[Hidden-tech] Getting money from over there to here without making the banks rich

[ATG Worldwide]

Jeanne,

As an exporter with relatively large sums in transit I can attest to  
the financial bite of international transfers.

  What many in my business due is credit ONLY what is received by your  
home bank.  European banks should be advising your client of the fees  
in advance.  In fact I am positive that they are.  In this case I  
would advise your client (if you are comfortable doing so ) each party  
to the transaction needs to be responsible for their own fees.   He  
should cover origination fees - i.e. the $40 in Denmark - while you  
should be responsible for the incoming fees at your bank.  That is a  
reasonable solution that may or may not fly with the client.

Alternatively, you can open a bank account in Euros overseas.  While  
you need to declare this on your 1040, it would be convenient for all  
your European clientele.  Many (most) large European banks have  
offices in New York.  You may only be able to open a personal account  
with them, however, with such an account your client would be able to  
make cost free deposits.

Hope this helps,

Michael Aronson

Consumer Exports Group, Inc.
P.O. Box 898
Amherst, MA 01004  -  USA
Tel: 413-306-4504
Email:  ma at consumerexportsgroup.com
On Aug 20, 2008, at 6:04 PM, Jeanne Yocum wrote:

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>
> Hi,
>
> I have a client in Denmark who has been paying me by making a wire  
> transfer
> into my bank account. Every time he sends me $2K, his bank takes  
> about $40
> out of the $2K and then my bank also charges me a $20 fee. So we're  
> out
> roughly $60 all told. We are now entering into a retainer  
> relationship, so
> he'll be sending money each month...and, of course, we both would  
> like to
> eliminate the ridiculous bank fees.
>
> I asked my bank what would happen if he just FedExed me a check made  
> out in
> Euros and they said they would charge me $50 to change the Euros to  
> dollars.
> I also checked Western Union and it turns out they would charge in  
> that
> range also for the transaction. (Funny how no matter how you do it,  
> it ends
> up costing about the same amount...why is that?)
>
> Does anybody know how to get money from there to here for less than  
> 50 to 60
> bucks per transaction?  My client will be traveling to the U.S. in a  
> few
> weeks and is wondering if he can go into one of the major banks,  
> provide
> them with my account number, hand them his credit card and ask them  
> to make
> a deposit to my account and charge it to his credit card.  Would  
> this work?
>
> Thanks for any input.
>
> Best,
>
> Jeanne Yocum  | Principal
> ____________________________
> Tuscarora Communications, Ltd.
> Granby, MA
> www.yourghostwriter.com
> Member: National Writers Union
>
>
>
>
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ATG Worldwide
413-306-4504
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