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  • FIRST POST
    • Pepperoni
    • By Pepperoni 17th Jul 17, 1:24 PM
    • 448Posts
    • 1,262Thanks
    Pepperoni
    SWIFT payments?
    • #1
    • 17th Jul 17, 1:24 PM
    SWIFT payments? 17th Jul 17 at 1:24 PM
    Hi,

    I'd like to buy something from an online shop in Bulgaria, however they only accept SWIFT payments.

    Can anyone explain how I can make this sort of payment? Never heard of it before - will I look a twonk if I go into my bank (Santender) and ask them to sort? Is there extra fees etc? Is it safe, i.e. if the item never arrives do I have any protection like I would with PayPal?

    Thanks

Page 1
    • stevenhp1987
    • By stevenhp1987 17th Jul 17, 2:54 PM
    • 344 Posts
    • 328 Thanks
    stevenhp1987
    • #2
    • 17th Jul 17, 2:54 PM
    • #2
    • 17th Jul 17, 2:54 PM
    SWIFT is an international bank transfer.

    It is similar to BACS.

    You will likely incur a significant charge for sending money abroad via bank transfer.

    http://www.santander.co.uk/uk/current-accounts/current-account-faqs

    £25 fee for the transfer. You will also more than likely get a poor exchange rate when converting to Bulgarian Lev.

    You will have zero protection should anything go awry.

    To me, it wouldn't be the risk, what online shop doesn't accept credit/debit card?!?
    Last edited by stevenhp1987; 17-07-2017 at 2:57 PM. Reason: Fee info
    • antrobus
    • By antrobus 17th Jul 17, 2:58 PM
    • 14,904 Posts
    • 21,114 Thanks
    antrobus
    • #3
    • 17th Jul 17, 2:58 PM
    • #3
    • 17th Jul 17, 2:58 PM
    ..I'd like to buy something from an online shop in Bulgaria, however they only accept SWIFT payments.
    ...
    Originally posted by Pepperoni
    Don't do it.

    An online shop that doesn't accept Visa or Mastercard (wherever it is) is likely to be a scam.
    • Ballard
    • By Ballard 17th Jul 17, 5:58 PM
    • 1,530 Posts
    • 1,318 Thanks
    Ballard
    • #4
    • 17th Jul 17, 5:58 PM
    • #4
    • 17th Jul 17, 5:58 PM
    With respect to Steven, Swift doesn't share many similarities to BACS other than it being a way to transfer funds from one bank to another.

    i do agree that it does seem more than a little odd not to accept bank cards and I would be very wary of dealing with them.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
    • eDicky
    • By eDicky 17th Jul 17, 7:45 PM
    • 2,577 Posts
    • 1,106 Thanks
    eDicky
    • #5
    • 17th Jul 17, 7:45 PM
    • #5
    • 17th Jul 17, 7:45 PM
    SWIFT is the Society for Worldwide Interbank Financial Telecomunication. They provide communication for international payments between banks, who all have their own SWIFT code for identification, also known as a BIC (Business Identifier Code).

    I would be very hesitant about sending such a bank transfer to a Bulgarian trader. In what currency are they requesting it?
    • firefox1956
    • By firefox1956 18th Jul 17, 8:44 AM
    • 1,077 Posts
    • 585 Thanks
    firefox1956
    • #6
    • 18th Jul 17, 8:44 AM
    • #6
    • 18th Jul 17, 8:44 AM
    I would not go near it personally............
    Put the name of the online store on here & somebody with go over it
    with a fine tooth comb for you.
    HTH
    • Heng Leng
    • By Heng Leng 18th Jul 17, 2:15 PM
    • 3,935 Posts
    • 1,202 Thanks
    Heng Leng
    • #7
    • 18th Jul 17, 2:15 PM
    • #7
    • 18th Jul 17, 2:15 PM
    They should be looking for SEPA payments (from inside Europe)
    • Ballard
    • By Ballard 18th Jul 17, 8:44 PM
    • 1,530 Posts
    • 1,318 Thanks
    Ballard
    • #8
    • 18th Jul 17, 8:44 PM
    • #8
    • 18th Jul 17, 8:44 PM
    They should be looking for SEPA payments (from inside Europe)
    Originally posted by Heng Leng
    SEPA payments can be made via Swift. In fact I don't know any other way to make SEPA payments from the UK although I've only ever worked for agency banks so there may we'll be other options.
    I got a letter from the government the other day. I opened it and read it. It said they were suckers.
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