Paying via bank transfer?

[tsodupe]

Hi guys!

Just have a question and want to get as many opinions on this as possible.

I'm looking to book a Liveaboard in raja ampat this January, and came across a very nice vessel called Kira Kira. I contacted through an agency (barefoot cruisers limited) who seem to have reputable reviews. I'm being asked to complete the deposit via bank transfer - is this common / safe?

 

[tridacna]

It's common and safe provided you are 100% certain of the bank information of the recipient.. Once sent, it's gone. You have no recourse. You have no protection at all. You will also pay a wire transfer fee assessed by your bank.

 

[tsodupe]

It's common and safe provided you are 100% certain of the bank information of the recipient.. Once sent, it's gone. You have no recourse. You have no protection at all. You will also pay a wire transfer fee assessed by your bank.

In that case, is it more normal to ask to pay over credit card payment rather than bank transfer?

 

[arew+4]

It's pretty common internationally, kinda freaked me out a bit the first time a smaller rental company on Bonaire wanted to be paid in this way. As long as your certain about the company you are dealing with it should not be a problem, you could consider doing a small transaction and verify it goes smoothly first. My bank gives me a dozen or so international transfers for free because I meet minimum balance and monthly deposit criteria. Look into this on your end it was a benefit I was largely unaware of due to not needing it.

 

[arew+4]

In that case, is it more normal to ask to pay over credit card payment rather than bank transfer?

Some will accept this but assess an additional fee to cover the CC fees

 

[tridacna]

In that case, is it more normal to ask to pay over credit card payment rather than bank transfer?

It depends on the vendor. You have to weigh the advantages of a CC’s benefits (chargebacks, points and transactional security) vs the 3 or 4% fee you will have to pay. Many international operators just do not take CCs. Too expensive and difficult to implement. I’d be surprised if they took a card. I would ask and see what they say.

 

[scrane]

Check out Wise:

Wise: the international account | Money without borders

160+ countries, 40 currencies, one account. Save when you send, spend and manage your money internationally.

wise.com

Easy and inexpensive. I've used them quite a few times without complications.

 

[Living4Experiences]

Once you wire money, it's gone forever. If you use a credit card, you have financial protections should an issue arise that you need to recover your funds. If a company doesn't accept credit cards, I'll not use them. There are too many companies out there that will take a credit card for payment. You may have to pay a fee of 3% or 4%, but I think of that as extra insurance on my money.

 

[BubblesBubblesBelow]

I wanted to post a warning here about how you make wire transfers. I do not recommend using Wise.com. They advertise low fees. Wise charged me an upfront $4 fee and I thought it was good deal. Then after the transfer I see 12.28% was deducted from the final amount paid as an intermediary bank fee. I don't know if this is common practice but it sure fees like a bank scam to me. I was transferring USD to EUR for a liveaboard in Egypt.

Edit: The hidden fee appears to be related to using the SWIFT network as an intermediary.

 

[Doc Harry]

Paying by bank transfers seem to be as common in Europe as paying by debit/credit cards is in the USA.

It seems that bank transfers in Europe are free.

In the USA, bank transfers are complicated by anti-terrorism laws. You need a ton of information about the recipient, including name, home address, bank account #, etc. In the USA bank transfers cost $75 to $100 per transaction.