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Eban for B&B deposit (fund transfer)? Iban?

Eban for B&B deposit (fund transfer)? Iban?

Oct 5th, 2009, 06:44 AM
  #1  
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Eban for B&B deposit (fund transfer)? Iban?

A B&B I'm hoping to book in Provence has asked for a deposit in Euros through "eban." I'm not familiar with that system, so can anyone shed light on how it works and how one can access it in the USA? I found nothing through Google under eban, but did see Iban and I'm guessing the B&B may have mispelled it in their e-mail to me.
alan64 is offline  
Oct 5th, 2009, 06:58 AM
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Iban stands for international bank account number. To do an international transfer, certainly to Europe, you need the recipients Iban and their bank's BIC (Bank Identifier Code). If they have given you both of these your bank will be able to do the transfer for you. make sure you pay all the costs not shared costs or they won't get the full amount in Euros you need to pay them.
hetismij is offline  
Oct 5th, 2009, 07:03 AM
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We use the word IBAN and the Americans use the word Swift.
http://en.wikipedia.org/wiki/Interna...Account_Number
Yes you should ensure that you pay the costs. That should have been added to your instructions though.
ribeirasacra is offline  
Oct 5th, 2009, 07:38 AM
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You need the recipient's IBAN and BIC but your bank will also ask you for the name and address of the recipient's bank, the name on the account, and maybe the phone number. I disagree about paying the collection costs at their end. You weren't asked and you don't know the amount. You will be paying your bank about $35 anyway. Just transfer what they asked for. It's a deposit so there will be further charges when you get there. I would send the money and then send an email requesting an account statement showing all costs for the rental period so you are not surprised on arrival or check-out.

They probably do not accept credit cards so your next quandry will be how to get all that money in cash when you are there. That question has been asked many times on Fodor's and there are several solutions. Ask your bank to increase your daily withdrawal allowance is the preferred procedure. Most would disagree with me but I would bring enough hundred dollar bills to cover it. Trade them for euros at a bank. Bring crisp new bills.

In America almost every bank has a bank routing number. That's the number to the left of your account number on your checks. The BRN is equivalent to the BIC.
spaarne is offline  
Oct 5th, 2009, 07:49 AM
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I get it. I'm familiar with SWIFT routing for wire transfers. Wire transfers end up being a bit pricy, so I'll ask the B&B if they'll accept a cashier's check in Euros. If so, that's a lot easier (and less fees) for me to obtain. We're not going to Provence until April, so there's plenty of time.

Once we're their we'll use ATM's for cash. We go to England frequently (and have also traveled in Europe) so we're pretty used to that. Too bad their deposit is 40 Euros and not 30, because I still have 30 Euros in cash from our honeymoon in Spain in 2006. Thanks everyone!
alan64 is offline  
Oct 5th, 2009, 07:52 AM
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It would be a lot less expensive on both ends to mail an international draft in the correct euro amount.
StCirq is offline  
Oct 6th, 2009, 05:43 AM
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StCirq I disagree with teh "both ends" bit. I run a Casa Rural in Spain. If the guests wants to pay by IBAN we always ask the gust to pay the charges.
IBAN is the quickest way to transfer money.

Are there not charges associated with international drafts too?
ribeirasacra is offline  
Oct 6th, 2009, 07:28 AM
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Draft is essentially a "certified cheque" drawn from a French bank is euros. My bank uses a french bank as their agent. I have sent a couple of dozen over the years and only once had someone say their bank did nto knwo what to do with it. Low cost..about $10 for me, and if anything goes wrong, you can get bank to cancel and return funds (once had the destinee (is that a word?) think it was just a cheque and he chucked it after we canceled transaction). Got my money back.

Wire, as stated above, requires IBAN, BIC and destinee's name and address. Never been asked for phone #. Takes a couple of days to reach other end. And yes, there is an option when you get the transfer for you to pay destinee's costs, which I choose, so that the full amount is sent to the other end. More expensive than draft.
Michel_Paris is offline  
Oct 6th, 2009, 07:32 AM
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The charge for a international draft for me is about $5.00. For a wire transfer (IBAN), $25.00. Big difference. When I send a wire transfer to my own bank in France, I pay 18 euro for the privilege of accepting it into my account. If you charge your guests that fee, then of course it's no fee on your end. There's no fee at my French bank to accept an international draft, so no one is out any money on that end.
StCirq is offline  
Oct 6th, 2009, 08:03 AM
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StCirq,

Where do you get an international draft? How do you send it? TIA.
spaarne is offline  
Oct 6th, 2009, 08:43 AM
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I went to my local bank to get the international draft (Canada). I assume it owuld be the same for you. That's the other benefit, you get a "bank rate" for currency.
Michel_Paris is offline  
Oct 6th, 2009, 08:44 AM
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Spaarne, I can get one at my bank. I think anyone can at any bank. I suppose you can also get one at an exchange bureau like Travelex, but I've never done that so can't be sure. It's essentially a certified check in another currency. You put it in an envelope and mail it.
StCirq is offline  
Oct 6th, 2009, 10:06 AM
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The draft is made out to the person/company, so it is not paid to bearer, which adds some security. The cash is removed from your account immediately, thus the similarity to certified cheque.

My bank specifically asks what country it is going to, so that it is linked with their partner bank there.

It probably is the cheapest way to send money overseas. I always ask if the destinee will accept them, some are not aware of their existence.
Michel_Paris is offline  
Oct 6th, 2009, 02:24 PM
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StCirq and Michel_Paris,

Thank you. I wil try that tomorrow at my CU and post on the results.
spaarne is offline  

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