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Wire Transfer Taxes

Discussion in 'Business & Tax Advice' started by pantapanta1, Jul 5, 2016.

  1. pantapanta1

    pantapanta1 Newbie

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    Hello,

    I am working as a social media evaluator in a Company based in US. I live in Europe and they only do wire transfers. The problem is that they tax me $10 because they send it through an intermediary bank and another $7 for exchange fees. Do you have any solutions to avoid those fees and if not all some of them. Any help appreciated.
     
  2. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    Get a Payoneer account which comes with a debit card and you can apply for a US VBA, so the company can pay you via ACH, which has lower fees than wire transfers.
    Or you could use Transferwise, if i'm not mistaken, they have the lowest fees when it comes to moving money online.
    You can't avoid the currency exchange fees though, that will apply everywhere, if not right away, then when you spend the money/use the card.
     
    Last edited: Jul 5, 2016
  3. abhi007

    abhi007 Jr. VIP Jr. VIP

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    If they only do wire transfers then you are going to be charged with those fees.....
     
  4. pantapanta1

    pantapanta1 Newbie

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    If i apply for a payoneer debit card they need like 30 dollars per year which is more than the taxes. Can i apply for only a payoneer virtual account?
     
  5. mirrorer

    mirrorer Jr. VIP Jr. VIP

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    stick with wire transfers.Those fees are the lowest you will get.

    Payoneer has much much higher fees.I use both options & I am talking from experience.

    As for exchange check which bank give the better rates,go to your nearest airport and check exchange services there or if you have lot of money use XE.com to get the best exchange rate.
     
  6. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    Nope. The Payoneer account automatically comes with a card, which has a maintenance fee in most cases, i don't pay that one, because i use the card in every month, i applied for the card through Fiverr, maybe it's part of the deal or it's by default. Anyway, i don't pay the monthly fees for sure.
    Also i'm not sure how a $30 yearly fee surpass a $10 monthly fee, if you get paid monthly. :)
    Anyway, whatever you choose, everything has fees. Telling the truth the $10 per transfer doesn't sound too high to me, in case if it's not $15 you're transferring. :)

    You won't get better rates than Transferwise with anything else for sure. But if the company only does wires, that's maybe not an option.
     
  7. pantapanta1

    pantapanta1 Newbie

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    If i find a US Bank branch in my country do you think that i can avoid some of the fees?
     
  8. TheNumbersGuy

    TheNumbersGuy Jr. VIP Jr. VIP

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    If you were to deposit the funds in USD maybe you could save on the currency conversion, but only if you found somewhere you could exchange USD to Euros at a lower rate than at the banks.