Translation - art & business » Money matters »
Better to be paid in dollars or pounds?
Thread poster: Nicky Brown
Nicky Brown
Nicky Brown  Identity Verified
United Kingdom
Local time: 13:19
Russian to English
Jun 26, 2021

I live in the UK. If I receive money from overseas, is it better to receive it in dollars or pounds? The payment system is PayPal (although I'm looking into alternatives, because PayPal seems to charge a lot - does anyone know of a cheaper one?) Would it be better to be paid via bank transfer?

Thanks!

Nicky
 
Michael Beijer
Michael Beijer  Identity Verified
United Kingdom
Local time: 13:19
Member (2009)
Dutch to English
+ ...
I highly recommend you use Wise (formerly Transferwise)! Jun 26, 2021

I never accept PayPal unless my client agrees to a 4% surcharge on top of my fee, which is what I once calculated gets lost in the form of the PayPal fee and their terrible FX rate.

I highly recommend you use Wise (formerly Transferwise)!

Michael

Maria Teresa Borges de Almeida
Thomas T. Frost
Baran Keki
Philip Lees
ph-b (X)
Omer Dasbilek
 
Vladimir Pochinov
Vladimir Pochinov  Identity Verified
Russian Federation
Local time: 14:19
English to Russian
Try Payoneer Jun 26, 2021

Local receiving accounts act just like local bank accounts which makes it easy for international clients and marketplaces to pay you via local bank transfer in USD, EUR, GBP, CNH, JPY, AUD, CAD, SGD and MXN.

Source: https://www.payoneer.com/solutions/global-payment-service/

Hope it helps.

[Edited at 2021-06-26 08:23 GMT]

Omer Dasbilek
 
Baran Keki
Baran Keki  Identity Verified
Türkiye
Local time: 15:19
Member
English to Turkish
Depends on the 'overseas' Jun 26, 2021

I think there is zero sense in asking to be paid in USD from a French or German translation agency, or in EUR from an NZ agency. I'd ask to be paid in the currency where the agency is located.

Can anybody located in Europe or UK tell me if Wise charges you any fee per local USD transaction (when the client makes payment into your virtual USD account, not when withdrawing your money into your real bank account)? I'm getting charged 7.50 USD per transaction irrespective of the amount... See more
I think there is zero sense in asking to be paid in USD from a French or German translation agency, or in EUR from an NZ agency. I'd ask to be paid in the currency where the agency is located.

Can anybody located in Europe or UK tell me if Wise charges you any fee per local USD transaction (when the client makes payment into your virtual USD account, not when withdrawing your money into your real bank account)? I'm getting charged 7.50 USD per transaction irrespective of the amount received, though I suspect this has to do with Turkey not being included in the USD Borderless Account countries. ▲ Collapse
 
Cristina Crişan
Cristina Crişan  Identity Verified
Romania
Local time: 15:19
English to Romanian
+ ...
perhaps you can ask your client to pay via ACH? Jun 26, 2021

Baran Keki wrote:

Can anybody located in Europe or UK tell me if Wise charges you any fee per local USD transaction (when the client makes payment into your virtual USD account, not when withdrawing your money into your real bank account)? I'm getting charged 7.50 USD per transaction irrespective of the amount received, though I suspect this has to do with Turkey not being included in the USD Borderless Account countries.


Wise help centre:

How do I receive USD from inside the US?

If your routing number starts with 084

Your single routing number will work for both ACH and wire transfers.

If your routing number starts with 026

Provide your ACH (ABA) routing number if you’re:

being paid a salary

receiving earnings from platforms, such as Amazon

receiving direct deposits

receiving non-urgent payments

ACH payments, also known as electronic money transfers, are the most common payment method in the US. They’re usually free, or cost a lower fee for your sender. They typically take 2–3 working days to reach Wise.

Provide your wire routing number if your sender specifically wants to pay you with a wire. Wire transfers can cost your sender 20–30 USD, but will reach your Wise account within 1 working day. If someone sends you money using a wire transfer, we’ll charge a 7.50 USD fee.

Baran Keki
 
Nicky Brown
Nicky Brown  Identity Verified
United Kingdom
Local time: 13:19
Russian to English
TOPIC STARTER
$7.50 Wise charge Jun 27, 2021

Baran Keki wrote:

I think there is zero sense in asking to be paid in USD from a French or German translation agency, or in EUR from an NZ agency. I'd ask to be paid in the currency where the agency is located.

Can anybody located in Europe or UK tell me if Wise charges you any fee per local USD transaction (when the client makes payment into your virtual USD account, not when withdrawing your money into your real bank account)? I'm getting charged 7.50 USD per transaction irrespective of the amount received, though I suspect this has to do with Turkey not being included in the USD Borderless Account countries.


I found this on their website:

"Fees when receiving USD

Receiving US dollars, domestic or SWIFT wires, to your account details will cost you 7.50 USD per transaction. 

When you receive a wire transfer to your account details, we’ll take 7.50 USD off the amount received from the sender. For example, if you’re sent 1,000 USD, we’ll take off 7.50 USD and add 992.50 USD to your balance."
 
Nicky Brown
Nicky Brown  Identity Verified
United Kingdom
Local time: 13:19
Russian to English
TOPIC STARTER
Thanks everyone Jun 27, 2021

Thanks for your replies. I'm going to check out Wise (Transferwise), I think. Anything to move away from PayPal

Have a great Sunday.

Edward Potter
 
Edward Potter
Edward Potter  Identity Verified
Spain
Local time: 14:19
Member (2003)
Spanish to English
+ ...
To be avoided Jun 30, 2021

Nicky Brown wrote:
I'm going to check out Wise (Transferwise). Anything to move away from PayPal


PayPal has always charged very high rates.
Wise is an excellent alternative, although I am keeping an eye on them. They are becoming very popular and very well could start raising their rates once they get enough people hooked. They also could get sold to one of the big fish, and their service could go south.
 


To report site rules violations or get help, contact a site moderator:

Moderator(s) of this forum
Jorge Rodrigues[Call to this topic]
Andriy Bublikov[Call to this topic]
Rita Pang[Call to this topic]
James Heppe-Smith[Call to this topic]

You can also contact site staff by submitting a support request »

Better to be paid in dollars or pounds?







Protemos translation business management system
Create your account in minutes, and start working! 3-month trial for agencies, and free for freelancers!

The system lets you keep client/vendor database, with contacts and rates, manage projects and assign jobs to vendors, issue invoices, track payments, store and manage project files, generate business reports on turnover profit per client/manager etc.

More info »
TM-Town
Manage your TMs and Terms ... and boost your translation business

Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.

More info »