Are you being asked for a bank transfer to rent an apartment? Bank of Spain issues warning about these payments

After browsing through endless websites, we finally find, with just a click, the apartment of our dreams for long-term rental or just for a few days of beach holiday. The number of rooms, the location and the price, perhaps lower than the others listed, all align. However, when we enquire, we are asked to make an advance payment by bank transfer in order to formalise the reservation. Should we go for it?

The Bank of Spain's online blog has recently published a post warning consumers about scams involving bank transfers to secure such bookings: "In these cases, think carefully before proceeding, because transfers are irrevocable payment mandates. As soon as you realise it's a scam, contact your bank as soon as possible. In accordance with good financial practices and customs, you are required to make reasonable efforts to try to recover the amount transferred by contacting the receiving bank."

The financial institution also points out that we should keep in mind "that the amount already credited to the beneficiary's account cannot be returned without their consent or by court order. That is why you should exercise extreme caution in these cases and make sure you are fully aware of the circumstances before making the transfer."

How can we truly know if we are dealing with a scam or fraud? The Bank of Spain reminds us of some things that should raise alarm bells. "Some clues that should make you suspicious are, among others, that the photos look like they're from a magazine, that the advertiser tells you that they are overseas and cannot show you the apartment, that contact is done wholly by email and contains sentences with spelling or grammatical mistakes, and - here comes the interesting part - they ask you to pay in advance by bank transfer to hold the booking."