IBAN and BIC fees

bode

I've read through the forum, but people seem to giving conflicting advice regarding the fees when accepting foreign currencies.

1. I will be receiving a large amount of money from a client in the US. Do I ask to be paid in sterling or US dollars?

2. Also, I am setting up my ebay business shortly and will be receiving worldwide payments of £10. Should I accept bank transfers in sterling or foreign currency?

Thanks

DesG

bode wrote: »

I've read through the forum, but people seem to giving conflicting advice regarding the fees when accepting foreign currencies.

1. I will be receiving a large amount of money from a client in the US. Do I ask to be paid in sterling or US dollars?

2. Also, I am setting up my ebay business shortly and will be receiving worldwide payments of £10. Should I accept bank transfers in sterling or foreign currency?

Thanks

1. How large? if less than 10K maybe setup a Citibank stg and dollar a/c, if over 10K might be worth checking out the FOREX brokers who may be able to do you a much better deal than your bank. I used currenciesdirect.com before and they were ok.

2. You'll be accepting Paypal payments as that is what 99% of your customers will pay you with!

Cheers, Des.

Extant

If you invoice in USD, you will have to bear in mind exchange rates etc, and how that will actually affect your business here. If you invoice in GBP, they worry about the exchange rate in getting it to you.

agsnu

The fees of course have nothing to do with IBANs or BICs, which are just codes.

97trophy

bode wrote: »

2. Also, I am setting up my ebay business shortly and will be receiving worldwide payments of £10. Should I accept bank transfers in sterling or foreign currency?

Thanks

Firstly, good luck with the business! Nice to see someone having a go.

Take paypal for your ebay sales and they will take care of it for you. The buyers pays you in their currency paypal convert and you get GBP in your bank account. Very easy but the rates are not the best.

bode

I've done the ebay thing before, so I'm setting it up again. Paypal is fine of course, but as you are aware, the Euro folk will be wanting to bank transfer and I would prefer to promote it. I assume I should be asking ebayers to be pay me in GBP.

As for the other query, this will be a one off transfer from a US bank of at least £2000. I've invoiced her in GBP, but wanted to clarify the best method to avoid fees using the above codes.

Extant

bode wrote: »

As for the other query, this will be a one off transfer from a US bank of at least £2000. I've invoiced her in GBP, but wanted to clarify the best method to avoid fees using the above codes.

Ask to be paid in sterling. The credit should then arrive in sterling, with the conversion done at her end, leaving you with a clean £2000.