Pay Pal

Swanlander

I am a member of an informal group of photographers who meet up somewhere in Europe every May for a few days in May. We book meals and outings in advance and this year I am organising a few days in Liverpool. There will be a mix of people from the UK and all over the world. They will each need to pay me around £140 for meals and outings in March so that I can pay the booked restaurants and tour operators. The people from across the UK can pay me in to a bank account I have that just has a small amount in but I am thinking Pay Pal for the overseas people. However when a group member in Norway used Pay Pal for this kind of thing Pay Pal treat him as a business and charged him money for the privilege of using their service. Would that happen in the UK and if it would can anyone suggest an a financial service I could use to take in money from around 40 people from overseas all paying around £140?

Woodstok2000

You can use Wise to open accounts in any currency, either you could open accounts in each currency, or each member could open one in gbp.

Swanlander

Thanks - does Wise come with charges?

PRAISETHESUN

https://forums.moneysavingexpert.com/discussion/comment/81867482#Comment_81867482

Only to convert between currencies, but they are transparent about it. If you provide payment details of your Wise foreign currency account to your group (eg. EUR account details to anyone sending payments in EUR) then there are no fees to receive payments. When it comes time to convert back to GBP, then the combination of the low fees and highly competitive exchange rate means you will get more GBP than you would otherwise by using PayPal or your GBP bank

Woodstok2000

https://wise.com/gb/pricing/receive?targetAmount=1000&payInMethod=BANK_TRANSFER&track=false

There are fees for swift/wire transfers, but not for regular domestic transfers.