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Wiring rental deposit directly to owners bank in US to Bank

Coastal Carolinas
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Wiring rental deposit directly to owners bank in US to Bank

We have been asked to confirm our reservation for a house rental directly to the owners US bank then on to the Cayman Island Bank account. We have never had this happen before and are

surprised that this would be a request given the "scam" climate these days. this would be a substantial amount of $ ( $1500) plus a damage check to be held until after departure. Comments?

Trophy Club, Texas
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for Cayman Islands
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1. Re: Wiring rental deposit directly to owners bank in US to Bank

A bit confused. Are you wiring the $ to the US or Cayman account? What rental is it?

Ask for contact info on several prior renters and ask them about their experience.

Chicago
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for Seven Mile Beach, East End
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2. Re: Wiring rental deposit directly to owners bank in US to Bank

I have done direct/wire transfers to bank accounts before both here in the U.S and in Europe. I have never had any issues and I think the wires are very safe because they require a lot of information to make the transfer. Bank owners' account number, address etc. Certainly someone could set up a fake bank account to do something like this but it seems like a lot of work for an internet scam. I would comment that I only send money after I have talked on the phone to the owner and asked various questions that only he/she could answer. Or I have sent money to a verified rental agency.

I also would echo Testudo's question about clarification on where the money is being transferred,. Once it leaves your account it is gone and you couldn't move it again unless you owned that account.

B.

Syracuse, New York
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for Seven Mile Beach, West Bay, Syracuse
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3. Re: Wiring rental deposit directly to owners bank in US to Bank

If you take a look on the "Timeshares/Holiday rentals" forum on here, you will find advice saying that direct wire transfers are a common tool used by scammers, because after you have sent it, there is no way for you to get your money back if they disappear, or if the property fails to exist.

For this reason, I tend to rent only with folks who take credit cards for deposits and payments, even if that means a small surcharge on the rental - it provides far more protection for both renter and owner.

There have been accounts (admittedly not on the Cayman Islands) of people posting fake postings (in the sense that the property may be real, but they don't own it) and getting money from rental bookings, only to find that the property wasn't booked in their name or not.

Here is a great article by a TripAdvisor member who owns rental properties with some advice on "All about Vacation Rental Scams and how to spot a fake" - I think there's some good advice here: tripadvisor.com/ShowTopic-g1-i10700-k4990614…

Please note that I am not saying anything about this specific case, just some advice I see often on this sort of topic. Hope it helps.

Coastal Carolinas
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4. Re: Wiring rental deposit directly to owners bank in US to Bank

Thank you all for your thoughts and suggestions. At this point in time we contacted the web site that had the listing. The manager of the site said that while they do not handle to $ part of a rental they absolutely do not advise wiring the $. In addition, she was unaware that the owner was requiring it. Plus, she mentioned that the owner had been on the site for a few years. She told us that they are a tech agency only that gives owners the option of becoming a member of their site for a fee which they maintain and forward inquires back to the owners. We are now in the process of calling the owner directly to discuss options and/hear explanations for this rental. We will also check out the notated forum listed. We'll notate our findings in a later post. Again, thank you!

Coastal Carolinas
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5. Re: Wiring rental deposit directly to owners bank in US to Bank

Thank you so very much for your thoughts and advice/experience. At this point we know that with have a name for a "correspondent" bank in New York...a beneficiary bank in Grand Cayman ...and for final credit payment to the owner's Cayman Savings account. We will try to talk with the owner asap.

Knoxville, Tennessee
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6. Re: Wiring rental deposit directly to owners bank in US to Bank

Don't blame anyone for being cautious these days. Rental scams are not limited to vacation rentals. Before moving to our current area, we were looking for a rental home so we could get a feel for the area before purchasing. Craigslist had a home listed which met our needs but fortunately I Googled the address, only to find the house, which was vacant, was really for sale and the realtor, whom I contacted, indicated it had never been for rent. Someone was just using the listing to scam people out of security deposits and first month's rent. No one would ever had gotten the keys to the house.

I'd ask for names, phone numbers of previous renters and follow up with them. Not to say they couldn't be part of scam but if you have specific questions you ask each person, it should help eliminate a potential problem. In addition to credit cards, some owners will also take PayPal, which provides some additional protection, though you will likely pay a surcharge to cover the PayPal transaction fees.

chicago suburbs
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7. Re: Wiring rental deposit directly to owners bank in US to Bank

One renter we use requires paypal and we did not incur additional charges except when our security deposit was refunded and we wanted to receive a check...it was a small charge.

Trophy Club, Texas
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8. Re: Wiring rental deposit directly to owners bank in US to Bank

OK, the US bank is the intermediary. That info is needed by your bank in order to wire the funds, ultimately to the Cayman bank.

I have made villa rental payments via wire in Anguilla and Grenada. Both properties were also listed on multiple management/rental sites as well as the by owner sites.

Coastal Carolinas
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9. Re: Wiring rental deposit directly to owners bank in US to Bank

Hey, thanks for the update. We are awaiting telephone contact from the owners. So, far we have not heard back from him, but it really hasn't been ,but a few hours. So, perhaps we will have more info once we do converse. Again, thank you.

Coastal Carolinas
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10. Re: Wiring rental deposit directly to owners bank in US to Bank

this is an alternative that we would not mind doing as we have a Pay Pal account...at least we would feel a bit more secure. thanks, we will suggest it when we speak to the owner.