International Payments
Thread poster: Malika Lakbiach
Malika Lakbiach
Malika Lakbiach  Identity Verified
Local time: 14:29
Dutch to Arabic
+ ...
Sep 13, 2018

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
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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 the sterling.
Thank you for any suggestions.

[Edited at 2018-09-14 10:43 GMT]
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Nikki Scott-Despaigne
Nikki Scott-Despaigne  Identity Verified
Local time: 15:29
French to English
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.

Edward Potter
 
Sheila Wilson
Sheila Wilson  Identity Verified
Spain
Local time: 14:29
Member (2007)
English
+ ...
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
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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.
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José Henrique Lamensdorf
 
José Henrique Lamensdorf
José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 11:29
English to Portuguese
+ ...
In memoriam
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
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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.
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Edward Potter
Edward Potter  Identity Verified
Spain
Local time: 15:29
Member (2003)
Spanish to English
+ ...
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.


Nikki Scott-Despaigne
Hedwig Spitzer (X)
Daryo
 
Malika Lakbiach
Malika Lakbiach  Identity Verified
Local time: 14:29
Dutch to Arabic
+ ...
TOPIC STARTER
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.


 
Malika Lakbiach
Malika Lakbiach  Identity Verified
Local time: 14:29
Dutch to Arabic
+ ...
TOPIC STARTER
Solved Sep 18, 2018

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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International Payments







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