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International payment - International bank accounts?
Thread poster: Theodore Quester

Theodore Quester  Identity Verified
United States
Local time: 13:13
French to English
+ ...
Jan 5, 2002

I know this topic has been discussed before, but I am wondering again what is the best way to receive or even request payment from another country. I am based in the U.S., but want to work with some French and Italian agencies. I have some questions, namely:



1) it possible to open a European bank account without setting foot in Europe? (i.e., over the internet?) Has anyone done this? Eames in his book suggests having a bank account in the country.



2)How many European agencies are going to pay with Paypal, otherwise?



3)How easy is it to arrange a wire transfer from Europe to the U.S.? How expensive?



4)Finally, does anyone know of any U.S. banks that accept European checks?



Thanks,

Theodore Quester


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Alan Johnson  Identity Verified
Germany
Local time: 19:13
German to English
Jan 5, 2002

Quote:


On 2002-01-05 21:00, tedquester wrote:

I know this topic has been discussed before, but I am wondering again what is the best way to receive or even request payment from another country. I am based in the U.S., but want to work with some French and Italian agencies. I have some questions, namely:



1) it possible to open a European bank account without setting foot in Europe? (i.e., over the internet?) Has anyone done this? Eames in his book suggests having a bank account in the country.



Don\'t know, but I am doubtful.



2)How many European agencies are going to pay with Paypal, otherwise?



Don\'t know.



3)How easy is it to arrange a wire transfer from Europe to the U.S.? How expensive?



Fairly easy, but (IMO) expensive; about 25 EUR for the first 250 EUR, beyond that I believe it is cheaper, in increments, but not greatly so.



4)Finally, does anyone know of any U.S. banks that accept European checks?



I paid someone to whom I outsourced work (she lives in GA) with a Eurocheque (she said it would be OK), but I don\'t know whether she sent it to a US bank or whether she has a Eurpoean account.



Thanks,

Theodore Quester





Sorry I couldn\'t be of more help..

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Bertha S. Deffenbaugh  Identity Verified
United States
Local time: 10:13
English to Spanish
+ ...
Jan 5, 2002

Hi Theodore,



I have worked for european agencies and all of them accepted wiring money to the USA, or to Uruguay my native country, or send me cheques to the USA. Cheques always arrive safely via snail mail.



Now, if you do not want to receive cheques or get your money wired, I think you can open an account in Europe or anywhere, though I very much doubt that a bank will accept opening an account unless you go there and they see you then and there on the spot.



You ask if there are banks in the USA that accept cheques in other currencies. Definitely YES. I have an account here in the USA and I have deposited cheques in french francs and also in canadian dollars.

No problem at all. No charges or discounts either, except those normal in any kind of exchange.



Whether it is expensive or not to send money from Europe to the USA, I honestly do not know, but I suppose it must not be very expensive. I can give you another example: Once I asked an american agency [ from California] to send money to an account I had in my home country, Uruguay. I did so even though I was alreadu living here in the USA at that time. No problem. Everything went pretty smoothly. The agency told me that they had had to pay 30 dollars for the transfer, money I had previously agreed to pay myself. I was told by the agency owner that they would have had to pay 30 dollars never mind how big or small was the amount of money they were wiring me. I do not think it is very expensive. Of course, the bank that is receiving the transfer may also charge you a percentage of the amount transferred, but not much though. In all, for a transfer of 1.900 dollars, I paid the agency the 30 dollars they had to pay for the transfer and I was charged some 10 extra dollars by my bank overseas.



Good luck.



Bertha





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Patricia Lutteral  Identity Verified
Argentina
Local time: 14:13
English to Spanish
+ ...
Bank and financial info Jan 5, 2002

Hi, Theodore

Yesterday Evert Deloof-Sys posted this thread: Banking and financial information via Qualisteam - enormous index



There are several interesting references there.



Best regards,



Patricia
[addsig]


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Trudy Peters  Identity Verified
United States
Local time: 13:13
German to English
+ ...
International banking Jan 6, 2002

Theodore,



1) It IS possible to open an account at a European bank without setting foot in that country. I opened an account at Advance Bank in Germany (an Internet bank and subsidiary of Dresdner Bank). They ask that you have your identity verified by a German Consulate or an Honorary Consul. I don\'t know where you live, but larger cities should have an Honorary Consul. In my case, it was the president of a large local bank.

You then have to send in all the paperwork. The wheels grind slowly, though. It took me about 3 months to get it done.



3) See previous answer. I have an account at a Credit Union, which doesn\'t charge anything at my end. Don\'t know how much the German bank charges, haven\'t transferred anything yet



4) Yes, American banks DO accept foreign checks. (Ask around.) Sometimes you have to wait for the bank to send it in \"for collection.\"



Also, you client may do business with a bank that has U.S. subsidiaries, and can send you a $$-check drawn on the U.S.-bank. Of course, you have to pay the exchange fees, in either case, depending on where the money is converted.



Trudy



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athena22  Identity Verified
United States
Local time: 10:13
Member
English
+ ...
Wiring to US banks/ depositing checks made out in foreign currencies. Jan 6, 2002

Hi Theodore,



I\'ve been paid by checks written in various different currencies, as I work with agencies and clients both in and out of the US. The fee structures for wire transfers and checks in foreign currencies will depend on the particular financial institution. Check around, but here are two examples that I know about.



Wells Fargo charges a fee to RECEIVE a wire transfer as well as to send one (obviously the fee for sending money is more than for receiving--it\'s something like $10 to receive and $50 to send). Schwab only charges to wire money out of your account.



Wells charges a small fee (under $5) to deposit a check in a foreign currency, and you have to accept their rate, of course. In the week of 12/31, they were giving .85 as the EUR-$ conversion.



So I don\'t think that you really need an extra account elsewhere. I have not found that agencies are wanting to pay via Paypal thus far, incidentally.



HTH,

Nanette


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Bertha S. Deffenbaugh  Identity Verified
United States
Local time: 10:13
English to Spanish
+ ...
Concerning banks... Jan 6, 2002

\"Bank One\" does not charge anything when you deposit a check ( cheque) in a foreign currency. I have deposited checks in french francs, canadian dollars and british pounds without losing a dime.

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Nina Engberg  Identity Verified
United States
Local time: 11:13
Member (2003)
English to Swedish
+ ...
Re: Wells Fargo Jan 8, 2002

Just wanted to say that I received a wire transfer to our business account at Wells Fargo, and the charge on my end was $6.50. The sender had to pay abt. $10.00 (from Sweden).

I had a US Bank account before, and they will actually use Wells Fargo to cash foreign checks, which is why I switched to Wells Fargo. I mean, why pay extra for the same thing?? US Bank would add their bank charge, of course!





Wells Fargo (and probably other banks as well) do not accept checks from certain countries. I did some work for a company in Slovakia, and was told by my bank that they don\'t accept checks from Slovakia...



I would just like to caution you though, that your account will get closed due to inactivity if you don\'t use it for some time. I used to have a personal account with Wells Fargo, and within a couple of months after the last transaction, they had closed it due to inactivity.

Another bank (TCF)had in their contract that your account will be closed if there is no activity for 30 days. Check in to that before you go ahead and open an account, if the sole purpose of the account is to receive payment from abroad.



Regarding PayPal, I have only had one customer use it, so it doesn\'t seem to be too popular. I think the one thing that makes them not use it, is that they have to sign up for it.



Hope it helps..



Nina


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