SWIFT payments?
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Pepperoni
Posts: 461 Forumite
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
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
- [STRIKE]Credit Card: £2,989 / £2,989[/STRIKE]
- Bank Loan: £12,000 / £14,000
0
Comments
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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?!?0 -
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 hate verisimilitude.0 -
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?Evolution, not revolution0 -
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.
HTH0 -
They should be looking for SEPA payments (from inside Europe)0
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