Bank money transfer charges

[em]

We are renting our house for the first time this season and have been advised by our accountant that all payments must go through our Croatian business account. The problem is that the bank charges are about 30 euros for each transfer, so paying in the deposit and then final payment for each booking is proving to be expensive. Is there any way to avoid/ minimise these costs?

[crojoe]

May 7, 2011 18:32:53 GMT 1 em said:

We are renting our house for the first time this season and have been advised by our accountant that all payments must go through our Croatian business account. The problem is that the bank charges are about 30 euros for each transfer, so paying in the deposit and then final payment for each booking is proving to be expensive. Is there any way to avoid/ minimise these costs?

PAYPAL? Just need an account with an american bank that operates in Croatia I think (to be able to recieve PAYPAL payments)? You open the account in the name of the company. Takes about 1 week to setup Croatian account with PAYPAL, to get verified. Do that or collect the cash in your forign bank,then once a month transfer the money to Business account in Croatia. All you have to make sure is your rentals match up to money income into your bank, even if one lump sum, although each individule amount is easier to track.

[hansel]

The accountant is right, all needs to go through the business bank account and match with your price list and guest registrations you sent to the Tourist board.

Don't know how you are going to manage your rentals, do you have a trusted person or a company who is doing it for you?
The best way is to take payments in cash if you can and deposit to your bank account as soon as the payment is made. Nothing wrong with this if you can do it, just need to deposit the payment within 24 hours of receiving it. The bank will still charge a small percentage for the cash payment as the part of the monthly fee.
But than, if YOU don't do it, the person who does might have to have the right of signature for your account which makes it complex again.

So frustrated myself having to deal with all sorts of things that are in the way of doing the business, just honest way, the best you can and much better that many people around.
All you get is more and more administration, higher fees, more waste of time, even a small step forward takes so much effort and time, unbelievable!

Sorry I cannot think of any other way. Pay Pal maybe, but only with Visa card for the moment, not sure whether local banks will accept it for business accounts and only a section of tourists will be ready to do it this way.

It takes so much creativity to do things legally and the most cost and time efficient! As if the aim is to be as slow and expensive as possible instead of the opposite.

[cc]

Can't people pay by online by credit card? Maybe worth speaking to your bank about this.

[Carol]

set up a Uk based business which provides the service and has a contract with your cro business so that the money need only be sent once per year???