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Money transfers from abroad
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These pages are a copy of the official truespace forums prior to their removal somewhere around 2011.
They are retained here for archive purposes only.
Money transfers from abroad // Business
Post by splinters // Dec 28, 2007, 12:00pm
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splinters
Total Posts: 4148
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Hi guys, this may sound a bit naive but whenever I have done a contract for an overseas client they have always sent a cheque, in their own currency, which I then bank...wait several weeks and get charged for the transaction. Another client has suggested 'wiring' payment to my account but I have not done this before. My bank does accept such a system known as 'Telegraphic transfer' but I was wondering if any of you had experience of this.
After all, is it just too much hassle for the client and designer compared to a cheque system, and does anyone know the charges involved? Any and all input is welcome...:D |
Post by TheWickedWitchOfTheWeb // Dec 28, 2007, 1:50pm
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TheWickedWitchOfTheWeb
Total Posts: 858
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Done this several times in a business sense, usually me sending the money. There are charges that the recipient will get hit for which can be a shock if you're not aware of them and they're not factored in. The paying party can specify they want to cover the costs which will allow you to recieve the exact funds and not have a chunk creamed off for some alleged handling fee or similar. It's quick and effort free for you as the receiver though which is a benefit.
The other option is to ask for an International Money Order which they get from their bank. Exactly like receiveing a cheque except it's already in pounds sterling and drawn on a UK bank, you just pay it in as you would any other cheque.
Hope that's some help. |
Post by jayr // Dec 28, 2007, 1:56pm
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jayr
Total Posts: 1074
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I used to work for natwest processing these payments :(
The charges went from about £8 to £25 depending on the speed of the transfer, from 5 days to same-day transfers.
Makes sure they have your full name, address and IBAN number and the name and address of the branch where your account is held or it could be delayed as the bank search for it.
you might have to ask your bank what your IBAN is, and when you get it give it to your business contact exactly how they give you it. It's basicly your sort code and account number plus GB96 (or some other numbers). You could give them your sort code and account number as well just to make sure, cant hurt to have the info twice
Hope that helps |
Post by splinters // Dec 28, 2007, 2:31pm
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splinters
Total Posts: 4148
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This helps a lot guys. I already had some details on the bank transfer option but presuming I am not in a great rush to actually 'cash' the cheque, is it more cost effective to go with the cheque route?
My client is busy so may not want or be able to get a money order frequently.
Cheers for the replies...:D |
Post by prodigy // Dec 28, 2007, 3:14pm
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prodigy
Total Posts: 3029
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Splinters, Western Unions is a good choice too, easy, fast, and you pick the money on your own currency..
I use it all the time for my own proyects and i never had a problem with it.
Good luck! |
Post by TheWickedWitchOfTheWeb // Dec 28, 2007, 3:36pm
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TheWickedWitchOfTheWeb
Total Posts: 858
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The cheque route will probably be a lot more cost effective for both parties if you don't mind the slightly longer wait (which isn't that bad, unless they post surface mail!).
There is, of course, always the new kid on the block, PayPal. PayPal has grown up a lot and is now a serious finance route used by many businesses - And it's instant with even less fees than cheque cashing! |
Post by splinters // Dec 28, 2007, 4:39pm
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splinters
Total Posts: 4148
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Mmmmm..never thought of Paypal. That might just be the answer.
Cheers WWOTW...:D |
Post by jayr // Dec 28, 2007, 4:46pm
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jayr
Total Posts: 1074
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PayPal has grown up a lot and is now a serious finance route used by many businesses - And it's instant with even less fees than cheque cashing!
...and you don't get some poor, underpaid, overstressed sod misskeying your payment for you! :D |
Post by splinters // Dec 28, 2007, 4:59pm
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splinters
Total Posts: 4148
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You are both right. 3.9% of the fee on a payment outside of the UK. Less than £4 per £100 and no need to trail into the bank on a cold, wet Saturday morning.
That'll do nicely! |
Post by daybe // Dec 28, 2007, 6:17pm
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daybe
Total Posts: 562
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I have used paypal on occasion and it worked out well for me, took a bit to get everything set up. I can't remember to well but there may be a limit that you can recieve but I could be mistaken, may be worth looking into first.
Cheers, |
Post by splinters // Dec 29, 2007, 12:48am
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splinters
Total Posts: 4148
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I already have a Paypal Premier account which accepts any amount. The personal account is free but there are limits on what you can send or recieve.
Cheers again, this looks like the best route. |
Post by TheWickedWitchOfTheWeb // Dec 29, 2007, 4:08am
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TheWickedWitchOfTheWeb
Total Posts: 858
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3.9% of the fee on a payment outside of the UK. Less than £4 per £100
Then there's my suggestion commission to factor in and... what do you mean, "no"? :) |
Post by trueBlue // Dec 29, 2007, 7:10am
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trueBlue
Total Posts: 1761
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I PM'd you my bank account number so you can try All of the various suggestions. I think the minimum amount aloud at my bank is $500.00 US dollars per transaction. Thanks I will let you know how it goes. |
Post by splinters // Dec 29, 2007, 8:07am
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splinters
Total Posts: 4148
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I PM'd you my bank account number so you can try All of the various suggestions. I think the minimum amount aloud at my bank is $500.00 US dollars per transaction. Thanks I will let you know how it goes.
Ho, ho, ho...;):rolleyes: |
Post by splinters // Dec 29, 2007, 11:37pm
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splinters
Total Posts: 4148
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Thanks for the paypal suggestion guys...money is sat snug and warm in my bank account already...:D |
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