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International payments and currency conversions

Discussion in 'Business & Tax Advice' started by Ste Fishkin, Feb 29, 2016.

  1. Ste Fishkin

    Ste Fishkin BANNED BANNED

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    Hi Guys,

    Right now things are going well, my business was going great, making $XX,XXX a month and I thought that was good, never really kept on eye on things...

    Then I realised how much I'm getting fucked on currency conversions. Right now our path of money is like this:

    1. We accept payment in dollars, we get hit with transaction fee and currency conversion.
    2. Lands in our account in pounds sterling, less than it should by about 10%
    3. Staff are paid in dollars, so we lose out AGAIN in currency conversions ffs
    4. Then we pay directly into their bank accounts so we get hit by our bank giving us an international bank transfer fee.

    I feel like this is a problem some of you guys have solved before... just, how did you do it?

    How can I make this more efficient so we lose less money through bullshit like transaction fees?

    The guy I want to pay lives in Macedonia, outside the EU which complicates things further... but again, I'm sure some of you have solved this before.

    How is it done?
     
  2. ppaizon217

    ppaizon217 Regular Member

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    Seek the advice of an expert. if you make xx,xxx a month it wont be a problem to spend 1k to save 1k a month in fees.
     
  3. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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  4. Ste Fishkin

    Ste Fishkin BANNED BANNED

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    I know accountants, but I don't think the average accountant will understand the world off affiliates and multiple currencies and paying people I've only ever met on the internet. We are in a crazy business...

    But yes, I'll be speaking to them when I see them next. :)

    Transferwise was my first idea, but the guy is outside the EU in Macedonia and they can't/won't do it... The same with the TW competitors. We went through the bank last time but just under 1/3rd of what we paid him was gone in fees, every fucker has their hand out and wants their bit.

    The paypal trick only works with US banks, payoneer might be the way though... I'll phone them :D

    Thanks dude :)
     
  5. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    If you are paying to Macedonian guy and if he have Payoneer he can send you payment request up to $2,000 per payment so you pay him directly to his CC. You pay with your MasterCard or VISA and he gets the money directly to his CC.
    I am also having 3 currencies problem but I don't see a problem with paying fees. If you are earning enough that's not a problem. And since you said you earn xx,xxx/month that seems like a very good amount. How much can you "lose" on PP fees and exchange rates on $10,000? Not more than $500-$600?
     
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    Last edited: Mar 1, 2016
  6. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    What if you open a foreign currency account in USD in the UK? One way or another you'll get hit with the conversions fees for sure at least once, unless you move to the other side of the pond, but if you have a bank account in USD, you can avoid to get hit with the conversion fees multiple times, transaction fees will still apply.

    Transferwise is good, one of my friends uses it regularly, their fees are the lowest i believe.

    Payoneer is good too, you can send money with it to other Payoneer account holders free of charge. If you can get money in your account somehow, you can pay your employees easily with it. I say somehow, because private loading/sending is not available at first, and you need to receive a few payments from Payoneer partners (CPA networks, Fiverr etc.) at first to get that enabled. You can also get a US VBA with Payoneer.
     
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  7. Ste Fishkin

    Ste Fishkin BANNED BANNED

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    I've not worked exactly how much is being lost... but it will add up.

    I'm from Northern England FFS, my wallet is tighter than a ducks arse.
     
  8. Aatrox

    Aatrox Supreme Member

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    This could seem like a possible solution. I do this for myself so I don't lose much on conversions. You can also pile some cash on the account and convert it once the currency goes up (currency in my country is not that stable so I pile up cash and convert it once I see that currency is high).
     
  9. Ste Fishkin

    Ste Fishkin BANNED BANNED

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    I'm just going to sell in GBP - fuck this dollar bullshit

    I am english for fucks sake.
     
  10. living2xl

    living2xl Jr. VIP Jr. VIP

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    Use skrill accounts for less loss of money from your income.
    I think it'll be affordable for you.
     
  11. spainduck

    spainduck Newbie

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    what kind of business do you do ,may i be part of the business?
     
  12. LocalProxies

    LocalProxies Jr. VIP Jr. VIP

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    I am from Macedonia, we can accept funds only on payoneer, or paypal if it is registered in another country. So when you accept your funds why don't you withdraw them in dollars, so you won't pay the conversion, also you can open a payoneer if you don't have one and when you receive your money you can receive them on payoneer and pay the guy in Macedonian without any conversion and than you can withdraw your funds in dollars from the bank. After that you can wait for a nice conversion rate and change your dollars in pounds. I hope i helped, if you need anything else feel free to ask.
     
  13. Ste Fishkin

    Ste Fishkin BANNED BANNED

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    Payoneer seemed to be the only option for future reference.

    We have switched payment provider to stripe though... they charge 2% on currency conversions and only 1.4% from EU card payments... very good, easy to use
     
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