Payment methods - USA-based companies
Thread poster: Annett Hieber

Annett Hieber  Identity Verified
Germany
Local time: 17:07
English to German
Jun 11, 2012

Hello,

Can anybody tell me what the most common method of payment is from US-based companies? I mean beside PayPal.

Is wire transfer via IBAN/SWIFT/BIC a feasible way? What fees are involved?

Any opinion would be appreciated!

Have a nice evening,

Annett


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Sheila Wilson  Identity Verified
Spain
Local time: 16:07
Member (2007)
English
+ ...
Query Jun 11, 2012

Doesn't it depend a lot on where the payee is based? I would imagine that payments inside the US may well be done by different methods from payments from the US to Europe, Japan, Russia, etc.

Sheila


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Annett Hieber  Identity Verified
Germany
Local time: 17:07
English to German
TOPIC STARTER
More precise Jun 11, 2012

Hello Sheila,

Sorry, you are right, of course. I was asking about payments from the US to Germany in particular.

Annett


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Anton Konashenok  Identity Verified
Czech Republic
Local time: 17:07
English to Russian
+ ...
Yes, bank transfers are possible Jun 11, 2012

Annett, most U.S. clients are willing to do a wire transfer to a European account, but many of them will charge you the transfer fee of $25-35. U.S. banks don't understand the IBAN format, you just give them the BIC (SWIFT) code, the account number and your particulars.

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Nicole Schnell  Identity Verified
United States
Local time: 08:07
English to German
+ ...
Bank transfers or wire Jun 11, 2012

To send money to Germany takes 24 hours for the money to arrive on your account and costs a flat fee of USD 38.00 per transaction. Mosts banks won't allow international transfers to be done online from your office because of our strict laws and regulations to prevent money laundering, and you have to show up at your bank in person and have the bank teller take care of it. This may be the reason why some agencies try to pass on the fees to the translator - because in addition someone has to drive to the bank and wait in line which costs money, too.

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José Henrique Lamensdorf  Identity Verified
Brazil
Local time: 14:07
English to Portuguese
+ ...
Xoom will work from USA to Germany Jun 11, 2012

http://www.xoom.com will transfer funds from the USA to any bank account in some 30 countries, Germany being included. A transfer of up to USD 3K will cost USD 5 to the sender and nothing will be deducred from the receiver. The process takes two banking days.

I have been using it for almost 10 years to Brazil, and wouldn't have any complaint on their service. Before PayPal opened their own operations in Brazil, that's what I used to transfer from there, now it doesn't work with PP any more. However I saw the accounting documentation both sides get, and it's much better than PayPal's, because on Xoom funds are sent to a fully identified bank account instead of a nondescript e-mail address.


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Samuel Murray  Identity Verified
Netherlands
Local time: 17:07
Member (2006)
English to Afrikaans
+ ...
Not just US Jun 12, 2012

Nicole Schnell wrote:
Mosts banks won't allow international transfers to be done online from your office because of our strict laws and regulations to prevent money laundering, and you have to show up at your bank in person and have the bank teller take care of it.


FWIW, my previous country of residence had the same thing -- international transfers had to be arranged in person at the bank branch (and not all branches could do it either). Once you know how to do it (what papers to bring along and what forms to fill in), I suppose you could do it in very little time, but you still have to go to the bank in person and wait in line.

What some clients don't seem to get is that if you send a translator a cheque, you're really paying him with a local payment method. It is like sending a gift voucher to someone from another state or city, not realising that that voucher may only be valid in a local shop.

As for the amount, according to one of my US clients the transaction fee for SWIFT is USD 43.00 per transaction. They prefer to pay by cheque, but my local transaction fee for cheques is EUR 60.00 per cheque, so I'd rather pay the USD 43.00 in that case (particularly if I can bundle multple invoices into a single transaction). This kinda puts PayPal into perspective, despite its percentages.


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Philippe Etienne  Identity Verified
Spain
Local time: 17:07
Member
English to French
Feasible Jun 12, 2012

Annett Hieber wrote:
Is wire transfer via IBAN/SWIFT/BIC a feasible way? What fees are involved?
Annett

Last week, I received my latest and maybe last payment via bank transfer(invoice in USD) from the US to Spain:

USD30.00 issuing (client's) bank fee, which I paid
USD40.00 fee from hypothetical intermediary banks (or plain bank racket, not sure how to call that)
EUR6.00 charged by my Spanish bank to receive the payment in currency
EURunknown for exchange rates differences between sell/buy rates.
And I pay tax on those USD70.00, because I don't have any receipt on my end.

Comparatively, Paypal is cheap with "only" a ~4% fee.

Xoom looks very tempting, but I have yet to find agencies who offer payments via this provider.

A simulation US>GE with Moneygram leads to a 35USD fee for USD500 and USD58 for USD1000.

Bottom line: if you're based in the eurozone, charge more outside the eurozone.

Philippe


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Michael Wetzel  Identity Verified
Germany
Local time: 17:07
German to English
Xoom Jun 12, 2012

Hello,

I've only worked with a US customer once and ended up using PayPal. I looked at Xoom at the time and it looked significantly better - until I found the following:

https://www.xoom.com/user-agreement
User Agreement (6c)
Commercial Transactions. The use of the Service for commercial purposes is prohibited. You agree that you will only use the Service to send money to people that you know personally and for personal reasons. If Xoom discovers you are using the Service to purchase goods or services, we may cancel your Transaction(s) and close your account.

There are clearly a lot of people who use Xoom commercially and Xoom is clearly fully aware of this, however, this potential lack of dependability presents a big question mark.

Sincerely,
Michael


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PRAKAASH  Identity Verified
India
Local time: 21:37
Member (2007)
English to Hindi
+ ...
Thank you all Jun 13, 2012

Thank you all for your informative responses and post.

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Payment methods - USA-based companies

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