Best way for US client needs to pay me in the UK? at DVinfo.net

Jack Kelly · May 4th, 2009, 01:43 AM

Hi folks,

I'm based in the UK and I'll be doing some work for US company. We wont actually physically meet - we'll be doing everything via t'interweb. I'm just wondering; can anyone recommend the best way for the US company to pay me? By "best" I mean: how can we get the best exchange rate and be charged the least commission? Is a paper cheque the best way to go?

Many thanks for any advice at all!
Thanks,
Jack

Brian Drysdale · May 4th, 2009, 03:00 AM

Having the funds transferred into your bank account is common, although perhaps not the safest because you do need to give them your account details.

A bankers draft cheque made out in Sterling payable to you would be the safest if you have worries about the A/C details and you don't pay any charges. If the cheque is made out in US dollars, however, you have to pay any charges.

It really depends on who is going to pay the charges. Overall, you tend not to lose out if they pay everything in Sterling.

Ray Bell · May 4th, 2009, 05:02 AM

Paypal works fine...

Jack Kelly · May 4th, 2009, 07:04 AM

Hi Guys,

Thanks loads for the replies.

Quote:

Originally Posted by Brian Drysdale

It really depends on who is going to pay the charges. Overall, you tend not to lose out if they pay everything in Sterling.

Unfortunately, I think the bank charges will be deducted from the film budget even if my client does the conversion to Sterling. Oh well.

Jack Kelly · May 4th, 2009, 07:36 AM

I just heard from my client that his experience is that a paper cheque (in US Dollars) is better than wiring funds electronically.

If I receive a cheque in USD, should I just pay this into my bank account like a normal cheque (I have a Barclays Business Account) or should I take it to a currency exchange service? My limited experience with buying kit abroad is that Barclays provides a reasonably competitive exchange rate.

Jack Kelly · May 4th, 2009, 07:45 AM

I've done a bit of Googling...

This forum suggests that the best way to cash a cheque in USD is to simply take it direct to my UK bank: GEtting american cheque - cheapest way to convert? - Yahoo! UK & Ireland Answers

A second forum suggests using PayPal or asking my bank to set up a US bank account on my behalf or to use AuctionChex: $ dollars into Â£ Pounds - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars

Rick Bolton · May 5th, 2009, 07:14 PM

Not wiring funds explanation is pure BUNK !!!

I transact wire business to the tune of hundreds of thousands of dollars USD w/o problem. You will know w/i a few hours that the funds have arrived. A paper check will need to "clear" first.

Have them wire the funds....

Jack Kelly · May 6th, 2009, 02:11 AM

Hi guys,

Thanks for the feedback.

I spoke to my bank (Barclays) and they told me that they can accept a (paper) cheque in US dollars but it could take up to 6 weeks to clear! Yes, 6 WEEKS! The charges are very low though - only 0.25% of the sterling amount up to a max charge of £60.

I explained the problem to my client and he very graciously offered to wire me the money and to pay for the fees! I'm very lucky - my clients all seem to be very nice, friendly folks.

Thanks for all the info,
Jack

Nigel Barker · May 8th, 2009, 11:09 AM

Quote:

Originally Posted by Jack Kelly

I spoke to my bank (Barclays) and they told me that they can accept a (paper) cheque in US dollars but it could take up to 6 weeks to clear! Yes, 6 WEEKS! The charges are very low though - only 0.25% of the sterling amount up to a max charge of £60.

Your bank has to physically return the paper cheque to the US bank which is one reason for the delay.

Jad Meouchy · May 10th, 2009, 08:45 PM

+1 to wire transfer

Mark Savage · July 3rd, 2009, 10:41 AM

I wire and get wires all the time.

Wiring is a great way to go.

Paper checks do take forever because of clearance times and the usual bank/money market detours.

Paypal not a bad way to go, either.

Alister Chapman · July 5th, 2009, 02:26 AM

I get paper cheques drawn on US accounts almost weekly. If you have a Barclays Business account the the funds should show on your account in about 5 days. The transaction is handled electronically, but it costs £30.00.

Jack Kelly · July 5th, 2009, 02:40 AM

Great stuff, many thanks for all the info.

Philip Howells · August 29th, 2009, 12:04 PM

Jack

Surely you can't beat Paypal? £30 for clearing a cheque is typical Barclays. Paypal will transfer £750 for that.

May 4th, 2009, 01:43 AM	#1
Jack Kelly Major Player Join Date: Oct 2004 Location: London, UK Posts: 243	Best way for US client needs to pay me in the UK? Hi folks, I'm based in the UK and I'll be doing some work for US company. We wont actually physically meet - we'll be doing everything via t'interweb. I'm just wondering; can anyone recommend the best way for the US company to pay me? By "best" I mean: how can we get the best exchange rate and be charged the least commission? Is a paper cheque the best way to go? Many thanks for any advice at all! Thanks, Jack __________________ Jack Kelly's filmmaking website AfterCarbon.org

May 4th, 2009, 07:36 AM	#5
Jack Kelly Major Player Join Date: Oct 2004 Location: London, UK Posts: 243	I just heard from my client that his experience is that a paper cheque (in US Dollars) is better than wiring funds electronically. If I receive a cheque in USD, should I just pay this into my bank account like a normal cheque (I have a Barclays Business Account) or should I take it to a currency exchange service? My limited experience with buying kit abroad is that Barclays provides a reasonably competitive exchange rate. __________________ Jack Kelly's filmmaking website AfterCarbon.org

May 4th, 2009, 07:45 AM	#6
Jack Kelly Major Player Join Date: Oct 2004 Location: London, UK Posts: 243	I've done a bit of Googling... This forum suggests that the best way to cash a cheque in USD is to simply take it direct to my UK bank: GEtting american cheque - cheapest way to convert? - Yahoo! UK & Ireland Answers A second forum suggests using PayPal or asking my bank to set up a US bank account on my behalf or to use AuctionChex: $ dollars into Â£ Pounds - DNForum - Domain Sales, Domain Forum, Domain Appraisals, Domain Registrars __________________ Jack Kelly's filmmaking website AfterCarbon.org

May 6th, 2009, 02:11 AM	#8
Jack Kelly Major Player Join Date: Oct 2004 Location: London, UK Posts: 243	Hi guys, Thanks for the feedback. I spoke to my bank (Barclays) and they told me that they can accept a (paper) cheque in US dollars but it could take up to 6 weeks to clear! Yes, 6 WEEKS! The charges are very low though - only 0.25% of the sterling amount up to a max charge of £60. I explained the problem to my client and he very graciously offered to wire me the money and to pay for the fees! I'm very lucky - my clients all seem to be very nice, friendly folks. Thanks for all the info, Jack __________________ Jack Kelly's filmmaking website AfterCarbon.org

May 10th, 2009, 08:45 PM	#10
Jad Meouchy Major Player Join Date: Dec 2005 Location: Los Angeles Posts: 663	+1 to wire transfer __________________ software engineer

May 4th, 2009, 03:00 AM	#2
Brian Drysdale Inner Circle Join Date: Feb 2006 Location: Belfast, UK Posts: 6,152	Having the funds transferred into your bank account is common, although perhaps not the safest because you do need to give them your account details. A bankers draft cheque made out in Sterling payable to you would be the safest if you have worries about the A/C details and you don't pay any charges. If the cheque is made out in US dollars, however, you have to pay any charges. It really depends on who is going to pay the charges. Overall, you tend not to lose out if they pay everything in Sterling.

May 4th, 2009, 05:02 AM	#3
Ray Bell Regular Crew Join Date: Nov 2004 Posts: 1,414	Paypal works fine...

May 5th, 2009, 07:14 PM	#7
Rick Bolton Regular Crew Join Date: Oct 2008 Location: Palo Alto California Posts: 110	Not wiring funds explanation is pure BUNK !!! I transact wire business to the tune of hundreds of thousands of dollars USD w/o problem. You will know w/i a few hours that the funds have arrived. A paper check will need to "clear" first. Have them wire the funds....

July 3rd, 2009, 10:41 AM	#11
Mark Savage Regular Crew Join Date: Jun 2009 Location: Los Angeles, CA USA Posts: 49	I wire and get wires all the time. Wiring is a great way to go. Paper checks do take forever because of clearance times and the usual bank/money market detours. Paypal not a bad way to go, either.

July 5th, 2009, 02:26 AM	#12
Alister Chapman Inner Circle Join Date: Dec 2005 Location: Bracknell, Berkshire, UK Posts: 4,957	I get paper cheques drawn on US accounts almost weekly. If you have a Barclays Business account the the funds should show on your account in about 5 days. The transaction is handled electronically, but it costs £30.00. __________________ Alister Chapman, Film-Maker/Stormchaser http://www.xdcam-user.com/alisters-blog/ My XDCAM site and blog. http://www.hurricane-rig.com

July 5th, 2009, 02:40 AM	#13
Jack Kelly Major Player Join Date: Oct 2004 Location: London, UK Posts: 243	Great stuff, many thanks for all the info. __________________ Jack Kelly's filmmaking website AfterCarbon.org

August 29th, 2009, 12:04 PM	#14
Philip Howells Trustee Join Date: Jan 2009 Location: Manchester UK Posts: 1,212	Jack Surely you can't beat Paypal? £30 for clearing a cheque is typical Barclays. Paypal will transfer £750 for that.