Receiving money online

[olasz]

Hi

I am located in Hungary, Europe. I am going to receive about $5k from a US person (not a company) for online work. The payment method is still open to decide. Any1 has experience on how I turn this money to cash? I'd rather not involve paying taxes as they are very high here and I already pay a lot of taxes after my full time job....

I read people use Payoneer, Neteller and stuff. Is this the general/sole reason why (i.e. avoiding paying tax)? Or why would any1 want to use these instead of more trusted banks? They all require photocopy of your ID/passport but also say that they do not disclose anything unless authorities require them to. This is kinda off topic, but how would an eastern EU country government (that is not the US gov with the IRS) know about your private accounts?

If I register at for example Payoneer, validate my account with my legit personal data, and use their debit card to withdraw cash from local ATM, would the government learn that I have some private account? How do people do this?

Sorry, these questions might make no sense, I have no idea how any of this works and I have noone really to ask these. I asked a few (2) accountants but they generally have no idea about these things. I know this is asked a lot here, but I have not found any real answer to these questions directly.

I'm just a clueless dev who looks to get some extra money. Please if you can, explain stuff to me like I'm a 10 year old as I'm not smart when it comes to money.

Thank you

 

[peeledorange]

Why not to use Bitcoin? It is fast, reliable, secure and (almost) free of charge.

 

[socialmediapro]

Don't try to avoid paying taxes on this big amounts if you plan to withdrawn them on your real bank account.

 

[jaymank]

Avoid payoneer they suck. What about wu ?

 

[strangeris]

I have experiences with payoneer and neteller. For me, payoneer sucks because it forces your currency to USD. If you apply for their visa-card and go to your local atm-machine, there will be quite high commissions. Also there will be commission for forex exchange. The best option would be to buy something for the amount you have in your payoneer account. Then there will be only the currency exchange fee.

 

[BigMoneyyy]

Use Payoneer or Western Union

 

[LionMK]

I would personally use Payoneer. They've got low fee and you can use their card to get your money from ATM. However, I was advised to withdraw amounts that are lower than 1000 EUR per day from ATM because when someone withdraws amount of money higher than that the machine keeps a log of that transaction...I don't know if that's true but I follow this advice.

 

[olasz]

Why not to use Bitcoin? It is fast, reliable, secure and (almost) free of charge.

Thanks, might be a good option. There is a bitcoin ATM in Budapest but it only sells bitcoin (i.e. you input cash and it gives you bitcoin) at the moment and it charges 7%.

Don't try to avoid paying taxes on this big amounts if you plan to withdrawn them on your real bank account.

I defeinetly don't want it to go to my bank account. I'm going for cash from an ATM.

I would personally use Payoneer. They've got low fee and you can use their card to get your money from ATM. However, I was advised to withdraw amounts that are lower than 1000 EUR per day from ATM because when someone withdraws amount of money higher than that the machine keeps a log of that transaction...I don't know if that's true but I follow this advice.

Sounds reasonable, thanks. Did you give them your real id? Did they need photo of your ID as verification? How long have you been using their service this way? Thanks for you answer

 

[john1444]

You may want to channel this to a tax accountant for professional advice otherwise take anything you hear with with a pinch of salt.

 

[virtual.indiano]

You may want to channel this to a tax accountant for professional advice otherwise take anything you hear with with a pinch of salt.

The problem in Eastern European countries is that most of the accountant have no idea whatsoever about online stuff. They are either someone's relative to be hired in an accountant firm even when they have low grades and no IQ at all. Worse is they read American forums and give local advice. In my opinion finding an EU law regarding this would be the best.

 

[resurrect]

A lot of people which are monetising their websites with AdSense receive money with WU. Probably this is the better solution for you.

 

[Algirdasd]

You may consider a Paysera account. They are expanding their market at the moment and they offer quite good prices for international transactions and the account is made so you can operate different currencies quite easily. If you'd like to receive cash money, then Western Union is also an option.

 

[virejulke]

btc is the only idea if you want to be anonymous and dont want to send your passport for verification

 

[rajiced]

consider money transfer service safe and cheap ex. western union

 

[davids355]

Id probably go for bitcoin, as its very low cost, safe and secure.
But I wouldnt advise trying to avoid taxes - anything online is going to leave behind a record.

 

[TrevorBeno]

You can always start with instant solutions such as prepaid providers, all of them are the same (except their commission structure) but most of them will require full KYC (know your client) to be filled up and the meaning of this is very simple, those are temporary solutions and if your are going to earn nice amounts for long term its better idea to take tax adviser and make a tax plan in order to reduce your tax liability in a more rational way.

Regards,

T

 

[mildrendwhale]

Paypal is the best getaway.