Sterling payments

msdoc

I have a few customers in the UK and I quoted them prices in Sterling. What is the best way to take payment so that they/I don't lose out. I can send Paypal invoices but am paying heavy fees and currency fx charges. If I get cutomer's cc details and put it through Realex as a Sterling payment does the customer lose out - will a £1000 invoice cost them more than that? Or do I miss out?
I presume that opening a Sterling bank account is probably the way to go. Can anyone advise on this?

daviecronin

Hi I might not be of much help but I know if you're accepting payments on paypal you should ask them to send it as a 'gift' then neither of ye are charged. but maybe since your paypal account is registered as a business one I wouldn't know. But maybe a sterling bank is the way to go, I suppose there will always be fees

msdoc

Thanks. Paying in to my bank account probably makes sense.

pedronomix

i think they have a solution for you http://www.fexcoonline.com/business-customers/

cfeeneyinterior

pedronomix wrote: »

i think they have a solution for you http://www.fexcoonline.com/business-customers/

A little off topic but if people are paying UK suppliers in sterling. Use TransferWise.com A bit of a pain to set up at start, business details scanned etc. but excellent value with great rates and low fees. We are saving 30-40 euro per 1000 on sterling payments against BOI.

pedronomix

always bought and sold Stg via fexco, much better rates than Ulster, £50K typical lot size.

pedronomix

I am long out of high babies, was not looking for advice. We ran multi-currency hedging in-house alongside multiple currency hold accounts. Ulster are cheap for hold accounts but not on rates, we were sellers of STG and FEXco appear to have an appetite to buy.

best savings made were made buying dollars with sterling!

Glenalla

msdoc wrote: »

I have a few customers in the UK and I quoted them prices in Sterling. What is the best way to take payment so that they/I don't lose out. I can send Paypal invoices but am paying heavy fees and currency fx charges. If I get cutomer's cc details and put it through Realex as a Sterling payment does the customer lose out - will a £1000 invoice cost them more than that? Or do I miss out?
I presume that opening a Sterling bank account is probably the way to go. Can anyone advise on this?

Hi,
We do all our buying and selling in STG and use Transfermate (google it). No fees on transactions over €1000.00, €5.00 on transactions under €1000.00 and much quicker than using banks. Our UK customers now use Transfermate to pay us. Excellent customer service. Easy to set up.

srsly78

www.midpoint.com - in my experiences gives better rates than all of the above. Shop around obviously and use whatever is most competitive.