What is the most cost effective way to receive Euro payments for services in the EU in order to avoid the hefty currency exchange rate or charges?
There are several online payment methods these days that avoid hefty currency exchange rate charges.
If you were to receive a cheque from a European business partner in Euros, it would cost several pounds to get it cashed into your bank, and it would take several weeks. Obviously that method is best avoided.
There are, however, several online payment options that will put money into your account instantly, and with reasonable charges.
PayPal was historically associated with the online auction website eBay, which allows people to buy and sell things from and to anywhere in the world. eBay previously used PayPal as its preferred payment method until 2021. You simply have to link up a bank account or a credit card with your PayPal account and you can then accept payments in any currency and make payments in sterling to any currency. PayPal charges vary by transaction type and region – and these apply, whatever currency your payment originates from. There are no charges to send money, and it is free to sign up.
Skrill (formerly Moneybookers) is another option, allowing payments and money transfers to be made through the Internet. Skrill was acquired and rebranded, with current fees and exchange rates available on their website.
WorldPay offers customers similar facilities. It has a diversity of payment methods giving customers the ability to manage their business in different currencies and languages. WorldPay claims it is the only way to accept such a universal range of payments through one account, one payment processing system, 24/7. However, it has a range of charges which make it more expensive that the other two options mentioned, including a sign-up fee.
Another useful site on this topic is xe.com, a currency conversion site. This can give you up to the minute exchange rates with an easy online form to show you how much money is worth in different currencies. It, too, offers services to transfer money.
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