We live in a global economy in which everything is connected. If you work as a freelancer, you are probably familiar with different payment methods. But have you ever thought about how much money you may lose when you work with international clients? Not because your German client doesn’t pay the agreed sum in euro but because the currency exchange rate is not the best. So when your earnings are converted into your local currency, you lose a smaller amount. Every single time…
However, there is a solution, and it’s called TransferWise:
You’ll be amazed how much money you can save up by simply setting up an account with this UK-based money transfer service. It might be the best way to transfer money internationally actually. What is more: when you get a deal through AppJobs page, you can make money transfer for free!
Photo by Christian Dubovan on Unsplash. Every penny and cent counts.
1. TransferWise: best way to transfer money internationally!
Normally, sending or receiving money overseas costs you quite a lot due to the conversion rate your bank uses. This happens because your bank does not actually use the mid-market rate you see on Google, for example. But TransferWise does.
A. Sending Money
Sending money with TransferWise is actually 8 times cheaper than with a normal bank. The reason for that is really not rocket science. It’s just a simple trick: the money never leaves the country when sending it by TransferWise.
How does it work?
• You want to send money from an American account (US dollar) to a British one (British pound).
• In that case, you send the money to TransferWise’s American account. (You can use your debit or credit card, bank account, or Apple or Android Pay to pay into TransferWise’s account.)
• Then they send the money to your mum and dad from TransferWise’s British account.
• You only pay TransferWise’s fee (usually between 0.35% and 2%).
• The exchange rate is guaranteed as long as TransferWise receives your money within 72 hours.
B. Receiving Money
If you work with international clients and want to avoid paying more than you should, use TransferWise. Open a TransferWisemulti-currency borderless account, and start saving more.
How does it work?
• You create a TransferWise account for free.
• Get international bank details you can add on your invoices.
• Anyone can use British pound, Euro, US Dollar, Australian Dollar, New Zealand Dollar to pay you just like they would pay a local.
You can hold and manage money in more than 40 currencies.
Courtesy of TransferWise.
2. TransferWise vs PayPal
PayPal has been dominant for a long time when it comes to financial transactions. But have you ever calculated how much money you lose/pay when using its service? You should really consider it, and then look at TransferWise and see yourself why it is the best way to transfer money internationally.
TransferWise fees are lower and its exchange rate is better than PayPal’s.
PayPal has a transaction fee set somewhere between 0.2%-3.9 and a conversion rate between 2.5%-3% conversion rate, depending on the payment method you use. So, with every project you deliver, you would lose a relatively bigger sum with PayPal. We totally get that, you didn’t know about other alternatives.
However, TransferWise has arrived and you should check it out!
3. TransferWise Borderless Account
When opening a TransferWise borderless account, you can also get a TransferWise debit Mastercard®. You could spend your money earned by freelancing anywhere on the planet. You’ll only pay a low conversion fee but zero transaction fees. Could you imagine something better than this?
Let’s check out the benefits!
• Pay with currencies in your account freely.
• Enjoy free ATM withdrawals up to £200 per 30 days.
• Only pay a small conversion fee when converting your money (typically between 0.35% and 2%).
• Automatically convert your money at the real exchange rate (mid-market rate).
• Your card is accepted anywhere in the world that accepts Mastercard.
Send, spend and receive money for less by using TransferWise.
Courtesy of TransferWise.
What else do we recommend?
In case you mainly work with international clients, you could also check out digital banks like Monese and Revolut. They usually offer better online services and lower service and maintenance fees than ordinary banks, and they do the transactions way faster. Read more about them here.
Connect with others and learn more about AppJobs!
To share and exchange ideas about financial planning, get in touch with other AppJobs moneymakers. In case you’re not up for a chat, read our blog!
Read our blog!
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• How to Get Prepared for Your Retirement Years in the US
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