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Pay deposit on Apartment - IBAN?

Chesterfield...
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Pay deposit on Apartment - IBAN?

We've been asked to pay our Apartment deposit using IBAN.

They have supplied IBAN and BIC numbers.

How does this work and is it the quickest, cheapest and best method?

Any help appreciated.

England, United...
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1. Re: Pay deposit on Apartment - IBAN?

From the UK it works like this:

You give your bank the BIC and IBAN numbers as well as the names of the recipient and an identifying name of your choosing (eg 'apartment rental 4 Dec'). The bank then makes the transfer from your current account to the recipient's account.

Our bank charges £9 for a transfer that reaches the recipient's bank within 3-5 days, or £25 if it must get there the next day. For rentals it is quite enough to go for the £9 service - owners will wait for several days.

I've done this three times now, but prefer payment by cheque because it's cheaper (just postage), but if the owners are not British then bank transfer is often insisted on, unless they accept cash on arrival for the entire rent.

Brussels
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2. Re: Pay deposit on Apartment - IBAN?

< They have supplied IBAN and BIC numbers. How does this work and is it the quickest, cheapest and best method? >

IBAN = International Bank Account Number

…wikipedia.org/wiki/International_Bank_Accou…

BIC = Bank Identifier Code

It identifies a particular branch of a bank in a way that is recognisable across international borders.

IBAN is simply a way of stating a bank account number in such a way that it is identifiable from outside the country concerned.

They are asking you to transfer the money direct to their bank account and giving you the number so that you can.

Chesterfield...
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3. Re: Pay deposit on Apartment - IBAN?

Thanks for the very helpful replies.

The owner is French and this way of paying is the easiest for her.

Just one point - why does it take 3 - 5 working days to transfer money in this electronic age?

England, United...
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4. Re: Pay deposit on Apartment - IBAN?

It's most likely you'll find that it gets there within 2 days even though they say that it will take 3-5 days. At least that's what I found, because I have always asked the owners to email me when the money reaches their account. I guess it's a bit like first class and second class stamps.

My understanding is that there was a European-wide ruling on this charge a couple of years ago or so. Until then the charge was £25 and there was no other choice. They then introduced the 'slower' rate following that ruling.

5. Re: Pay deposit on Apartment - IBAN?

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