International Payments Téma indítója: Malika Lakbiach
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What would be the cheapest way to receive funds from a client based in Egypt if you (as a provider) live in the UK?
The invoice is in euros and I asked the client to pay the funds into my euro bank account (wich is a Dutch one, given that I used to live in the Netherlands and the majority of my cients are in the euro zone), but they are suggesting Paypal.
From previous experience I know that you get charged substantial fees on international payments made in another currency than th... See more What would be the cheapest way to receive funds from a client based in Egypt if you (as a provider) live in the UK?
The invoice is in euros and I asked the client to pay the funds into my euro bank account (wich is a Dutch one, given that I used to live in the Netherlands and the majority of my cients are in the euro zone), but they are suggesting Paypal.
From previous experience I know that you get charged substantial fees on international payments made in another currency than the sterling.
Thank you for any suggestions.
[Edited at 2018-09-14 10:43 GMT] ▲ Collapse
| | | | | Sounds like it might be expensive | Sep 13, 2018 |
You are based in the UK, the client is in Egypt and you have a euro-account. Is your euro-account in the UK? It sounds like you have lined yourself up for substantial costs if you use traditional banking services (exchange rates, commission, fees, etc.). Have you considered Transferwise? Google them to see if it would work for you.
| | | | Sheila Wilson 
Spanyolország
Local time: 07:45
Tag (2007 óta)
angol
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| Only one party should be doing a currency exchange | Sep 14, 2018 |
I can understand you having a euro account - for euro zone clients - although they should always pay by wire transfer as that's normally free for both parties. Is your PayPal account attached to that euro account? If so, there should be no currency exchange fees by PayPal at your end. It should have a euro stream and they'll credit your euro bank account when requested.
However, if your PayPal account is attached to your sterling bank account, then a payment in euros makes no sense ... See more I can understand you having a euro account - for euro zone clients - although they should always pay by wire transfer as that's normally free for both parties. Is your PayPal account attached to that euro account? If so, there should be no currency exchange fees by PayPal at your end. It should have a euro stream and they'll credit your euro bank account when requested.
However, if your PayPal account is attached to your sterling bank account, then a payment in euros makes no sense at all. Your client in Egypt has to do a currency exchange, so why not ask him to pay the equivalent in GBP into a sterling account? That would save you doing one as well. I doubt it will cost your client more, and it will save you money. ▲ Collapse
| | | | | Try Payoneer | Sep 14, 2018 |
Payoneer works like PayPal to some extent, however its fees are much lower.
Here in Brazil PayPal deducts 6.5~7.5% of the total amount in fees, plus they openly adopt a 3.5% lower-than-market exchange rate. AFAIK Payoneer only deducts 1% in USD, or 2% in EUR/GBP.
You should invoice your client in GBP, and they can pay with a Visa or MasterCard. In this manner, it should take two days for Payoneer to clear the money to your bank account.
Tell them to avoid u... See more Payoneer works like PayPal to some extent, however its fees are much lower.
Here in Brazil PayPal deducts 6.5~7.5% of the total amount in fees, plus they openly adopt a 3.5% lower-than-market exchange rate. AFAIK Payoneer only deducts 1% in USD, or 2% in EUR/GBP.
You should invoice your client in GBP, and they can pay with a Visa or MasterCard. In this manner, it should take two days for Payoneer to clear the money to your bank account.
Tell them to avoid using eChecks. They take an entire week to clear to any payment system. ▲ Collapse
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Edward Potter
Spanyolország
Local time: 08:45
Tag (2003 óta)
spanyol - angol
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| Transferwise - the best thing since sliced bread | Sep 14, 2018 |
Nikki Scott-Despaigne wrote:
Have you considered Transferwise?
I've been using Transferwise for 2 years now. It''s the best thing since sliced bread.
It beats Paypal by miles for commissions and exchange rates. Signing up was done in 10 minutes.
| | | | | Euro Account | Sep 14, 2018 |
Nikki Scott-Despaigne wrote:
You are based in the UK, the client is in Egypt and you have a euro-account. Is your euro-account in the UK? It sounds like you have lined yourself up for substantial costs if you use traditional banking services (exchange rates, commission, fees, etc.). Have you considered Transferwise? Google them to see if it would work for you.
Thank you Nikki for your response.
Yes, I should have mentioned that my euro account is in the Netherlands given that the majority of my clients pay in euros.
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Thank you all for your tips and suggestions.
I have changed the invoice into a pound sterling one, and the client was kind enough to agree to bearing the PayPal fees (which were £21.53 for receiving £395).
The client wasn't willing to open a Transferwise account in the end.
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