Best way for US client needs to pay me in the UK?
 

Hi folks,

I'm based in the UK and I'll be doing some work for US company. We wont actually physically meet - we'll be doing everything via t'interweb. I'm just wondering; can anyone recommend the best way for the US company to pay me? By "best" I mean: how can we get the best exchange rate and be charged the least commission? Is a paper cheque the best way to go?

Many thanks for any advice at all!
Thanks,
Jack

Having the funds transferred into your bank account is common, although perhaps not the safest because you do need to give them your account details.

A bankers draft cheque made out in Sterling payable to you would be the safest if you have worries about the A/C details and you don't pay any charges. If the cheque is made out in US dollars, however, you have to pay any charges.

It really depends on who is going to pay the charges. Overall, you tend not to lose out if they pay everything in Sterling.

Paypal works fine...

Hi Guys,

Thanks loads for the replies.

Unfortunately, I think the bank charges will be deducted from the film budget even if my client does the conversion to Sterling. Oh well.

I just heard from my client that his experience is that a paper cheque (in US Dollars) is better than wiring funds electronically.

If I receive a cheque in USD, should I just pay this into my bank account like a normal cheque (I have a Barclays Business Account) or should I take it to a currency exchange service? My limited experience with buying kit abroad is that Barclays provides a reasonably competitive exchange rate.

I've done a bit of Googling...

This forum suggests that the best way to cash a cheque in USD is to simply take it direct to my UK bank: GEtting american cheque - cheapest way to convert? - Yahoo! UK & Ireland Answers



A second forum suggests using PayPal or asking my bank to set up a US bank account on my behalf or to use AuctionChex: $ dollars into £ Pounds - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

Not wiring funds explanation is pure BUNK !!!

I transact wire business to the tune of hundreds of thousands of dollars USD w/o problem. You will know w/i a few hours that the funds have arrived. A paper check will need to "clear" first.

Have them wire the funds....

Hi guys,

Thanks for the feedback.

I spoke to my bank (Barclays) and they told me that they can accept a (paper) cheque in US dollars but it could take up to 6 weeks to clear! Yes, 6 WEEKS! The charges are very low though - only 0.25% of the sterling amount up to a max charge of £60.

I explained the problem to my client and he very graciously offered to wire me the money and to pay for the fees! I'm very lucky - my clients all seem to be very nice, friendly folks.

Thanks for all the info,
Jack

Your bank has to physically return the paper cheque to the US bank which is one reason for the delay.

+1 to wire transfer

I wire and get wires all the time.

Wiring is a great way to go.

Paper checks do take forever because of clearance times and the usual bank/money market detours.

Paypal not a bad way to go, either.

I get paper cheques drawn on US accounts almost weekly. If you have a Barclays Business account the the funds should show on your account in about 5 days. The transaction is handled electronically, but it costs £30.00.

Great stuff, many thanks for all the info.

Jack

Surely you can't beat Paypal? £30 for clearing a cheque is typical Barclays. Paypal will transfer £750 for that.