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Money Transfers

Oakland, CA
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11 posts
15 reviews
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Money Transfers

We are planning a trip in the Hannover area later this year. Instead of staying in a hotel, we're opting to stay in a vacation rental. We found a reasonable one on away from home.com and have been communicating with the owner. He is requiring a depost of 100 euros. He suggested wiring the deposit directly into his bank account. Call me paranoid, but if I deposit the money directly into his account from our account, is there a chance he can take money from this account in the future without us knowing about it? Maybe I've been reading too many warnings on CraigsList?

Further, there were a couple of things I need clarification on. These things were not listed on the away from home website, but quoted to me direct from the owner via email. Will this hold up in case of a conflict?

Thanks.

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Boppard, Germany
Destination Expert
for Boppard
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2,057 posts
3 reviews
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1. Re: Money Transfers

Transferring money from one account to the other is common practice in Germany. We hardly ever use cheques. For international transfers you will need to know the owner`s Bank identifier Code (BIC) and possibly the International Bank Account Numer (IBAN). There is no chance of the recipient using the transaction for taking out money from your account. You should make sure there are no typing errors in the bank code and account number, as the money could othewise end up in someone else's account.

2. Re: Money Transfers

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Removed on: 20 January 2013, 11:40
Germany
Destination Expert
for Train Travel
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38,842 posts
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3. Re: Money Transfers

> He suggested wiring the deposit directly into his bank account.

That's the standard method of payment in Germany and inside the EU. Cheap and safe.

Doing this from the USA to Germany is however not cheap at all. And if the German destination bank is a Volksbank (credit union) or a Sparkasse (savings bank) it gets even more complicated has you have to transfer the money to a central bank institute of these bank networks in Germany onto an account which the Volksbank/Sparkasse has there and only in the remarks for the wire transfer you give the final customer account number.

> is there a chance he can take money from this account in the future

No. Only you can initiate a wire transfer from your account.

> without us knowing about it?

Apart from the fact that you should generally have an eye on your account. Thus noticing if there are things going on without your approval.

> These things were not listed on the away from home website, but quoted to me direct from the owner via email

Such a deposit is pretty common. As it is common to use wire transfer for this.

> Will this hold up in case of a conflict?

A wire transfer is perfectly traceable through the involved banks. It bears less conflict potential than deposit payments by credit card.

.

A vacation rental owner in Germany normally won't be able to receive credit card payments. But you can ask him if he has a PayPal account. Esp. with younger persons the chances may be good. At least easier than a bank transfer and also cheaper for you.

Edited: 15 January 2013, 08:45
Frankfurt, Germany
5 posts
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4. Re: Money Transfers

there are many way to Money Transfer,one of the most important way is internet banking.Everyone can use this facilities at anytime,but its requires both user have bank account.

Frankfurt
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543 posts
136 reviews
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5. Re: Money Transfers

Offer to send the money via Paypal. This might be cheaper for you.

Oakland, CA
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11 posts
15 reviews
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6. Re: Money Transfers

Thank you everyone for your prompt replies! I will try the Paypal method first, as my husband has an account set up already.

Barrie, Canada
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126 posts
24 reviews
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7. Re: Money Transfers

Usually international wire transfer from the US to Europe are done in 2 days. I did it alot, no worries - no one is able to get a hand on your account, as it is YOU who has to initiate the transfer.

8. Re: Money Transfers

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Removed on: 21 January 2014, 06:18