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Author Topic: Does this have the potential to revolutionise payments for EU contributors?!  (Read 1334 times)

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« on: July 06, 2018, 06:08 »
0
I have been looking for years for a way to avoid the extortionate conversion fees of paypal etc. and read an article about revolut recently, www.revolut.com.

Apparently you can receive cash in any currency and convert it at market rate. I think they are pretty big now. I know this would save me a fortune, anyone have an account with them? What are the chances of getting some of the big players to offer them as a payment alternative?


« Reply #1 on: July 06, 2018, 06:11 »
+1
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.


« Reply #2 on: July 06, 2018, 06:17 »
0
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.

LOL okay, not sure how how to word the question without a question mark! by the sounds of it you can get unlimited market rate currency conversions for 6.99, is my point.

« Reply #3 on: July 06, 2018, 06:21 »
+1
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.

LOL okay, not sure how how to word the question without a question mark! by the sounds of it you can get unlimited market rate currency conversions for 6.99, is my point.

:-)

Seriously, it does look like it has potential.

« Reply #4 on: July 06, 2018, 06:28 »
0
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.

LOL okay, not sure how how to word the question without a question mark! by the sounds of it you can get unlimited market rate currency conversions for 6.99, is my point.

:-)

Seriously, it does look like it has potential.

I went on their forums and it does sound like they have some kinks to iron out, but for this business, where most people would probably only only leave cash in long enough to convert it it would be great.

I hate how Paypal double dip getting their stated fees (which the agencies mostly pay in our case) and a hefty percentage off the exchange rate too. True it is less than my bank would take, but just because traditional banks fleece you more doesn't mean these internet payment companies should get away with it too.

Time for the next wave of disruption in this industry I think...

I do hope the agencies pick this one up.

« Reply #5 on: July 06, 2018, 09:26 »
+1
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.

"Any headline that ends in a question mark can be answered by the word no."

Example:
Q: Do you prefer blue or red?
A: No

Yes that works!!

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« Reply #6 on: July 06, 2018, 10:46 »
+2
I've never encountered such a headline before.

« Reply #7 on: July 06, 2018, 11:26 »
0
There is always a first time

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« Reply #8 on: July 06, 2018, 19:50 »
0
There would actually be a headline like that which would be followed by a question... the answer to which would probably  still be a no. I.e. "Do you prefer blue or red? Could your favourite colour say something about how long you will live?"

Headlines made purely of questions are pretty much unheard of. Headlines with a question and then some kind of follow up are still pretry rare but a lot more common.

« Reply #9 on: July 06, 2018, 21:19 »
0
There would actually be a headline like that which would be followed by a question... the answer to which would probably  still be a no. I.e. "Do you prefer blue or red? Could your favourite colour say something about how long you will live?"

Headlines made purely of questions are pretty much unheard of. Headlines with a question and then some kind of follow up are still pretry rare but a lot more common.

"is this the cure for cancer?"

The answer is no, otherwise the headline would have read "This is a cure for cancer".


« Reply #10 on: July 06, 2018, 21:29 »
0
Does this have the potential to revolutionise payments for EU contributors?!


I'm going to go with Betteridge here.

Betteridge's law of headlines - Wikipedia
https://en.wikipedia.org/wiki/Betteridge%27s_law_of_headlines
Betteridge's law of headlines is an adage that states: "Any headline that ends in a question mark can be answered by the word no." It is named after Ian Betteridge, a British technology journalist, although the principle is much older.

"Any headline that ends in a question mark can be answered by the word no."

Example:
Q: Do you prefer blue or red?
A: No

Yes that works!!

:-)

« Reply #11 on: July 07, 2018, 00:48 »
0
I think these guys might be better. https://transferwise.com/

« Reply #12 on: July 07, 2018, 05:43 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
« Last Edit: July 07, 2018, 05:49 by msg2018 »

« Reply #13 on: July 07, 2018, 10:01 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
TransferWise has something they call a Borderless account. I've only started to use it but it shows promise. Once you're set up it only takes a click or two to create bank accounts in Euros with Swift and IBAN numbers, GPB with sort codes, USD with wire routing etc. Internally it's a small fee to do currency exchange if needed. Fees seem quite reasonable compared to PP.

« Reply #14 on: July 07, 2018, 11:49 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
TransferWise has something they call a Borderless account. I've only started to use it but it shows promise. Once you're set up it only takes a click or two to create bank accounts in Euros with Swift and IBAN numbers, GPB with sort codes, USD with wire routing etc. Internally it's a small fee to do currency exchange if needed. Fees seem quite reasonable compared to PP.

I know, exchange rates are great (less than 1% compared to over 3.5% Paypal) and already use TransferWise Borderless accounts for other freelance work.

But Shutterstock, Fotolia, iStock and most top sites (with the exception of Alamy) won't pay European artists to a bank account! That's the problem.
Those that do (PanterMedia, ColourBox, MostPhotos, Zoonar, ScanStock) are irrelevant because sales are almost non-existent.
« Last Edit: July 07, 2018, 11:53 by msg2018 »

« Reply #15 on: July 07, 2018, 12:06 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
TransferWise has something they call a Borderless account. I've only started to use it but it shows promise. Once you're set up it only takes a click or two to create bank accounts in Euros with Swift and IBAN numbers, GPB with sort codes, USD with wire routing etc. Internally it's a small fee to do currency exchange if needed. Fees seem quite reasonable compared to PP.

I know, exchange rates are great (less than 1% compared to over 3.5% Paypal) and already use TransferWise Borderless accounts for other freelance work.

But Shutterstock, Fotolia, iStock and most top sites (with the exception of Alamy) won't pay European artists to a bank account! That's the problem.
Those that do (PanterMedia, ColourBox, MostPhotos, Zoonar, ScanStock) are irrelevant because sales are almost non-existent.

I get what you're saying. The trick seems to be getting the money out of PayPal in the currency they establish without having to use their exchange services. What I don't know is can you send from PP to TW in that currency, what ever it is. If you can, then you can access a much better exchange rate with TW or just move the PP currency to your home account with TW. It is a two stage process but can save quite a bit of money.

« Reply #16 on: July 07, 2018, 12:17 »
+1
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
TransferWise has something they call a Borderless account. I've only started to use it but it shows promise. Once you're set up it only takes a click or two to create bank accounts in Euros with Swift and IBAN numbers, GPB with sort codes, USD with wire routing etc. Internally it's a small fee to do currency exchange if needed. Fees seem quite reasonable compared to PP.

I know, exchange rates are great (less than 1% compared to over 3.5% Paypal) and already use TransferWise Borderless accounts for other freelance work.

But Shutterstock, Fotolia, iStock and most top sites (with the exception of Alamy) won't pay European artists to a bank account! That's the problem.
Those that do (PanterMedia, ColourBox, MostPhotos, Zoonar, ScanStock) are irrelevant because sales are almost non-existent.

I get what you're saying. The trick seems to be getting the money out of PayPal in the currency they establish without having to use their exchange services. What I don't know is can you send from PP to TW in that currency, what ever it is. If you can, then you can access a much better exchange rate with TW or just move the PP currency to your home account with TW. It is a two stage process but can save quite a bit of money.

This is exactly the problem. PayPal only allows to withdraw to a bank account in the local currency of the account holder. They'd do the conversion from USD to e.g. EUR, using their horrendous rate, before the money reaches TW.

There may be some exceptions or workaround in some specific countries (e.g. here: https://jeangalea.com/changing-paypal-withdrawal-currency/ [nofollow] ).
« Last Edit: July 07, 2018, 12:24 by msg2018 »


« Reply #17 on: July 07, 2018, 12:41 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
TransferWise has something they call a Borderless account. I've only started to use it but it shows promise. Once you're set up it only takes a click or two to create bank accounts in Euros with Swift and IBAN numbers, GPB with sort codes, USD with wire routing etc. Internally it's a small fee to do currency exchange if needed. Fees seem quite reasonable compared to PP.

I know, exchange rates are great (less than 1% compared to over 3.5% Paypal) and already use TransferWise Borderless accounts for other freelance work.

But Shutterstock, Fotolia, iStock and most top sites (with the exception of Alamy) won't pay European artists to a bank account! That's the problem.
Those that do (PanterMedia, ColourBox, MostPhotos, Zoonar, ScanStock) are irrelevant because sales are almost non-existent.

I get what you're saying. The trick seems to be getting the money out of PayPal in the currency they establish without having to use their exchange services. What I don't know is can you send from PP to TW in that currency, what ever it is. If you can, then you can access a much better exchange rate with TW or just move the PP currency to your home account with TW. It is a two stage process but can save quite a bit of money.

This is exactly the problem. PayPal only allows to withdraw to a bank account in the local currency of the account holder. They'd do the conversion from USD to e.g. EUR, using their horrendous rate, before the money reaches TW.

There may be some exceptions or workaround in some specific countries (e.g. here: https://jeangalea.com/changing-paypal-withdrawal-currency/ ).
Thanks for your insight. I was hoping there would be a way to transfer USD PP to a USD TW but it looks like I'm heading for a disappointment.

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  • Space, Sci-Fi and Astronomy Related Stock Footage

« Reply #18 on: July 07, 2018, 13:31 »
+2
Transferwise are sneaky... they use questionable marketing speak to make them sound better than they are. Exchange rates including fees are pretty similar to Paypal. Sometimes a bit better, sometimes a bit worse.

« Reply #19 on: July 08, 2018, 03:05 »
0
Transferwise is the the same paypal basically. Visible plus some sneaky fees for currency exchange that add up to a heck of a lot over a year.

My hope was that revolut would be adopted as a payment method by the sites, virtually eliminating these exchange fees for all non US citizens (as almost all the sites pay in dollars).

« Reply #20 on: July 08, 2018, 03:09 »
0
Both Revolut and Transferwise are good: low currency conversion fees, free prepaid cards, free atm up to //$100 per month...

But how do you get paid from stock agencies?

- Major sites don't send bank transfers to European contributors;
- Some that do (Creative Market) only pay to your own country; both Revolut and Transferwise give us only a German IBAN, so other european countries are out of luck; and even Germans can't receive payments in dollars to their German IBAN;
- Payoneer does not allow Europeans to withdraw in dollars;
- Paypal does not allow to withdraw in a different currency and to a different country than your own;

So I still haven't found a way to be paid from stock agencies to Revolut or Transferwise.

Unless agencies decide to work with them directly, there's potential but no actual way.

Any ideas?
Agreed this is the problem. Paypal wont let you withdraw in another currency. We need the agencies to actually pay direct into Revolut, because a Revolut account would let you take in dollars and transfer out Euro or GBP at market exchange rate to whatever bank account you like.

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« Reply #21 on: July 08, 2018, 05:38 »
0
Don't you just treat it as a bank account? So you can use it for SWIFT transfers and direct bank withdrawals. Not that I do that, but surely most agencies offer those as a withdrawal option?

« Reply #22 on: July 08, 2018, 07:53 »
+1
Don't you just treat it as a bank account? So you can use it for SWIFT transfers and direct bank withdrawals.

Yes.

Not that I do that, but surely most agencies offer those as a withdrawal option?

Many don't, unfortunately.

« Reply #23 on: July 08, 2018, 09:18 »
0


"is this the cure for cancer?"

The answer is no, otherwise the headline would have read "This is a cure for cancer".

And it still would be a no  8)


 

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