What is the most secured way of accepting rental payments from abroad?

This is one of the trickiest questions when it comes to renting out your holiday home.  The majority of owners and renters have been regarding cheques as the most common way of payment.  Transactions are traceable, and it also gives renters a peace of mind knowing that cheques could be cancelled if they were lost in the post somewhere in the world.  However, clearing an overseas cheque could take some time, and under certain circumstances, a cheque could bounce after being deposited in your account.  This should not cause great concerns though as long as a cheque is cleared well in advance of the stay.

For many renters, being able to pay by credit/debit cards is an attractive option, as it usually comes with some level of protection by card issuers.  For those who do not have credit card merchant facilities, you are still able to take card payments by using PayPal.  Your clients will also have the confidence that PayPal is a well-recognised platform.  It is worth bearing in mind that taking credit card payments allows the possibility for “charge backs” to be made after the stay, if renters could prove that they did not receive the goods or services as described. 

Bank transfer is another widely accepted method of payment.  With great access to online banking these days, this option is straight forward and could save you lots of hassle.  Transactions are traceable and it is generally regarded as a less risky way of accepting international payments.  Make sure you provide the IBAN and SWIFT code of your bank account to overseas clients.

Never ask for cash or payments sent by institutions such as Western Union and Moneygram.  These transactions are not traceable and best to avoid.