Customers from countries that use the Euro can easily pay their invoices via bank transfer. Paying from other currencies the cheapest option is to use TransferWise.
TransferWise.com is by far the cheapest option to pay invoices. They charge about 0,5% transfer fee and their currency transfer-rates much better that that of PayPal. So far, we have used it for payments from the US and UK. If you live elsewhere, check whether they operate in your country.
How it works
They transfer the money directly from your account to ours, they don’t keep the money in an account the way PayPal does. In fact, the money does not cross borders, they take your money into their account in your country and transfer the money from their Dutch account into ours.
You first need to sign up with them and they need to verify you. This involves a personal ID and business registration information. Please note that even if they have verified you and you have transferred money, if you transfer a bigger amount next time they may require additional verification such as a home address.
You can choose to send as a private person or as a business, less verification is required if you do it as a private person. However, make sure that the name you provide matches the name on the account, TransferWise will check this.
- If your invoice is in Euro;
You enter the invoice amount in the ‘recipient gets’ field. TransferWise then calculates how much you pay in your local currency. Fees for transfer and currency exchange are paid by the sender.
- If your invoice is in USD or CHF;
You enter the invoice amount in the “You send” field. TransferWise then calculates how much in Euro will be sent. The ValueMatch prices on the pricelist for USD and CHF include the fees for this transfer or currency exchange, you don’t have to add this to the amount you send.