Receiving wages from a US company, any decent banks/money transfer services?

[jamesbrown]

Thanks for asking James, DPNI seemed perfect UK end, easy to setup and I found a handful of accountants who do it for a raft of clients already, all who had no experience in the US side. It would have to be feasible for the US company from a logistics, cost, and paperwork standpoint.

The US company asked their HR and payroll departments, and they've pretty much said no to it and want to pay me as a contractor, be it a ltd or sole trader.

I did some more work myself to see if I could see an easy way for the US company, speaking to over ten very qualified US tax accountants based in the US, and the IRS a few more times. There was a lot of payroll costs involved, holding back 15% of monies and claiming back through the IRS, compliance, paperwork, the list just went on and on, I wish I would have written it all down, but on the phone it was a mind boggling array of faff, huge amount of hoops to jump through and cost the US company would incur. Every accountant I spoke to advised just to setup my own UK company and bill the US company with the invoice, then they can pay it by bacs/wire/(transferwise now )

So 3 weeks away yet, but leaning again towards sole trader, for sheer simplicity

Thanks for taking the time to report back.

I did wonder whether sole trading would end up being the simplest route for you.

Glad you're on the right track and good luck with it all.

[swissdt]

BTW, I forgot to ask how you organised things. Did you go the DPNI/PAYE route in the end?

Thanks for asking James, DPNI seemed perfect UK end, easy to setup and I found a handful of accountants who do it for a raft of clients already, all who had no experience in the US side. It would have to be feasible for the US company from a logistics, cost, and paperwork standpoint.

The US company asked their HR and payroll departments, and they've pretty much said no to it and want to pay me as a contractor, be it a ltd or sole trader.

I did some more work myself to see if I could see an easy way for the US company, speaking to over ten very qualified US tax accountants based in the US, and the IRS a few more times. There was a lot of payroll costs involved, holding back 15% of monies and claiming back through the IRS, compliance, paperwork, the list just went on and on, I wish I would have written it all down, but on the phone it was a mind boggling array of faff, huge amount of hoops to jump through and cost the US company would incur. Every accountant I spoke to advised just to setup my own UK company and bill the US company with the invoice, then they can pay it by bacs/wire/(transferwise now )

So 3 weeks away yet, but leaning again towards sole trader, for sheer simplicity

[jamesbrown]

Thanks Fred!

I signed up for transferwise which impressed me at the intuitiveness and ease of it all, i'll keep xe in mind as a backup too

BTW, I forgot to ask how you organised things. Did you go the DPNI/PAYE route in the end?

[swissdt]

Thanks Fred!

I signed up for transferwise which impressed me at the intuitiveness and ease of it all, i'll keep xe in mind as a backup too

[Fred Bloggs]

As an alternative (not much between Transferwise and this mob) try XE dot com . I have been using them regularly for a few years now, they are extremely efficient and cheap. They are especially good for lower amounts since there is no minimum fee involved. I can also recommend using a Revolut card to help juggle a multi-currency lifestyle too. Hope that helps.

[ladymuck]

It happens. Duplicate deleted, jamesbrown's post moved to this one.

We know that, it's just more fun to take the mickey

[NotAllThere]

Wait, didn't I just reply to this?

I think there's an echo

Not sure how I managed a double post

It happens. Duplicate deleted, jamesbrown's post moved to this one.

[swissdt]

Thanks will check out the link James

Not sure how I managed a double post

[NCOTBAC]

Yup. TransferWise. Incredibly simple, intuitive, UI and close to interbank rates. Overall, it works out to around 0.3% charges on Cable, I think, compared to, say, 2%+ charges with a highstreet bank (on a rate that is often nowhere near interbank to begin with). No connection, just a happy customer - I have both personal and business accounts.

Hope that helps.

[ladymuck]

I think there's an echo

[jamesbrown]

Wait, didn't I just reply to this?

[jamesbrown]

Yup. TransferWise. Incredibly simple, intuitive, UI and close to interbank rates. Overall, it works out to around 0.3% charges on Cable, I think, compared to, say, 2%+ charges with a highstreet bank (on a rate that is often nowhere near interbank to begin with). No connection, just a happy customer - I have both personal and business accounts.

[swissdt]

Hey guys,


Figured there could be some here who do international transfers without getting hit from every angle with inflated exchange rates and charges.

I'm in the final process of ironing out work with a US company, and just seeing if theres a better way to get paid than wire transfer and lots of fee's at the US end.

Cheers!