If you’ve worked with companies abroad even once, you’ll know the pain of getting paid internationally without losing a fair percentage of your income to various transfer fees or bank charges. Luckily for you, there are some easy ways around this which will make life so much easier working and getting paid with your international clients.
In addition, should you find yourself travelling abroad, you’ll have ways of paying as if you’d have a local card, saving money on countless fees and hidden bank charges.
Getting Paid with Transferwise
Transferwise is a genuine lifesaver for working and living abroad. You can open multiple accounts in numerous countries for sending and receiving money. If the benefits didn’t get any clearer, Transferwise is one of the cheapest methods of transferring money across currencies. You can check how they compare to your bank here
Setup your transferwise account and cards by clicking here
Using this link, your first international transaction is free – up to £500.
There is a minimum amount for opening your account which depends on your home currency – this is usually around $10-$20.
Benefits to Transferwise
With Transferwise you can have 2 free debit cards – a personal & business.
- Free Personal account
- Free Business Account
- Get paid into 18 different international currencies ( no transfer fees if paid into by the same currency)
- Create an additional 27 currency balances for paying with when travelling abroad with your card or online.
- Cheaper than your banks transfer rates ( usually by a significant margin )
TransferWise supports sending and receiving these currencies:
What does this mean?
You can open an account – which opens an account which you can store, exchange, pay and get paid into. This is essentially like opening a bank account in one of these countries – Without the headache and ongoing fees.
AUD (Australian Dollars ) , BGN (Bulgarian Lev) ,
BRL ( Brazilian Real – limited to personal accounts only – *no business payments*),
CAD ( Canadian Dollars ) ,
CHF (Swiss Franc),
CZK (Czech Koruna),
DKK (Danish Koruna),
EUR (Euro – Note limits applied to those within Greece.)
GDP ( Pounds sterling including Isle of Man, Gibraltar & the channel Islands),
HKD (Hong Kong Dollar),
HRK (Croatian Kuna),
HUF (Hungarian Forint)
JPY (Japanese Yen)
NOK (Norwegian Krone)
NZD (New Zealand Dollar)
PLN (Polish Zloty)
RON (Romanian Leu)
SEK (Swedish Krona)
SGD (Singapore Dollar)
TRY (Turkish Lira)
USD (US Dollar)
TransferWise can only send out these currencies (via local transfer)
What does this mean?
Well you can open a balance and use it for paying with or converting to other currencies but you cannot get paid into these accounts.
AED, ARS, BDT, CLP, CNY, COP (currently closed to new customers), EGP, GEL, GHS, IDR, ILS, INR, KES, KRW, LKR, MAD, MXN, MYR, NGN, NPR, PEN, PHP, PKR, RUB, THB, UAH, VND
Setup your transferwise account and cards by clicking here
Using this link, your first international transaction is free – up to £500.
Getting paid internationally with GoCardless
GoCardless should be your first & last stop for taking in recurring payments from clients. The fee’s are absolutely minimal and when used in conjunction with an account from Transferwise, you’ll be laughing all the way to your virtual bank.
A note
My recommendations come from personal experiences of working abroad, the suffering and frustrations of
- Having countless bank cards frozen due to ‘fraudelent activity’ i.e using my card to buy beer in an off license in Mexico, despite letting my bank know both in person and via their online software that I would be in Mexico for said date.
- Paying ridiculous bank fee charges for withdrawing or paying in store.
- Losing money to countless currency transaction fees for getting paid by clients abroad from their currency.
Whilst these services are fantastic for getting paid internationally, I don’t recommend keeping all your money stored online. You should withdraw when possible to your business bank account. Though in times of extreme economic crashes, you may find it safer to store your money in foreign accounts rather than your own. Use at your own risk.