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

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  • jamesbrown
    replied
    Originally posted by swissdt View Post
    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.

    Leave a comment:


  • swissdt
    replied
    Originally posted by jamesbrown View Post
    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

    Leave a comment:


  • jamesbrown
    replied
    Originally posted by swissdt View Post
    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?

    Leave a comment:


  • swissdt
    replied
    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

    Leave a comment:


  • Fred Bloggs
    replied
    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.

    Leave a comment:


  • ladymuck
    replied
    Originally posted by NotAllThere View Post
    It happens. Duplicate deleted, jamesbrown's post moved to this one.
    We know that, it's just more fun to take the mickey

    Leave a comment:


  • NotAllThere
    replied
    Originally posted by jamesbrown View Post
    Wait, didn't I just reply to this?
    Originally posted by ladymuck View Post
    I think there's an echo
    Originally posted by swissdt View Post
    Not sure how I managed a double post
    It happens. Duplicate deleted, jamesbrown's post moved to this one.

    Leave a comment:


  • swissdt
    replied
    Thanks will check out the link James

    Not sure how I managed a double post

    Leave a comment:


  • NCOTBAC
    replied
    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.

    Leave a comment:


  • ladymuck
    replied
    I think there's an echo

    Leave a comment:


  • jamesbrown
    replied
    Wait, didn't I just reply to this?

    Leave a comment:


  • jamesbrown
    replied
    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.

    Leave a comment:


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

    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!
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