| User | Thread poster: islander1974 Payment methods from foreign agencies for Canadian residents |
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islander1974
Canada
 Member (2007)
French to English
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Hi guys:
What do you think is the best payment method when you live in Canada and work for foreign agencies? I get the feeling I'm losing a lot by just depositing cheques at the bank...
Thanks!
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danik777
Canada
Local time: 01:40
Polish to English
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| | These are costs of doing business | Feb 26, 2010 |
What exactly are you losing? Using banks is part of the cost of doing business. There can be charges for wire transfers but even PayPal charges if you have a business account ... but in the case of cashing cheques, other than the loss during the currency exchange (if needed), what loss are you referring to? If you need a bank that doesn't charge fees, check out President's Choice Bank, a division of CIBC/Amicus (in business as PC Bank for about ten years)... why pay monthly fees to a bank when they are already making $$$ on the money you're holding in your bank account, and exponentially so thanks to fractional reserve banking. Otherwise, pass the cost on to your client partially or fully, or otherwise chalk the loss up as an inescapable expense of doing business today.
For international jobs, I generally accept only PayPal or wire transfer. The transaction cost is generally factored in to my job quote.
[Edited at 2010-02-26 07:28 GMT]
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Marinus Vesseur 
Canada
Local time: 22:40
 Partial member
English to Dutch
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| | Wire transfer | Feb 26, 2010 |
Hi Islander
I mainly work for European clients who pay by wire transfer. Mind you, I have a German bank account, which is really helpful. I wouldn't know how to get a bank account in Europe if you're not living there. Wire transfers within the EU are usually free and a wire transfer from my German to my Canadian bank account takes about three days and costs about 10 dollars.
The actual fees differ from bank to bank and there is currency exchange involved as well, which is where your bank may rip you off. If you have a lot of foreign clients this subject deserves some study.
Paypal is easy and straightforward, but I find it too expensive.
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islander1974
Canada
Member (2007)
French to English
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TOPIC STARTER | | Thanks for feedback | Feb 26, 2010 |
Thanks. The last time I deposited a US cheque at Scotia it just seemed to me that the exchange rate paid out was unfavourable and that a charge was taken out...I will investigate President's Bank. I am currently looking into TD as well.
Cheers
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Tina Vonhof
Canada
Local time: 23:40
 Member (2006)
Dutch to English
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| | Open a US dollar account. | Feb 26, 2010 |
islander1974 wrote:
Thanks. The last time I deposited a US cheque at Scotia it just seemed to me that the exchange rate paid out was unfavourable and that a charge was taken out...I will investigate President's Bank. I am currently looking into TD as well.
Cheers |
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My bank (BMO) charges $5.00 for depositing a US cheque but I was told that if it happens regularly, I could open a US dollar account. I usually use PayPal.
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Marlene Blanshay
Canada
Local time: 01:40
Member (2009)
French to English
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| | paypal or wire | Feb 26, 2010 |
for overseas and US clients, paypal or bank transfer is preferable. Paypal does have fees which I don't really like so bank transfer is better, if the client uses it. Moneybookers is not available in Canada.
A lot of my clients are local or in the province, so i get a lot by cheque as well.
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islander1974
Canada
Member (2007)
French to English
+ ...
TOPIC STARTER | | Thanks guys! | Feb 27, 2010 |
Marinus, thanks for the tip that wire transfers don't cost that much after all and don't take long...I will try that option with my euro clients from now on. I opened a US account at TD today as well. The charges are low if you don't withdraw much so I guess I will keep on with cheques in the mail for US clients. 
I only have one Canadian client (go Vancouver!) and of course for them cheques work like a charm. I'm not a big PayPal fan unfortunately, but when desperation strikes...Also thanks for letting me know that Moneybookers doesn't work here. I used to love it before I came to Canada - quick and low charges. Wish me luck and have a great weekend!!
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John Fossey
Canada
Local time: 01:40
Member (2008)
French to English
| | Many options available | Feb 27, 2010 |
I use TD and they don't charge me any fee to deposit cheques in USD, GBP or EUR. PayPal works like a charm for smaller amounts - their % based fees get rather high for larger amounts. MoneyBookers will mail you a paper cheque in CAD $, only takes about 3 days to get here and no problem to deposit - and their flat low fees are good. Bank transfers to Canada are good for many countries, if you don't mind the fee. From Germany I have a client who pays by E-Cheque - their bank sends an online payment and I get a CAD cheque in the mail the next day from National Bank of Canada.
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