shearwater Posted July 31, 2018 Share Posted July 31, 2018 Hello to everybody, I'm going to get my first payment from Alamy tomorrow (woooww!). Accordingly I have checked by payments settings and I have By Funds tranfer (seems I configured that back in 2015). My question is: Is there any fee or cost by receiving the Payment By Funds Transfer, considering that the payment is made to a spanish bank account? I can understand there will be a GBP to EUR change, of course. Maybe any non-UK european colleage can answer my question by first hand. If there is a bank transfer fee, is there any fee using Paypal? Thank you very much in advance and regards, Jaime Link to comment Share on other sites More sharing options...
Jill Morgan Posted July 31, 2018 Share Posted July 31, 2018 There is no fee using Paypal, Alamy absorbs that cost. I would check with your bank to see if there is a bank transfer fee. Jill Link to comment Share on other sites More sharing options...
shearwater Posted July 31, 2018 Author Share Posted July 31, 2018 Hello, Jill Thank you for answering. As far as I know my bank has free transfer in SEPA region (Europe). That is, it is free of commision for me to send a transfer in Europe. But not sure if it applies the same to Alamy's bank. That is why I'm asking in the forum. Sure a "continental european colleague" can tell us If not sure, I will go the PayPal route then. Thank you and regards, Jaime Link to comment Share on other sites More sharing options...
MandyD Posted July 31, 2018 Share Posted July 31, 2018 23 minutes ago, Jill Morgan said: There is no fee using Paypal, Alamy absorbs that cost. I would check with your bank to see if there is a bank transfer fee. Jill Do you just transfer into your CDN$ account from paypal or have you managed to find a USD$ you can transfer into to avoid FX fees? Link to comment Share on other sites More sharing options...
Niels Quist Posted July 31, 2018 Share Posted July 31, 2018 Alamy don't charge anything. Your bank may charge a fee to receive the money. Mine charges about a Pound Sterling (10.00 Danish Kroner) - however, the rate of exchange is better with the bank than PayPal. Never calculated how much should be transferred before it pays. Link to comment Share on other sites More sharing options...
John Mitchell Posted July 31, 2018 Share Posted July 31, 2018 34 minutes ago, MandyD said: Do you just transfer into your CDN$ account from paypal or have you managed to find a USD$ you can transfer into to avoid FX fees? Canadian law won't allow the transfer of USD directly into a Canadian bank even if you have a USD account. It automatically gets changed to CAN funds when transferred from Paypal. Link to comment Share on other sites More sharing options...
MandyD Posted July 31, 2018 Share Posted July 31, 2018 7 minutes ago, John Mitchell said: Canadian law won't allow the transfer of USD directly into a Canadian bank even if you have a USD account. It automatically gets changed to CAN funds when transferred from Paypal. I am able to set up a USD account in the US, but doubt it's worth the hassle not to mention the 1040NRs. Link to comment Share on other sites More sharing options...
John Mitchell Posted July 31, 2018 Share Posted July 31, 2018 1 minute ago, MandyD said: I am able to set up a USD account in the US, but doubt it's worth the hassle not to mention the 1040NRs. It would be easy for me because Vancouver is so close to the border. I have a USD account at a Canadian bank that came in very handy when I used to get paid for freelance work with cheques/checks in USD. Now the account is virtually useless since everything is done electronically. Link to comment Share on other sites More sharing options...
shearwater Posted July 31, 2018 Author Share Posted July 31, 2018 1 hour ago, Niels Quist said: Alamy don't charge anything. Your bank may charge a fee to receive the money. Mine charges about a Pound Sterling (10.00 Danish Kroner) - however, the rate of exchange is better with the bank than PayPal. Never calculated how much should be transferred before it pays. Thank you for your answer, Neils So, I understand is a matter between our bank fees charge against Paypal exchange rate. Hard decision without more info about both of them...will have to figure with is better after the payment. Thank you and regards Link to comment Share on other sites More sharing options...
Jill Morgan Posted July 31, 2018 Share Posted July 31, 2018 1 hour ago, MandyD said: Do you just transfer into your CDN$ account from paypal or have you managed to find a USD$ you can transfer into to avoid FX fees? It sits in my paypal account as USD until I want to transfer. Then I change it over to CDN (in the Paypal "change currency" option.) Then I transfer to my bank account. Jill Link to comment Share on other sites More sharing options...
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