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Topic: Getting paid in foreign currency: your experience?
| Author | Message |
| MDiskin | Posted – 6/20/2007 11:54:47 AM | show profile | email poster I'm getting paid in GBPs for a job and wanted to know if anyone has had hassles when getting paid in currency other than USDs in the U.S. I believe my bank holds the checks for up to 3 weeks but I've heard stories of huge chunks of the check being docked as well. What's your experience? ------ Melissa Diskin :: Writer http://melissadiskin.com |
| Metro Writer | Posted – 6/20/2007 12:11:15 PM | show profile | email poster I wrote a story for The Jewish Chronicle (London) and got paid in sterling. My bank took out $30.00 to convert it. The only reason I didn't complain was because even after the bank fee, I got more than three times what an American paper would pay me for that article. |
| roxannekkb | Posted – 6/20/2007 12:35:58 PM | show profile I write for several UK based clients and they write my payment directly to my bank. My bank charges an $8 fee for the wire but that's it. And now with the dollar so weak against the pound, I recieved a rather effortless raise. But having a direct wire to your bank is the easiest way to go about it, and saves you the hassle of having to convert and cash the check. ------ www.nabeepchen.com |
| Thabit | Posted – 6/20/2007 2:16:45 PM | show profile agree -- direct wire is the way to go. Check with your bank but in general it's cheaper and faster. |
| df | Posted – 6/20/2007 3:48:13 PM | show profile direct wire is the only way, and preferred by most Europeans. the fee is different from bank to bank, from $8 up to $25 per wire. Generally I would advise against it. Make sure you have your money transfers figured out beforehand, and that your $ rate is met. I bill in $ and let the other party figure out how much that is in their currency. currency speculation is risky, and only worth it, when you know exactly when and how you are getting paid. |
| Stressed | Posted – 6/20/2007 5:01:19 PM | show profile Get it wired if you can. I have had to wait up to eight weeks for Bank of America to clear a sterling check from one of the UK magazines I write for. |
| writesonwater | Posted – 6/20/2007 9:13:28 PM | show profile | email poster I've done work for British and Canadian companies. THe bank has held the checks but they did pay in American dollars, except for one that was written on Canadian dollars, which ended up coming down to less because of the exchange rate But the experience for working with international companies went fine, like clockwork -- nice folks in all instances. |
| maphop | Posted – 6/21/2007 9:37:42 AM | show profile Unless your client has specifically said they're paying you in Sterling, I suspect you're going to be paid in US dollars. I write for four different UK-based publishing groups and they all pay me in US dollars with all but one of them actually drawing their checks from US-based banks. All that said, a wire is the fastest, easiest way to go; any conversion of currency is done automatically and although there will be a small charge, it's rarely a large enough amount to be a problem. Also, since it's essentially a cash bank-to-bank transaction, there's rarely more than a 24-hour delay from the actual wire to actual access to the money. The bigger issue with UK pubs is that their pay rates are dramatically different than those in the US; they often pay more for newspaper pieces than their US equivalent but often pay LESS for magazine pieces. One other thought; if you're uncomfortable with the idea of giving your bank routing information out to multiple international sources these days due to identity theft, consider getting a separate account or even a pre-paid Visa or MasterCard. They can wire to that account and you'll have access to the money through either regular credit card transaction or ATM. |
| MDiskin | Posted – 6/21/2007 11:59:20 AM | show profile Thanks so much to everyone. I'll keep the lag time and fees in mind. |
| thelittleguy | Posted – 6/21/2007 3:05:13 PM | show profile paypal? i think that's a possibility, too. and no fee, as i recall. |
| chucho | Posted – 6/21/2007 4:05:01 PM | show profile I wire money to my US account every month. It costs me about $20 on one end and $6 on my bank's end. At the very least your client should be paying for a telex transfer to your US bank account -- no waiting period for "checks to clear" (who pays in checks internationally??). It should tak no longe rfor three days for that payment to clear the system and appear as cash in your bank account. And, again, you should ask them to pay for the telex on their end and check with your bank on their fee for accepting it -- which should be less than $10. It's stupid for them to be sending checks in foreign currency. This isn't the 1980s. |
| chucho | Posted – 6/21/2007 4:09:09 PM | show profile Also, you have to provide them with your account No. and sometimes something called an ABA No. (not your routing number, as some or all banks use a so-called ABA No. to route international transactions). If your bank uses ABA, your routing no. will not work and the payment will be sent back. Check with your bank and ask them specifically if they use something called an ABA number. |
| Mr Media | Posted – 6/22/2007 11:26:42 AM | show profile I am so glad someone posted this topic. I also am to be paid in a foreign currency and that actually means due to the exchange rate I will receive less money. But I've been paid in foreign currency before and my bank has dealt with it well. I just hope the cheque I am to receive from this foreign government that my bank doesn't totally screw me over. |
| df | Posted – 6/22/2007 3:46:34 PM | show profile it is always advisable to bill in the currency of the country you reside in, and insist that this is the amount which will be showing up in your bank account, minus the banking fees on your end. especially with longer projects it can be to ones disadvantage to agree on foreign currency payment. When getting paid in the currency of the country of residence, you at least know what you will get. If you deal with a lot of foreign bank transfers - we do - the weak or strong dollar sort of equals each other out in the long run. so i always opted to write my bill in $$ and expect payment to be the specified amount in $$. Wire transfers into US accounts are actually easy, and preferred over checks by most business partners outside of the US. |
| chucho | Posted – 6/22/2007 3:54:24 PM | show profile Also: Some banks have no-fee agreements with each other on telex transfers. Direct deposit is the way to go. |
