I just received a payment from a European guest. There was a 1.25% additional international surcharge against the direct deposit payment, making the total credit card fee 3.75%.
Still, not bad - I believe the international fee when I used to do my CC processing through a direct processor was 2% instead of the 1.25% that RM charged.
You have several options to get paid, check my full post here:
- WIRE: Typically used by foreign travelers to send money, as well as companies. Funds are transferred immediately and are available within an hour by your bank. Fee to sender: $25 within the US $35-$65 foreign. No fee to receive from US banks, fee may vary if funds come from foreign banks ($5-$25). Cannot be contested once funds have been sent.
- ACH: This is a direct payment from bank to bank, depending on the fee ($0 to $10), it takes one to three days to arrive, but the sender can send you a bank confirmation that the funds have been transferred. No fee to receive funds. Cannot be contested once funds have been sent.
- Credit Card: 2.5% fee, immediate confirmation of payment, funds available next day. Can be contested by cardholder if service is not provided or not as advertised.
- Western Union: Popular by unbanked, high fee to sender (up to 10%) but recipient gets full payment NET. May have to go to local Western Union office to get the cash. Beware of scams requesting funds to be sent first or sent back.
- PayPal: Preferred by unbanked and some foreign buyers, 2.9% fee plus foreign transaction fee. Very secure to recipient.
- Check: Three days to have funds available in your account, but may take longer to realize that it bounced. Fraud may take a few months to get a charge back. No fee to recipient. Favorite method of some scammers requesting partial refund due to overpayment.
Some banks may have different rates and may charge for foreign currency conversion. Check with your bank.
I always prefer the first three options than the last three due to high fees, availability and chargebacks for fraud or bounced checks.
If it is a deposit the fee is returned along with the deposit so no one loses. For the rental, just let them know it costs a bit more to pay by credit card but that you will take a personal/business check, money order or cashier's check drawn in U.S. (or your country's) funds. Let them decide cost over convenience, just like many merchants do when charging a service fee to use a card. Usually there is plenty of time before a rental fee is due to have many options available.