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Microstock Photography Forum - General => General Stock Discussion => Topic started by: gnirtS on April 09, 2025, 22:20
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Just been looking at fees and realised how much extra is paid on top generally for non US contributors via Paypal and its pretty galling long term.
What options are people using here to minimise the really terrible exchange rates and a % fee slapped on top?
Paypal it seems charge a really terrible rate then 3% on top of that (and 5% for SWIFT).
Payoneer maybe the same?
Revolut no longer offer a domestic US dollar account for personal users but WISE do. BUT Paypal wont allow domestic bank transfers to any bank that isnt your own country (so a UK paypal will only send to a UK bank so must go through its conversion rate and fee).
Nobody appears to offer a Wise payment option. Alamy offer bank transfer but its SWIFT so large fees.
To me a useful system would be to get a payment provider to pay in USD to Wise which could then be transferred out at the market rate and no fee from there but i cant see any way of doing it.
Its more galling since AS switched to USD resulting in an effective 5% paycut (but still charge contributors in GBP for the products...).
So how are people doing it or realistically do we just have to stomach the bad rates and fees and accept we'll earn a percentage less than US contributors as a result?
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I set up a US$ account with a UK bank but PayPal still wouldn't let me transfer dollars into it. They definitely don't want you avoiding their conversion rate.
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I set up a US$ account with a UK bank but PayPal still wouldn't let me transfer dollars into it. They definitely don't want you avoiding their conversion rate.
I know of one that tried it a few years ago and PP converted dollar to pounds, paid out and bank converted back to USD so lost twice.
Curiously Japanese Paypal allows domestic US banks to be added with withdrawn to. The UK and i think Europe does not.
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I am in Canada, so have the same issue. I handle it as business expense when filing income taxes, under "banking fees". This was advice of tax professional, and probably least complicated way.