Paypal or Bank Transfer - which is more economical option? Autor vlákna: golf264
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golf264 
Spojené státy americké
Local time: 08:57
angličtina -> nizozemština
+ ...
It's been already many years since I used Paypal - maybe well 10 years. Back in the day they charged exorbitant rates, something like $30 I can remember for a transaction of $180. But is this still the case? I see many clients offer Paypal, and their system appears more popular and simplified.
Recently I had a bank wire transfer come in (as they call it in the United States) and the bank charged me $18 for an amount of $70, which is not cheap. 😭 Of course, it has to do with the f... See more It's been already many years since I used Paypal - maybe well 10 years. Back in the day they charged exorbitant rates, something like $30 I can remember for a transaction of $180. But is this still the case? I see many clients offer Paypal, and their system appears more popular and simplified.
Recently I had a bank wire transfer come in (as they call it in the United States) and the bank charged me $18 for an amount of $70, which is not cheap. 😭 Of course, it has to do with the fact it is an American bank, (international deposit, huh, what is that? 😂) and it is coming from Europe.
But I am inclined to consider other options because of it, short of opening a European bank account as an American (can I do that?)
Any suggestions? ▲ Collapse
| | | | Harvey Utech
Spojené státy americké
Local time: 08:57
němčina -> angličtina
| PayPal and a German bank account | Feb 7, 2018 |
For what it's worth--
I work for one US agency who pays me via Payoneer, a competitor of PayPal. It costs me 2% of my earnings every time I transfer the money to my US bank. That 2% always pains me but it is not as bad as the situation you describe.
I work for another European agency that pays me the full amount earned via PayPal and charges me no service charge. I am assuming they absorb the PayPal fee which I believe is somewhere around 4%. I love this and as a result... See more For what it's worth--
I work for one US agency who pays me via Payoneer, a competitor of PayPal. It costs me 2% of my earnings every time I transfer the money to my US bank. That 2% always pains me but it is not as bad as the situation you describe.
I work for another European agency that pays me the full amount earned via PayPal and charges me no service charge. I am assuming they absorb the PayPal fee which I believe is somewhere around 4%. I love this and as a result, the agency itself. (They also give me other reasons to love them.)
Finally, while living, teaching and translating in Germany for 8 years until 2012, I had an account at a German "Volksbank". When I moved back to the States, I held on to the account and now, when I have a European client, I direct their payment to that account. Then, I periodically ask the German bank to transfer the money to my American bank account. There is a nominal fee (put there by the American bank, i am told) but nothing disturbing. (On the other hand, currency conversion can generate surprises, both positive and negative but there is nothing one can do about that.) So if you can find a way to do it, opening a foreign bank account may be a good solution for you.
Hope that helps--
Harvey ▲ Collapse
| | | | | Also searching cheaper option in Argentina | Feb 7, 2018 |
I used to turn to Paypal many years ago to collect minimum charges or small pieces of translation. As a US-bank account was not an option for me, I used to withdraw funds by means of a Paypal check and then make it cash at an Argentine bank either in the local currency or in dollars. As far as I remember, Paypal charged US$ 3 to receive the payment and then US$ 11 to send you a check. Finally, the local bank charged %2 to pay you in cash. I have no news from Paypal having changed these fees, but... See more I used to turn to Paypal many years ago to collect minimum charges or small pieces of translation. As a US-bank account was not an option for me, I used to withdraw funds by means of a Paypal check and then make it cash at an Argentine bank either in the local currency or in dollars. As far as I remember, Paypal charged US$ 3 to receive the payment and then US$ 11 to send you a check. Finally, the local bank charged %2 to pay you in cash. I have no news from Paypal having changed these fees, but it may be different for US citizens/residents.
Bank transfers have always been expensive (I pay a minimum bank fee around US$/Eur 25 or 2% for higher amounts), but they have proved effective to receive payments of large- or medium-size translation projects. These are definitely not an option to collect small projects. That's why I am trying to get back to Paypal, and as I read your post, I felt that sharing the fees I used to pay could be another piece of information to take into account to make your decision.
Hope it helps.
Regards ▲ Collapse
| | | | | Transferwise? | Feb 7, 2018 |
Have you checked if you can open a Borderless account with Transferwise? That way you would have a bank account in Germany and your European clients can make SEPA transfers into it. Then, within Transferwise, you can exchange into USD and send the money to your US account.
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