Another thread has reminded me that I have considered re-evaluating the way I currently refund damage/security deposits to our guests from outside of the US.
If you have a guest who pays you in your currency and then need to refund their DD, how do you return it to them if you send a bank check, wire transfer or PayPal refund.
Do you send them the same currency that they sent you or do you send them their currency. If you send them their currency do you eat the fees for FX
Thanks
Kate
Cape Cod
Refunding Damage/Security Deposits in foreign currency - How
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KAB-Dennis
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rentalagent
- Posts: 93
- Joined: Wed Aug 22, 2012 9:32 am
Hi Kathleen,
I have a Euro account with HSBC and find that in my online banking if I make an international payment, it asks me for the country and currency of the beneficiary bank, then the Euro amount I want to transfer... HSBC then does the rest of the calculations for me automatically. There is also a check-box for deciding whether it's you or the beneficiary who pays the charges, and in my T&C's I state that :
"If your account is based outside the UK you agree to cover any costs applied by either our bank or yours in processing the refund of your security deposit"
I have a Euro account with HSBC and find that in my online banking if I make an international payment, it asks me for the country and currency of the beneficiary bank, then the Euro amount I want to transfer... HSBC then does the rest of the calculations for me automatically. There is also a check-box for deciding whether it's you or the beneficiary who pays the charges, and in my T&C's I state that :
"If your account is based outside the UK you agree to cover any costs applied by either our bank or yours in processing the refund of your security deposit"