I.B.A.N.s & S.W.I.F.T.s

[Apple Tree Crafts]

Has anyone ever received money from abroad through an international bank transfer?

I have one crafter who wants to book a space at quite a few fairs, and as he's from Slovakia, he wants to pay me by this method. I have found out the relevant IBAN & SWIFT codes for my bank, and given him the details he needs.

My bank tells me that they won't charge me to receive this money, but that the crafter's bank might unless I stipulate clearly that I will not accept any money if I have to pay charges. I've done this very clearly indeed.

TBH it's giving me the heebeegeebees...I've cleared all but a minimal sum from the account until the money goes in just in case. Just in case of what, I don't know.....but better safe than sorry.

Am I being paranoid? Does anyone know anything about this?

Jules

[beadsbydesign]

I've had a client this weekend from rumania asking the same. I refused and said I wanted payment through paypal.
I haven't got any experience of it all but would prefer my tried and tested methods!

[JBJB]

I've had money from a swift bank transfer. People are always a bit dubious, but basically all you've given him is the same details as are printed on your cheques (and they have your signature on!) As long as he pays you in Sterling, no, the bank shouldn't charge you, but he will have to pay to do the currency conversion his end. Paypal obviously do this automatically. Just make sure he knows you don't accept MONEY ORDERS. They're like cheques that his bank would issue, only 9 times out of 10 they are made out in the foregin currency and not sterling, so you end up paying for the conversion.

Hope this helps and puts your mind at rest!
Emma
xx

[BeadsbyLili]

I've used them too - and they do sound scary but have been ok in the end :)

[Apple Tree Crafts]

....Thanks girls!

I feel a bit better about it now, but will be relieved when it's all done & dusted.

I've emailed him to say that the money must be paid into my account in GBP rather than slovakian whatevers.

Jules

[Katianne]

I have one crafter who wants to book a space at quite a few fairs, and as he's from Slovakia, he wants to pay me by this method.

Wow Jules, news of your fairs are travelling! And it must be all good for him to come all that way!!! :)

[Woody]

We do this all the time at work. He needs to specify at his end that all charges will be borne by the remitter (i.e. him) or you may get charged. Sometimes the payment goes through an intermediary bank that adds a charge. It generally isn't an economical way to send money for amounts less than £500. I would use Paypal also if it was me. I use Paypal for sending money to relatives around the world.

[0103media]

Transferring to you should be no problem... Check with the bank what info u need to give and give nothing more..

I've done it a few time with no problems..

[Apple Tree Crafts]

Wow Jules, news of your fairs are travelling! And it must be all good for him to come all that way!!! :)

Kate, I think he lives over here now, either that or he's staying with friends or relatives.;)

I think I've made it clear that I will not pay any charges under any circs, but I wanted to do it in english he could understand and without coming across as rude. I asked him to pay via PayPal, but he hadn't heard of it. I've sent him the website, which if he has to pay fees for the IBAN, might make him think about joining.

Thanks for all the very comforting advice guys! I really appreciate it.

Jules

[Tip Top]

My husband accidently set up a new bank account (we now refer to it as 'the dodgy account'!) when he was looking at interest rates etc and this is the account we use when he gets requests for bank transfers from overseas. We keep virtually nothing in the account (just in case!) and so far its worked well! :D Its handled transactions from £10 to over £100 with no problem! :D

The currency is converted automatically and the HSBC send us a nice letter to confirm that the money has entered in our account and that all is well etc.

We've accepted this method from all over the world - generally countries where it would be difficult to get ££ stirling.

Its much easier and safer than using Western Union, for instance (that is such a faff!)

Hope this helps!;)

[Apple Tree Crafts]

My husband accidently set up a new bank account (we now refer to it as 'the dodgy account'!) when he was looking at interest rates etc and this is the account we use when he gets requests for bank transfers from overseas. We keep virtually nothing in the account (just in case!) and so far its worked well! :D Its handled transactions from £10 to over £100 with no problem! :D


Do you know how long it takes? The guy wants to attend a craft fair in the next few weeks...

Jules

[JBJB]

I think (from memory) it's about 3 working days - I seem to remember it was quicker than paypal

[Tip Top]

He opened the account with First Direct as we already have accounts with them and it was vitrually instant! We got the paperwork through the post after a few days, but from what I can remember we could use the account straight away (well, as soon as he realised what he'd done heheh!) :D

We don't use the account a lot but its helpful when we get requests for bank transfers :)

[Apple Tree Crafts]

...have said 3 to 4 days as has my crafter. There's nothing in my account yet, but it's a bit early.

I know it was paid in £££'s so I'm not too worried now. When the money's gone in, then I can feel all blase about it....

IBANs? Yeah, they're cool...I use them, like, all the time....;):p

Jules