Reply to: ROI Gig (100% remote) want to pay in Euros

[Noiro]

They can pay direct into your UK GBP account using an IBAN account number and therefore the only hassle is the exchange rate will fluctuate slightly. You don't need to necessarily setup a special account.

I did this, then six months later realised a) Cater Allen's rate + fees was extortionate, and b) Sterling was slowly dropping. Together they made a significant dent in my income. Setting up a Wise account or similar means you can hold that cash and transfer to GBP at the best rates. I've done recent contracts paying Euro and Swiss Francs and have no issue working like that, but not being smart on how the exchange is done is literally throwing money down the drain.

Definitely worth reading up on IR35 rules for non-UK companies. It still applies (or rather - is still enforceable) if the end client has a UK division so don't assume you can argue 'outside' just because they're off-shore.

[TheCyclingProgrammer]

They can pay direct into your UK GBP account using an IBAN account number and therefore the only hassle is the exchange rate will fluctuate slightly. You don't need to necessarily setup a special account.

Not all accounts allow multi-currency transactions. Starling Business accounts don't, for example. You need to pay a subscription for a dedicated Euro or USD account. I opened a USD account for £5/month while I was working with a US client.

[eek]

Metro Bank seems reasonable to me

They may be but after Lloyds charged me 5% on a transaction years ago (compared to the mastercard exchange rate on the time) my viewpoint has been don't make assumptions that the rate will be sane.

The thing here is that the new banks play fair when it comes to overseas transactions, older banks often don't so you need to go in with yours eyes up and check. Which is why I've continually said check and use someone else rather than don't worry about it my bank was OK.

[Wobblyheed]

Which is fine until you see the hidden fees via the terrible exchange rates used for that implied currency transfer.

Metro Bank seems reasonable to me

[NotAllThere]

Which is fine until you see the hidden fees via the terrible exchange rates used for that implied currency transfer.

This. It's really no bother to set up an account with a forex company and save a significant amount of money on fees and rates.

[eek]

This is what I did. Not a problem, invoiced in Euros paid in Euros but appears in Company Bank Account in GBP.

Which is fine until you see the hidden fees via the terrible exchange rates used for that implied currency transfer.

[Wobblyheed]

They can pay direct into your UK GBP account using an IBAN account number and therefore the only hassle is the exchange rate will fluctuate slightly. You don't need to necessarily setup a special account.

This is what I did. Not a problem, invoiced in Euros paid in Euros but appears in Company Bank Account in GBP.

[dsc]

Sterling Bank, Business Account and add a Euro account for £2 a month I think and you're done.

[d000hg]

They can pay direct into your UK GBP account using an IBAN account number and therefore the only hassle is the exchange rate will fluctuate slightly. You don't need to necessarily setup a special account.

Very true but the fees/exchange rate you get may not be optimal. You can of course insist they pay the fees...

[quackhandle]

Hadn't realised the rebranded but I've been a fan of them in the past. I don't think they used to describe themselves as a bank but perhaps they grew up and got all regulated!

So Quacker, what's occurring with it?

Never got back to me. Usual story, they want the earth but only prepared to pay peanuts.

qh

[BlasterBates]

They can pay direct into your UK GBP account using an IBAN account number and therefore the only hassle is the exchange rate will fluctuate slightly. You don't need to necessarily setup a special account.

[Eirikur]

Hadn't realised the rebranded but I've been a fan of them in the past. I don't think they used to describe themselves as a bank but perhaps they grew up and got all regulated!

So Quacker, what's occurring with it?

I got a wise business account, can be linked with bookkeeping software, mine is linked with Freeagent. costs £20 to set up and is then free of cost. Got a multicurrency business debitcard with them as well.
Not sure if I would call them a bank, more fin Tech, but they went IPO on the LSE last week
Wise is not FSA protected though so transfer your money out as quickly as you can.

[d000hg]

Wise is just Transferwise renamed - it's a bank account...

Hadn't realised the rebranded but I've been a fan of them in the past. I don't think they used to describe themselves as a bank but perhaps they grew up and got all regulated!

So Quacker, what's occurring with it?

[barely_pointless]

I was ROI contract last year (for a very very vey big private US investment company that still uses Java8 and oracle and hundreds of lifer middle managers in Eire who haven't got a Clue about WFH or tech- but I digress). Transferwise is definitely useful, you can fast TFX using spot rates or lock in a lower rate and wait a few days to see where it goes.

GBP still trumps Euro though, despite the relentless tory train wreck, GBP still seems to be holding up.

Travelling to and from is just a faff an no fun at all, I used my trusty m25 veteran steed ford infesta , ferry and solititude but that was at the height of the pandemic.

I can't see any tax complications tbh if it's a 2 month gig, you'll still be resident in UK for that ?

[TheCyclingProgrammer]

FreeAgent will handle all of this for you if you use it, including the necessary currency gain/loss calculations. Get their Irish VAT number if they have one, although not strictly necessary - so long as its clear they are an Irish-based business and you have some form of evidence then it will be treated as a B2B supply of services to Ireland and as such outside the scope of UK VAT (the Irish client will account for Irish VAT using the reverse charge).