SWIFT payments?

Pepperoni

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

stevenhp1987

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?!?

antrobus

Pepperoni wrote: »

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

Don't do it.

An online shop that doesn't accept Visa or Mastercard (wherever it is) is likely to be a scam.

Ballard

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.

eDicky

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

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

System

They should be looking for SEPA payments (from inside Europe)

Ballard

Heng_Leng wrote: »

They should be looking for SEPA payments (from inside Europe)

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.