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Finding the Right Payment Methods
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Finding the Right Payment Methods

There are many things that set SabbaticalHomes.com apart from other home-sharing sites, and one of them is how we deal with payments—or rather, how you deal with payments.

SabbaticalHomes.com lets our members decide amongst themselves how they want the payment process to work, which leaves you with a lot of freedom, but also a lot of choices. We’ve done a little research to find some of the best payment apps and systems that you can try, for both the United States and abroad. While this does not include every payment platform available, it may help you and the other party decide on one that suits your overall interests the best.

Be sure to protect yourself by checking references and signing a lease or contract with the other member prior to sending or receiving payments.

Related: SabbaticalHomes.com FAQ Trust & Safety Between Members

Guide to Secure and Efficient Rent Payment Platforms

We compiled this list based on these criteria to help you choose the right fit for payments between members: 

  • Convenience: Simplifies the payment process for both tenants and landlords

  • Security: Protects sensitive financial information and reduces the risk of fraud

  • Timeliness: Ensures that rent is paid on time

  • Record-Keeping: Provides detailed transaction records, essential for accounting and tax purposes

  • Flexibility: Offers various payment methods to accommodate different preferences and needs

 

Top International Payment Platforms

Xoom

Xoom is a money transfer service offered by PayPal for international payments. Funds can be sent directly to bank accounts, cash pickup locations, or even deliver cash to recipients’ doorsteps.

  • Pros:

    • Seamlessly integrated with PayPal

    • Provides some fraud protection

    • Fast Transfers

  • Cons: 

    • High fees

    • Offers limited currencies (USD, EUR, CAD, GBP)

  •  Fees: 1% transfer fee, 4-6% exchange rate fee

 

Wise

Wise is an international money transfer service with low fees and competitive exchange rates for sending money across borders. It allows users to hold and convert multiple currencies within a single account, making it ideal for those who are frequently traveling abroad.

  • Pros:

    • Low fees

    • Competitive exchange rates

    • Supports multiple currencies

  •  Cons:

    • Transfers can take a few days

    • Limited customer support for complex issues and larger payments

  • Fees:  Fixed fee up to $5, Transaction fee ranging from 0.35% to 1% market exchange rate, no added margin

  •  

 

Revolut

Think of Revolut as an international bank within your phone, available in 125 countries. Revolut will transfer user’s money instantly for free, but there are small fees for exchanging that currency. Revolut is very similar to Wise but has more features.

  • Pros:

    • Multi-currency transfers and accounts with competitive exchange rates

    • Fee-free transfers within certain limits

    • Some Fraud Protection, up to ten-day refund if provable

  • Cons:

    • Some features require a paid subscription

  • Fees:  

    • Fixed fee up to $5.1% transfer fee, 0% on currency exchange

  •  Plans (in USD): Standard $0, Monthly $9.99, Premium $16.99 
     

Top U.S. Domestic Payment Options

Venmo

Venmo is a U.S.-based money transfer service. Tenants are able to send money directly to landlords with funds available immediately. Landlords can withdraw their funds immediately or hold the funds in their accounts. Venmo is found on the App Store or Google Play and is easy to set up. 

  • Pros:

    • No fees for standard transfers

    • Easy to use

  •  Cons:

    • No dispute resolution or buyer protection

    • Daily limit of $5,000 (in funds sent)

  • Fees: For instant bank transfers (1.75%) and credit card payments (3%)

 

Zelle

Zelle is a money transfer platform that allows individuals to send money directly to one another with zero fees and instant access to funds. Zelle can be found online or in your bank account, under the transfer category. 

  • Pros:

    • No fees when sending or receiving money

    • Easy to use

    • Instant Transfer

  • Cons:

    • No dispute resolution or buyer protection

    • Requires both parties to have a bank account in the Zelle network

 

Related: 15 Best Travel Apps You Need for Your Vacation While on Sabbatical

Secure International Escrow Services

Some members have asked about using third-party escrow-style services to have more control over their security deposits and payments. These services will charge a percentage and/or fees on the transaction. If you are interested in looking into an escrow service, here are two possibilities to research:

Escrow.com

Escrow.com is an online payment service that will hold funds in escrow until all the terms of a transaction are met by both parties. Tenants and landlords will need to fulfill their contractual obligations before the funds are released. This service can be used internationally and in the U.S. offering different currencies. 

  • Pros:

    • High level of security and protection

    • Secure payments that ensure all conditions are met before funds are released

  • Cons:

    • High fees compared to other payment options

    • Complex setup process

    • Slower transaction times

  • Fees: 3.25% up to USD $5000, Over USD $5001 the rate is 0.26% with a fixed fee of USD $162.50

 

Trustap.com

Trustap.com is very similar to escrow.com. They offer the same services but in an app on a mobile device. Fees tend to be slightly higher than on Escrow.com.

  • Pros:

    • Secure transactions with identity verification

    • Suitable for high-value transactions

  • Cons:

    • Not specifically designed for rent payments

  • Fees: Fixed service fee of USD $0.40, and 3% of the total transaction.

 

Note: SabbaticalHomes.com has not vetted these services. Members are responsible for their own research and/or usage of all third-party escrow and payment services.

Avoid Hidden Fees & Read the Fine Print

There are so many payment options available on the internet, but when using any of them, make sure to read the fine print. Double-check your transaction before you send it to avoid unfavorable transfer rates, hidden fees, and more. Doing your homework before can help save you money in the long run.

Also keep in mind that getting a refund can be difficult, especially when the payment happens between two people directly. Protect yourself by checking references and making sure that you vet and trust the person that you’re doing business with before you send anything.

 

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