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Receiving payments in euro and accounting them.

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    Receiving payments in euro and accounting them.

    Just received payment in euro for an invoice I issued in euro.
    Couple of questions:

    Which is a good bank to receive euro payments to? Meaning no fees, charges and commission on receiving euro payments. Also normal forex exchange rate.

    How do you account for payments in euro? I my case invoice is for X euro, but before I get the payment into my £ account I dont know what am I getting in £.

    #2
    payments in euro site:forums.contractoruk.com - Google Search
    'CUK forum personality of 2011 - Winner - Yes really!!!!

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      #3
      I use ofx.com
      Down with racism. Long live miscegenation!

      Comment


        #4
        Originally posted by NotAllThere View Post
        I use ofx.com
        What for?
        I can see the rate in many places, but still the £ amount will be different due to bank(s) FX rate and/or charges.

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          #5
          Originally posted by pscont View Post
          What for?
          I can see the rate in many places, but still the £ amount will be different due to bank(s) FX rate and/or charges.


          what on earth do you expect?
          It's a market. You buy GBP with your Euros. Different places have different rates.

          A better question would be whether you should buy the GBP now, or later... Maybe holding EUR is wise depending on the current political climate.
          You could also lose more than the commission rate by getting it wrong by a day.

          I use Transferwise.
          And you account for the cash in GBP for simplicty. Free Agent calculates the exchange rate on a day by day basis so I'd just stick with that.
          See You Next Tuesday

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            #6
            Originally posted by pscont View Post
            What for?
            For low cost currency exchange. You could try Revolut. I'd explain how to do the accounting as well, but I won't because you're quite rude and I'm not convinced you'd understand anyway. Better ask your accountant what to do.
            Down with racism. Long live miscegenation!

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              #7
              Use revolt


              Sent from my iPhone using Contractor UK Forum

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                #8
                Transferwise.

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                  #9
                  Transferwise is very easy to use, exchange rates are competitive, fees are low.

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                    #10
                    Anyone using starling bank for this?
                    I see now they have browser based access for business bank accounts.
                    Also they use mastercard exchange rate and 0.4% conversion fee. Better than my current bank with 2%+ margin on FX.
                    Anyone tried this?
                    Last edited by pscont; 24 October 2019, 09:09.

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