Invoicing with a foreign bank account.

[Ballo]

Hi, I'm new here.

I'm in a sort of dilemma here. I just started this year my sole trader work in Uk. Right now I have some spanish clients that they want to pay me in my spanish bank account (yes, I'm spanish too). Obviously it's beneficial for them but not for me, so I'm wondering which are the alternatives to do in my case. Be paid with in a paypal account? or open euro bank account. But if at the end I have to get paid in a spanish bank account which should be the information required to prepare my invoice?

Thanks for your help.

[SueEllen]

Why does it have to a be a Spanish bank account?

As long as you are happy to pay for any costs involved with the transaction i.e. they pay you your fees and transaction charges come out of that then it shouldn't matter where your bank account is.


Also if you open a Euro bank account in the UK and get paid into it from another country it's extremely likely the UK bank will charge you a transaction fees for processing the payments. As the UK's currency is Pounds Sterling not the Euro.

Paypal may or may not be cheaper it depends on how much your clients are paying. I find with small amounts from friends' that it's better if they pay me via Paypal but I then spend the money from my Paypal account on things to minimise transaction costs.

BTW there are UK accounts that if you make outward payments via card in Euros you don't get lumbered with transaction fees. However this is a gimmick to make you join the bank.

[TheFaQQer]

Give them the SWIFT and IBAN code and that will allow them to make a payment into your bank account.

You will then get charged the transaction fees for any currency conversion.

[Ballo]

Hi SueEllen, Actually that's a good idea. I'm wondering why I don't have this idea before! Thanks...Anw, You words make sense, but this payment are regular so it will be really expensive for me keep them. Pay for my client transfer and pay currency changed. :/

Thanks, the Faqqer.

Anybody has experience with companies as fxfirm or moneycorp? Or these companies are just to move huge quantities?

Thanks.