiring a deposit or one that will accept Paypal as much better and cheaper!! My Paris rental used Paypal and much nicer and cheaper I think if you need to do a deposit!