Our recommended way to get paid internationally
When you choose to work internationally, there are a lot of financial considerations to make – one of which is finding the best way to receive foreign payments. Our founder Marko has worked for many international clients, so personally felt the pains of being paid via bank transfer or into his PayPal account. He would get bad exchange rates, meaning the amount his client sent in one currency was converted to less in his home currency. Even worse, with his PayPal business account he was also charged another fee to receive the money from abroad. Luckily he’s found another way to get paid – with TransferWise.
Keep up to 7% more of your international earnings compared
Opening a TransferWise multi-currency account is like opening foreign bank accounts in the UK, US, Australia, and Europe. The account comes with four sets of international bank account details to get paid in Pounds, US dollars, Australian dollars, and Euros for free. When you add one of these TransferWise bank account details to an invoice, your client can pay you like they would a local. This means you’d avoid receiving fees you’d have to pay if your client paid you with PayPal or a regular bank transfer.
Your money is always converted at the real exchange rate
When you’re paid, you can convert your earnings within your TransferWise account at the real exchange rate, like you’d see on the likes of XE.com. That way if you’re paid in another currency, it’s cheaper to convert your money home and move it back to your local bank account. You won’t be charged a hidden markup on the exchange rate like you would with the banks or PayPal. If you’re based in the UK but are owed $2,000 by your US client, you could keep £106.47 more of your earnings via TransferWise than if the money had been sent via PayPal.
You can open an account for free
Opening a TransferWise account is free.
There’s no monthly management fees or minimum deposit required. You’ll only pay one low fee on the value of your conversion, starting from £0.80 and 0.35% of the value of the transfer. You’ll also be charged a small fixed fee when you withdraw money out of your account into a local bank account. For more information on the fees, click here.
Get paid for free!
How to easily open your account and get to work today
1. Open your TransferWise account for free – all you need is your email address to get started.
2. Click on “Balances” and then “Get started”.
3. Upload your documents to verify your account for security.
4. Activate up to 29 other currencies you want in your account.
5. Instantly get bank details for US, Eurozone, Australia, and UK accounts.
6. Add multiple currencies to your account, and convert between them using the real exchange rate.
7. Start sending and receiving money around the world.
28 currencies. Endless possibilities.
You can hold up to 28 currencies in the account and switch money between them whenever you feel like it. You pay a small fee when you switch or withdraw money, but since TranserWise always gives you the mid-market exchange rate, you still keep much more of your money than you would with PayPal.