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Paypal and bank transfers

 
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Kim Fuller
DC


Joined: 29 Jan 2011
Posts: 639
Location: Portlandish, Oregon

PostPosted: Wed Nov 05, 2014 10:04 am    Post subject: Paypal and bank transfers Reply with quote

Has anybody noticed an increase of overseas clients (that is, non-US clients) using Paypal more these days and doing less with bank transfers?

We opened a separate bank account for those clients who couldn't use Paypal a couple years ago. Only two clients have used it thus far and of those, both have suddenly started using Paypal instead.

I'm wondering if Paypal has relaxed some constraints or modified regulations recently to cause this to happen...we may close the account if the trend continues.
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Jason Huggins
The Gates of Troy


Joined: 12 Aug 2011
Posts: 1846
Location: In the souls of a million jeans

PostPosted: Wed Nov 05, 2014 10:46 am    Post subject: Reply with quote

It's just easier and cheaper I think. There is a higher fee, but it isn't as high as some banks charge for currency exchange and transfer. That's my take Smile
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Lee Gordon
A Zillion


Joined: 25 Jul 2008
Posts: 6843
Location: West Hartford, CT

PostPosted: Wed Nov 05, 2014 1:02 pm    Post subject: Reply with quote

I've had almost the opposite experience. Most of my foreign clients have used PayPal, but recently several have asked to do bank transfers. One client in Japan paid fairly quickly but several in Germany have taken longer. I don't know if it's just because they're dragging their feet or because they need IBAN or SWIFT codes, which my bank does not use or SEPA information, which because the USA is not part of the European Union, I assume my bank also doesn't have.
I'd be happy if they all just used PayPal. But I'd be happier if they would all just pay their bills, no matter how they do it.
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Kim Fuller
DC


Joined: 29 Jan 2011
Posts: 639
Location: Portlandish, Oregon

PostPosted: Wed Nov 05, 2014 1:58 pm    Post subject: Reply with quote

Interesting, Lee. The German client who started wanting bank transfer now uses Paypal - though I believe we were able to supply them with a SWIFT code.

Well..there's just no telling, I suppose. Will hang onto the account a while longer .
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Lee Gordon
A Zillion


Joined: 25 Jul 2008
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Location: West Hartford, CT

PostPosted: Wed Nov 05, 2014 4:34 pm    Post subject: Reply with quote

I did have one German client who asked me for bank transfer information but almost immediately wrote back and said they could pay with PayPal. But they haven't paid yet. I have another German client who sent me what looks like an auto-reply -- in German -- when I sent them my invoice.

I ran it through Google translate and came up with this:

IMPORTANT NOTE:
Please think of the change to the SEPA process for August 1, 2014 !!!

Invoices without the necessary information may no longer be accepted after August 1, 2014 us.
If your account does not contain the required SEPA information, we urge you nachzureichen this.

Your invoice has been received and will be immediately responsible to the
Department forwarded. Please note that our automated
System can only process the attachments as pdf. mail content
are not read.

Please Do not send duplicates by post or account to other
xxxxxxxxxx mail addresses.


Apparently "nachzureichen" is such a catch-all word, fully dependent upon context, that Google couldn't even hazard a guess. I'm thinking "follow through with" might be close.
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Kim Fuller
DC


Joined: 29 Jan 2011
Posts: 639
Location: Portlandish, Oregon

PostPosted: Wed Nov 05, 2014 4:51 pm    Post subject: Reply with quote

Wonder what the SEPA process is... I've got friends in Germany. They might have a clue.
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Kim Fuller
DC


Joined: 29 Jan 2011
Posts: 639
Location: Portlandish, Oregon

PostPosted: Wed Nov 05, 2014 5:02 pm    Post subject: Reply with quote

My German friends are asleep but my English friend in the banking industry is awake. he sent me this link. Can't take time to scan it all now, but here it is in case it is helpful

http://www.paymentscouncil.org.uk/what_do_we_do/european_payments/sepa_frequently_asked_questions/
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Foog
DC


Joined: 27 Oct 2013
Posts: 608
Location: Upper Canuckistan

PostPosted: Wed Nov 05, 2014 7:32 pm    Post subject: Reply with quote

I wish my foreign clients used paypal all the time! I don't know about American banks, but the Canadian banks ding me hard for each wire transfer. Plus I've been engaged in a 10+ month-and-counting headbutting session with my bank whereby they have decided that as long as they don't note the fee they have deducted on my statement, it doesn't exist.

I much prefer paypal's set-up and rates - not nearly so insane!

Lee Gordon wrote:
they need IBAN or SWIFT codes, which my bank does not use.
IBAN is an EU system (used elsewhere too, but not in Canada or the States), but I'd be surprised if your bank doesn't have a SWIFT code. Of course, the people at your branch may not know about it - the folks at my bank certainly didn't and I had to go look it up myself. Here's an exhaustive (allegedly) list of banks and their SWIFT codes in the U.S.A. :

http://www.theswiftcodes.com/united-states/
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Andrew Fogarasi


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Kim Fuller
DC


Joined: 29 Jan 2011
Posts: 639
Location: Portlandish, Oregon

PostPosted: Thu Nov 06, 2014 9:28 am    Post subject: Reply with quote

My German friend reports that nachzureichen means: give it (or supply it) later.
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Lee Gordon
A Zillion


Joined: 25 Jul 2008
Posts: 6843
Location: West Hartford, CT

PostPosted: Thu Nov 06, 2014 10:56 am    Post subject: Reply with quote

Foog wrote:
Here's an exhaustive (allegedly) list of banks and their SWIFT codes in the U.S.A. :


My bank has a code on that list but the people at my branch (backed up by numerous documents I've found by Googling) insist they don't use it.
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Lee Gordon, O.A.V.
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Foog
DC


Joined: 27 Oct 2013
Posts: 608
Location: Upper Canuckistan

PostPosted: Thu Nov 06, 2014 6:20 pm    Post subject: Reply with quote

My branch and bank were much the same way. I just started adding their SWIFT code to my invoices along with the bank address and account number regardless of what they said. The bulk of my clients are in Hungary, and all my European transfers have all gone through just fine this way over the past 7-odd years. (Well, other than the egregiously high service charges, that is.)

Dunno if that means it'll work with your bank and transfers, but if you have clients who insist on a banking ID code of one sort or another, it can't hurt to add it.
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Andrew Fogarasi


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MooreVoices
Contributor II


Joined: 23 Sep 2012
Posts: 52
Location: Atlanta

PostPosted: Mon Nov 10, 2014 1:05 pm    Post subject: Reply with quote

In my experience, Paypal has been he overwhelming transaction vehicle of choice with the my international clients.
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Frank F
Fat, Old, and Sassy


Joined: 10 Nov 2004
Posts: 4421
Location: Park City, Utah

PostPosted: Mon Nov 10, 2014 1:26 pm    Post subject: Reply with quote

This thread is interesting. I have clients from all over the world and many cannot use PayPal. All of my government contracts cannot pay with PayPal and bank transfers are expensive.

Although not cheap, I am no able to use my CC service to receive Int'l payments (Square). Many other online services do not offer this ability. I simply send an invoice via my tablet or phone and account for transaction fees and exchange rates. They click a button and I get paid. I like that.

Frank F
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