Multi-currency bank account and international payment Thread poster: Laurence Masing
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Hi there,
How do you handle multicurrency payments and make the best of change rates and fees ? (Especially USD to EU)
Specifically, which tools or online bank do you use to convert currencies when most interesting for you, with the lowest possible change fees ?
Many thanks for your insight,
Laurence
[Edited at 2019-01-19 10:19 GMT]
| | | | Samuel Murray 
Netherlands
Local time: 04:05
Member (2006)
English to Afrikaans
+ ...
Laurence Masing wrote:
How do you handle multicurrency payments and make the best of change rates and fees (especially USD to EUR)? Specifically, which tools or online bank do you use to convert currencies when most interesting for you, with the lowest possible change fees?
It is my experience that one can only make favourable use of such tools or services if the clients are willing to make use of them as well. For example, you can get a borderless account at Transferwise that will allow your clients to pay money directly into a USA bank account, but that won't help if your clients refuse to use any payment method except cheques and PayPal. Also the fact that one client in a certain country is able to use a certain payment method does not mean all clients from that country will be able to do so. In addition, it is unlikely that a regular client will be willing to switch payment methods every time you invoice them just because you have calculated that you can save money using a different service each time.
Of course, as the service provider you are fully free to accept only work from clients who are willing or able to pay you in the way that you specify, but that is guaranteed to reduce your pool of potential clients.
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The answers you are looking for mostly depend on the countries.
For example, PayPal is not available in Turkey where I am registered as a freelancer.
You have to search your own options. For example, you might visit various banks and talk in person about currencies involved. I don't know about France but there is a rather new option in bank services where the branch is on the internet only. So you are opening your account via internet and you perform your transactions ... See more The answers you are looking for mostly depend on the countries.
For example, PayPal is not available in Turkey where I am registered as a freelancer.
You have to search your own options. For example, you might visit various banks and talk in person about currencies involved. I don't know about France but there is a rather new option in bank services where the branch is on the internet only. So you are opening your account via internet and you perform your transactions via the internet. This way, they provide the same service for a much smaller fee.
Elif ▲ Collapse
| | | | | Bank account in USD | Jan 19, 2019 |
Some years ago when I was still living in Belgium my main bank account (ING Bank) was in EUR, but I also had a special account for payments in USD and I used to transfer the balance when the exchange rate USD/EUR was favourable. In the meanwhile, I moved back to Portugal and I’ve closed that account. Regarding bank fees all my invoices say: “Payment are to be made within xx days from date of invoice, exclusively by bank transfer (net of all bank charges)”.
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| It makes sense to shop for a good bank | Jan 19, 2019 |
Besides dedicated multicurrency account providers such as Transferwise, it could make sense to carefully shop around for a bank with low transaction fees and good currency exchange rates. You can often get very good deals from smaller institutions, especially cooperative ones (whatever they are called - cooperatives, credit unions, building societies, etc.).
| | | | Kaspars Melkis
United Kingdom
Local time: 03:05
English to Latvian
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| online banking may be the answer | Jan 19, 2019 |
I found out that Revolut offers the best exchange rate. They didn't have a private USD account before but now it has changed and it is the same as your individual IBAN account for EUR.
I also used Transferwise which allows you to have a US ACH account which might be useful if your US clients are able to pay via ACH.
Both of them are available to EU residents and are not real bank accounts and may offer less protection therefore it makes sense to use them only to conver... See more I found out that Revolut offers the best exchange rate. They didn't have a private USD account before but now it has changed and it is the same as your individual IBAN account for EUR.
I also used Transferwise which allows you to have a US ACH account which might be useful if your US clients are able to pay via ACH.
Both of them are available to EU residents and are not real bank accounts and may offer less protection therefore it makes sense to use them only to convert USD to EUR and then transfer to your local bank account. Although you can also get a card and use for payments in shops. ▲ Collapse
| | | | EvaVer (X)
Local time: 04:05
Czech to French
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| Good bank and careful conversion | Jan 20, 2019 |
A good bank is required, yes. I avoid converting money as much as I can, if nothing else, you always pay bank charges - their amount depends on your bank. In one of my banks, you can convert money between your own accounts for "free", but I am sure they make it up on the exchange rate. So I mostly spend Czech crowns I earn as Czech crowns and Euros as Euros. I don't have much use for dollars in normal life - I mostly invest them as dollars (I am sure French banks also propose securities denomina... See more A good bank is required, yes. I avoid converting money as much as I can, if nothing else, you always pay bank charges - their amount depends on your bank. In one of my banks, you can convert money between your own accounts for "free", but I am sure they make it up on the exchange rate. So I mostly spend Czech crowns I earn as Czech crowns and Euros as Euros. I don't have much use for dollars in normal life - I mostly invest them as dollars (I am sure French banks also propose securities denominated in USD). You can negotiate better rates and lower fees when you convert large amounts - so if you can afford doing without your dollar earnings for some time, accumulate them. Just now, you can also get some interest on USD deposits (unlike the EUR ones). Using online banking for such operations is not a good idea - you will get standard, i.e., poor conditions. Ask your personal banker about thresholds for negotiated exchange rates and for possibilities to "faire fructifier" your USD - if you don't like the answer, ask other banks. ▲ Collapse
| | | | | In Revolut I trust! :-) | Feb 19, 2019 |
Jokes apart, yes, Revolut was a great discover for me.
I opened the account (by default it is a barclays uk account) and created some sub-accounts in different currencies (for me USD, Punds, Euros, AUSD).
I got my dollars payment into the USD "sub-account",
waited for a good conversion rate (the simple interbancary rate applies, no hidden charges)
and converted to euros. Then, I transferred this money into my Italian account.
All for free.
More, you can get a ... See more Jokes apart, yes, Revolut was a great discover for me.
I opened the account (by default it is a barclays uk account) and created some sub-accounts in different currencies (for me USD, Punds, Euros, AUSD).
I got my dollars payment into the USD "sub-account",
waited for a good conversion rate (the simple interbancary rate applies, no hidden charges)
and converted to euros. Then, I transferred this money into my Italian account.
All for free.
More, you can get a free debit card with the basic account plan.
You can withdraw 200 euros per month for free,
for higher volumes you have to pay a 0.4% fee (or you change your plan to premium).
One last thing: if you open a Revolut account and you want them to send you a debit card,
they will ask for a delivery fee (in my case was somethig like 6 euros). However, if you wait, they will eventually offer to pay for the delivery.
And no, I do not work for them!
Best,
Gianna ▲ Collapse
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