Best way to receive payment from European agency Thread poster: Caroline Giguère
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Hello,
I am filling out a form to do some work for a European agency, and I wonder about two things:
1. Is it better for Canadians to be paid in USD, or should I just choose CAD? I have to select one, and won’t be able to change it afterwards. It would seem logical to choose CAD (fewer transfer fees and such) but I’m thinking maybe USD is more advantageous in the end.
2. What are the payment methods that work best for payments from overseas? Do people ... See more Hello,
I am filling out a form to do some work for a European agency, and I wonder about two things:
1. Is it better for Canadians to be paid in USD, or should I just choose CAD? I have to select one, and won’t be able to change it afterwards. It would seem logical to choose CAD (fewer transfer fees and such) but I’m thinking maybe USD is more advantageous in the end.
2. What are the payment methods that work best for payments from overseas? Do people use the ProZ Pay tool? PayPal? Wire transfers?
Thank you,
Caroline ▲ Collapse
| | | | Dan Lucas 
United Kingdom
Local time: 05:45
Member (2014)
Japanese to English
| PayPal can get very expensive | Oct 19, 2019 |
Caroline Giguère wrote:
2. What are the payment methods that work best for payments from overseas? Do people use the ProZ Pay tool? PayPal? Wire transfers?
Once you get into four-figure sums (several thousand dollars), the fees charged by PayPal really mount up. I was once charged >$150. It's OK for small sums though.
Dan
| | | | | Good to know! | Oct 19, 2019 |
Thank you Dan for this info.
Caroline
| | | | Joshua Parker
Mexico
Local time: 21:45
Member (2016)
Spanish to English
+ ...
| TransferWise | Oct 19, 2019 |
I've used TransferWise to receive funds from Europe (into a U.S. bank), so far with no problems, and very low fees.
PayPal fees can really add up, but it's OK for small amounts. Even then, I still think TransferWise is cheaper. The only drawback is that it can take a few days to receive the money.
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I appreciate your suggestion and will look into it : )
Caroline
| | | | Tina Vonhof (X)
Canada
Local time: 22:45
Dutch to English
+ ...
Getting paid in USD may be an advantage. If you open a USD account at your bank (at no cost), you can deposit the money there and wait until the exchange rate is particularly good before transferring it to your Canadian account.
Note that Paypal will not transfer USD to a Canadian USD account. They will only transfer it to a Canadian account, so that you pay the exchange rate plus their conversion fee. I often leave the money there in a USD account to pay, for example, my proz.com ... See more Getting paid in USD may be an advantage. If you open a USD account at your bank (at no cost), you can deposit the money there and wait until the exchange rate is particularly good before transferring it to your Canadian account.
Note that Paypal will not transfer USD to a Canadian USD account. They will only transfer it to a Canadian account, so that you pay the exchange rate plus their conversion fee. I often leave the money there in a USD account to pay, for example, my proz.com membership, software programs, and other things I order online. Paypal does allow accounts in different currencies (also at no cost), so you could start a Euro account and ask European companies to pay you there.
[Edited at 2019-10-21 15:17 GMT] ▲ Collapse
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Tina Vonhof wrote:
Getting paid in USD may be an advantage. If you open a USD account at your bank (at no cost), you can deposit the money there and wait until the exchange rate is particularly good before transferring it to your Canadian account.
[Edited at 2019-10-21 15:17 GMT]
I called my bank and opened a US bank account yesterday : ) I did ask them about the best way to receive funds from Europe, and the person I spoke with did a quick check and it turns out that you get more for your euros when it is transferred directly into CAD. Still, I think it will certainly be handy to have such an account, maybe for dealing with American agencies.
Tina Vonhof wrote:
Note that Paypal will not transfer USD to a Canadian USD account. They will only transfer it to a Canadian account, so that you pay the exchange rate plus their conversion fee. I often leave the money there in a USD account to pay, for example, my proz.com membership, software programs, and other things I order online. Paypal does allow accounts in different currencies (also at no cost), so you could start a Euro account and ask European companies to pay you there.
[Edited at 2019-10-21 15:17 GMT]
That's also good to know. I did some more research about that, and yes, PayPal does seem to charge a fair bit. But I went and added an account in Euros and one in USD; again, that might come in handy, for shopping and such as you say.
Thanks again,
Caroline
| | | | | I signed up! | Oct 22, 2019 |
Joshua Parker wrote:
I've used TransferWise to receive funds from Europe (into a U.S. bank), so far with no problems, and very low fees.
PayPal fees can really add up, but it's OK for small amounts. Even then, I still think TransferWise is cheaper. The only drawback is that it can take a few days to receive the money.
I did some research, and it does seem like a very good and cheap option, used by a lot of people.
Thanks again!
Caroline
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| Need to have done it before I say | Oct 22, 2019 |
Joshua Parker wrote:
I've used TransferWise to receive funds from Europe (into a U.S. bank), so far with no problems, and very low fees.
PayPal fees can really add up, but it's OK for small amounts. Even then, I still think TransferWise is cheaper. The only drawback is that it can take a few days to receive the money.
Don't you have to have an account set up with them? They ask you to supply all kinds of personal documents (photocopies) to even establish a TransferWise account. Do you need to pay something for that?
Isn't the money held for a while in limbo (cyberspace or at your bank)? How long did it take for you to get the money the first time you used this service?
Thank you for your info.
B
| | | | | No cost to register | Oct 23, 2019 |
Bernhard Sulzer wrote: Joshua Parker wrote:
I've used TransferWise to receive funds from Europe (into a U.S. bank), so far with no problems, and very low fees.
PayPal fees can really add up, but it's OK for small amounts. Even then, I still think TransferWise is cheaper. The only drawback is that it can take a few days to receive the money. Don't you have to have an account set up with them? They ask you to supply all kinds of personal documents (photocopies) to even establish a TransferWise account. Do you need to pay something for that? Isn't the money held for a while in limbo (cyberspace or at your bank)? How long did it take for you to get the money the first time you used this service? Thank you for your info. B
Hi Bernhard,
It didn't cost me anything to register, and it was pretty straightforward, no photocopies needed. I haven't used the service yet, but it seems it does take a few days to receive the money according to Joshua.
Caroline
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