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Author Topic: How to get your earnings with the least possible fees (Outside the U.S.)  (Read 18902 times)

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« on: September 24, 2009, 06:29 »
+1
I am getting tired of the extremely poor conversion rate that paypal offers between american and other currencies (2.5% goes to Paypal)

Does anyone have any good solutions?

I have been thinking of opening a Bank account or an account with E*Trade in the states so that I can withdraw the money there and invest it or something else useful.

I can open an American currency account here at my Norwegian bank but Paypal will not transfer american funds to the account.  If i withdraw funds from a Norwegian paypal account, they have to go either to an American bank (US funds) or a Norwegian bank (Norwegian funds).  

I just tried checking out opening an E*trade account in the states which is mostly a stock broker but also has a debit card associated with the account which could be usefull - but I found out they are not longer acceptnig applications from europe.  ::)

Perhaps one of the other online brokers, or perhaps opening an american bank in person some time when I visit there (October)

Any other suggestions?

« Last Edit: September 24, 2009, 06:35 by leaf »


« Reply #1 on: September 24, 2009, 10:46 »
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I opened a bank account in UK, but I can not change my PP account to UK unless I provide a UK address (which I don't legally have, although I could use a friend's) and PP USA requires a USA bank account to cash my money. 

I receive my payments through MB to my UK bank account, but there are fees too.  I can get money at ATMs or use the card as a debit card here in Brazil, but this also involves fees. 

I keep some payments at PP to use when I buy online.

Maybe someone has a better solution?

« Reply #2 on: September 24, 2009, 12:01 »
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Does anyone have any good solutions?

I don't have a good solution, but I'll give you the one I'm using:
Paypal doesn't work with Argentinian banks, so the only viable option I found so far is Moneybookers and then transfer (all in USD so no conversion rate, just the ~USD2.50 transfer fee) to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.


« Reply #3 on: September 24, 2009, 13:32 »
0
I use a payoneer debit card.  It's great for me.  But there are fees too.
« Last Edit: February 10, 2010, 23:25 by Digital66 »

« Reply #4 on: September 24, 2009, 15:00 »
0
I live in Croatia, and Payoneer is good solution for me, better than Moneybookers (USD to EUR to HRK) because  its only one valute conversion on ATM...

To be honest, at first time, I expect worse conversion rate on ATM with my Payoneer card, isn't too much...
Payoneer rules!
« Last Edit: September 24, 2009, 15:08 by borg »

« Reply #5 on: September 24, 2009, 16:09 »
0
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.

« Reply #6 on: September 24, 2009, 16:21 »
+2
Spend it staight away from your Paypal account 8) :D

« Reply #7 on: September 24, 2009, 19:55 »
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to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.

for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill  that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)


« Reply #8 on: September 24, 2009, 20:05 »
0
I don't think it would be illegal to open a checking account in the US even with a foreign address.  This is what my bank says about opening a checking account here (I put some text in bold):

"Can I apply for a checking or savings account even though I am not a United States citizen?

Yes. To open a checking or savings account over the phone you need several things, including:

    * Social Security number
    * Current street address (and prior address if you have lived at your current address for less than 5 years)
    * Information about the bank or financial institution from which the money will come to open the account
    * Some form of identification, including a matricula consular Mexicana, a valid local or international driver's license or a student or work ID.

If you do not have a Social Security number, please visit a banking center to apply for an account."


« Reply #9 on: September 24, 2009, 20:24 »
0
for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill  that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)
I believe our taxes are around that too - US$30-50 or so.

What reminds me, a colleague used to get his payments through PP using a Brazilian company that has an office abroad.  He transferred them an amount through PP, they made a deposit on his bank account here in Brazil charging some fee.  It wasn't cheap, but much cheaper than cashing a foreign cheque.  I don't know if he is still using it, now that we can get (I think) PP transfers to our credit cards.

« Reply #10 on: September 24, 2009, 20:29 »
0
I don't think it would be illegal to open a checking account in the US even with a foreign address. 

It is not illegal in UK and I could have done it from Brazil - it would take a bit longer, they said.  The fact that I was a client here made all the bureaucratic procedures easier when I opened my account in UK when I was travelling there.  It is not illegal for our government to have a foreign account, as long as I declare it and can prove the legal original of the funds.

« Reply #11 on: September 24, 2009, 20:32 »
0
I live in Croatia, and Payoneer is good solution for me, better than Moneybookers (USD to EUR to HRK) because  its only one valute conversion on ATM...

To be honest, at first time, I expect worse conversion rate on ATM with my Payoneer card, isn't too much...
Payoneer rules!

You must open MB account in USD and normal USD account in you bank than there no additional fees.
As I see you already have MB account but they snich you IP address which point them to "kuna" currency and MB dont have directly conversation from USD to Kuna. First they do conversation from USD to EUR and then from EUR to Kuna.
If you want additional info ask on Balkan Thread and I will explain that.

« Reply #12 on: September 24, 2009, 21:04 »
0
What reminds me, a colleague used to get his payments through PP using a Brazilian company that has an office abroad.  He transferred them an amount through PP, they made a deposit on his bank account here in Brazil charging some fee. It wasn't cheap, but much cheaper than cashing a foreign cheque.  I don't know if he is still using it, now that we can get (I think) PP transfers to our credit cards.

cashing a foreign check is not that expensive here: USD 5 or 2% if I remember correctly, and you walk out with the dollars in your hand (or pocket). the problem is: checks are usually "lost" in the Post Office.

« Reply #13 on: September 24, 2009, 21:09 »
0
I am interested to learn more about Payoneer but they are very ambiguous on their website about the fees involved.  I wonder if this is because it varies between which card you sign on for - Istock or  Dreamstime for example.  They say that the fees are "better" but you must log into your account to view them.

I import goods a few times a year from the U.S. to Canada and not one of my vendors accepts Paypal.  So I have to convert Paypal money to Canadian dollars, place my American order and pay MasterCard for converting my Canadian dollars to American.  

I just got a U.S.$ credit card.  Can you transfer Paypal balances to credit cards, or just to bank accounts?  

If I get a Payoneer card, can I use Dreamstimes for Istock payouts?  Or do I need 2 cards?

« Reply #14 on: September 25, 2009, 00:16 »
0

If I get a Payoneer card, can I use Dreamstimes for Istock payouts?  Or do I need 2 cards?

You only need one card from Payoneer.   When you request your money from Istockphoto or Dreamstime you will find the information about Payoneer fees. 

I already had my payoneer card to get my money from other businesses, so I just enabled Istock, Dreamstime and Veer to send my earnings to my card.   You can even get Paypal funds in your Payoneer card through a Virtual Account  using ACH. 

For about 17 years I have been making business with companies which are abroad.  Always the same problem: Fees for bank transfers are very expensive for small amounts, cheques get lost and  bank fees are not cheap.   

Fortunately, I discovered Payoneer about 2 years ago (I think) and since then I've been using it.  And I am very happy.  Never have had any problem.  There are fees of course, and conversion rates, but for me, Payoneer has been the best solution to get my money from abroad.

Hope it will work for you! :)

« Reply #15 on: September 25, 2009, 03:21 »
0
I did not bother so far, because my microstock earning are less than 5k per year. But if you are talking larger numbers and want to get money from the US to EU, check out these guys.

http://fxglobaltransfer.oanda.com/fxglobaltransfer/why-fxglobaltransfer.shtml

at this page you can see a cost comparison for 10k and 1m: http://fxglobaltransfer.oanda.com/fxglobaltransfer/cost-comparison.shtml

I am not affiliated to this company in any way. I just know a few people who use them for currency transactions and have been happy so far. Pls do any due diligence yourself!


« Reply #16 on: September 25, 2009, 04:01 »
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I get my iStock payments loaded into a Payooner card.
So far it is working fine, never had a problem.

About the fees those are the info got from their website (I  think are specifically relared to the contract iStock have in place with them):



Cheers,

Antonio
« Last Edit: September 25, 2009, 04:16 by antoniodalbore »


« Reply #17 on: September 25, 2009, 06:23 »
0
to a local bank which does the currency conversion to Pesos, charges me a fee for the transfer.
B79, does the government charge you for these deposits in your bank account? I know our government does, and as far as I know it is not little.

for the transfers there is a USD 3 +IVA (VAT, 21%) fee for a central bank form that I have to fill  that the bank charges me along with their fee (USD40 + IVA) . and then there's the rest of the taxes (that don't discriminate if the income is generated here or abroad)



What!?

40 bucks + tax only for trasfer deposit????  :o :o

« Reply #18 on: September 25, 2009, 07:02 »
0

« Reply #19 on: September 25, 2009, 08:43 »
0
I am getting tired of the extremely poor conversion rate that paypal offers between american and other currencies (2.5% goes to Paypal)

Does anyone have any good solutions?


The PayPal rates are actually not as bad as most people assume. They're generally on a par with the banks' commercial rate (which is obviously far better than the tourist rates you'd get on the high street) and there's no 'transaction fee'. If I want to send money via my bank (HSBC) then I'll get their commercial rate but will also have to pay a transaction fee of 25 (about $40) irrespective of the amount.

There's always a cost when exchanging/transferring money and most places are significantly more expensive and/or more hassle than PayPal as far as I'm aware.

« Reply #20 on: September 25, 2009, 09:37 »
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« Reply #21 on: September 25, 2009, 09:53 »
0
No, paypal isn't terrible, but I think there must be a better way.  All this exchange of american -> local currency and back again when I buy something in the states is costing too much.

I just checked my bank and for example to purchase with the debit card in another country they charge 1.75% on the currency, whereas paypal charges 2.5%.  So paypal isn't being a thief like the exchange booth in the airport but it is a little worse than a bank - however all things considered I suppose quite acceptable.

I also checked an online savings company and their exchange was at 0.15% - quite good compared to the bank or paypal.

Moneybookers exchanges at 1.99% but also charges a 1.8 Euro fee for withdrawl (US $2.64)

So for $1000 exchanged
Paypal takes $25
Moneybookers takes $22.54

At $5000
Paypal takes $125
MoneyBookers takes $102.14

So really it is quite similar.  What I am hoping I am able to do with Moneybookers however is transfer the american funds to a savings company I use and keep the $$ as US$$ for a cost of $2.64 then just keep the money there until I need IT and THEN transfer it to my own currency for a cost of $7.5 (for every $5000).  That would save me over $100 every time I make $5000 which is a considerable amount.

Paypal doesn't let you withdrawl american funds to an american currency account in a foreign country.  The withdrawn funds HAVE to be taken out in the same currency as local currency where you are located.

edit:.. now I am unsure if you can withdraw USD from moneybookers to a foreign account.  I will have to check on this more.
« Last Edit: September 26, 2009, 03:01 by leaf »

« Reply #22 on: September 25, 2009, 10:07 »
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Interesting. Moneybookers appear to have a significantly better exchange rate than Paypal (and it's much easier to find it out too).

« Reply #23 on: September 25, 2009, 10:12 »
0
No, paypal isn't terrible, but I think there must be a better way.  All this exchange of american -> local currency and back again when I buy something in the states is costing too much.

Why not opening a bank account in the US then?

« Reply #24 on: September 25, 2009, 10:13 »
0
well 2% does look better than 2.5% but in the end results I would call $3.86 difference on $5,000 echanged significant.  I wouldn't even consider it worth my time of having accounts at both places at that amount.  The deciding factor for me is that I can transfer American currency to a foreign bank account with MB

scratch that I just found out that MB only transfers local currency as well :( ...

edit:  er well I am not sure again.  They say this on their website
Quote
We will process your withdrawal in EUR, USD or the official currency of the country where your bank is located. Information regarding the currency in which Moneybookers processes every particular withdrawal request is displayed in the final confirmation screen of your withdrawal.

I will have to wait and try it out when I have a US $$ bank account set up.
« Last Edit: September 26, 2009, 03:02 by leaf »


 

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