EUR Payments to GBP account

[Torrango]

Anyone here had any issues getting EUR payments into a GBP account with Cater Allen?

They seem to require a bunch of weird fields "For further credit to" etc to be put on the transfer rather than just a straight IBAN. Client seemed a bit confused about these and I don't want the money ending up in some RBS black hole...

I don't really do enough EUR work to justify opening a EUR denominated account.

One other option would be to have the invoice paid to my personal account and then I can pay it to my company (in GBP). Would this cause any tax/legal problems?

Cheers

[Moscow Mule]

Sending bank has to send a EUR amount to Cater Allen, for further credit to your GBP account. So, it's Cater Allen who are doing the Forex for you, and the client has to credit them for favour of your account.

If you ask them (CA), they will tell you what to put on the message (and the MT103 tags they want filled) to ensure it gets into your account. The client should be able to liaise with their bank to work out what to put in their payments system to get those tags filled.

Alternatively, you could just get them to pay you in GBP (their account would still settle in EUR), and set tag :71A: to 'BEN' - that way you pay all the charges & jobs a good-un. (Edit - this is the clients' bank doing the Forex for you).

[TheCyclingProgrammer]

One other option would be to have the invoice paid to my personal account and then I can pay it to my company (in GBP). Would this cause any tax/legal problems?

It's not ideal, but it's what I have to do for my payments from Apple for my iPhone app sales. Same problem as you, Cater Allen require international transfers to be forwarded through several banks and Apple will not accept this.

Therefore, my payments come to my personal account, but I just make sure I account for these properly. I use FreeAgent to do my books online and have added my personal account to the system, but use it purely to track business-related transactions (i.e. just my Apple payments). I account for these payments as remittance for the invoices I generate then I transfer these straight into my company account so there can no be confusion.

I keep all records of payments from Apple and am happy I wouldn't have a problem.