Overseas Money Issues

[loregryph.livejournal.com]

This is not a warning, but a question on my part that I hope will get a good discussion going as it's something that could cause problems between artists and their clients.

How do you, as an artist, handle your foreign client's payments? Do you only accept your own currency, or are you willing to accept payment in your client's currency? While Paypal for the most part eliminates this problem since payment can be made in most major currencies without any problems, how about when your client is not able to make use of it and has to pay by money order or some other "traditional" payment method and wants to pay in their own currency?

For anybody who's had experience as a North American receiving payment from a European in Euros, or vice-versa, what were the pros and cons?

Comments

[lashiec.livejournal.com]

I've made and received payments with the euro system several time, and I had no trouble submitting it to my bank account after a short process.

And it turned out well, since euros are so healthy these days.

I've done the same with Canadian money, but for some reason it was a much longer process. I suppose if you're willing to deal with a wait, it's no biggie.

[mistaken-silver.livejournal.com]

This shouldn't be a problem at all... and this is coming from someone who has to convert money often (British Pounds to Dollars particularly).

You Should be able to receive payments (checks I know work.) in really any currency and your bank should be able to take it, transfer it into Dollars. They will take a small fee more than likely to do this but it shouldn't be a problem. BE prepared for a wait though. My small town bank at home takes 3 weeks to do the transfers.

You should however, just check with your bank first and ask them how they do it(If its a small town bank they may not do it all) and just ask what type of payments (Money orders and the like) they would accept.

[amarafox.livejournal.com]

I'm in Canada with a really good bank. I don't have to payy a fee to deposit US cheques. That being said, The only currencies I take in their native forms are US, CDN and Euro.

Anyone else has to pay paypal in the currency I'm currently using (USD for ebay sales, CDN for commissions)

[joecifur.livejournal.com]

I'm in the US and have several customers overseas.

Paypal aside, If they have to pay by money order, it's no problem at all. Most any post office, bank or money exchange place like Western Union in pretty much any country will sell you an international money order -- just keep in mind most banks (at least in the US) will hold those for a few extra days to make sure they clear. My bank (BoA) hasn't ever charged me any fees, either.

I only take USD to cut down on the hassle, but after travelling I've taken foreign currency to my bank and they've changed it out for me (may be a fee like at the airport). I've never had any customers seem to have difficulty getting payments to me in USD, though. My overseas customers rock :3

[auradeva.livejournal.com]

I've gotten payment transfers through western union from some of my over seas commissioners who couldn't used paypal. I think it's just less of a hassle for a middle man like western union or paypal to handle the currency conversion than going to the bank with a foreign money order. Sending actual currency is always risky, too.

[amarafox.livejournal.com]

Beware with western union, there's an extremely high chance of fraud and fake money orders.

If someone wants to send me a WU money order I give it a week to clear before I send the art, just in case.

[auradeva.livejournal.com]

I never have to wait for it to clear. I get the money right away at any check cashing place 0.o

[amarafox.livejournal.com]

No, you don't have to wait for it to clear, but if it's a fraudulent Money order, here's what happens:

You get a WU money order, it looks legit.

The bank cashes it.

You withdraw the money and send the art.

WU notifies the bank that the MO is forged.

Bank removes money from your account.

You are poor, someone has your art.

I only take WU money orders from people I trust AND know. WU fraud is extremely common, and forged WU money orders are what most of the fraudsters use.

[auradeva.livejournal.com]

The check cashing stores don't have my bank info. Do they use your address to get it?

[amarafox.livejournal.com]

Ah! I don't know. I deposit everything into my bank account.

And re your second comment, if they can only send Western Union, sadly, I won't do business with them. :(

*edit* Unless I know them, or they agree to wait a week to make sure the WU MO is in fact legit.

But I usually err on the side of caution.

[auradeva.livejournal.com]

When the commissioner send you money through western union isn't the only way to do it, to give them actual currency so they can wire it to you?

[skanrashke.livejournal.com]

Payments are pretty easy, so long as you keep a finger on exchange rates- but as a commissionee, you can just demand money in your native currency instead of allowing them to pay in theirs. As you said, paypal makes it easy.
Shipping overseas is a nightmare, though. :3

[immortalpanda.livejournal.com]

how so? I ship things all over the world, and while expense can be high, or wait time can be long, i've never had an issue.

[skanrashke.livejournal.com]

Just the vastly varying expenses depending on the shipping company you go with, plus the seemingly random(or prolonged) times, plus impatient customers = nightmares + drinking.

:3

[immortalpanda.livejournal.com]

international money orders or paypal only. I prefer to be paid in USD because i dont start artwork or anything until payment is cleared. if it takes my bank 3 weeks to do a currency convert, i feel like i'm wasting my commisioner's time in waiting for so long.

[thaily.livejournal.com]

My currency, because a dollar is one Euro fifty.
Americans can pay me in dollars, after I convert the Euro price to US dollars.

[tanidareal.livejournal.com]

I (from Germany) never had problems accepting payments in EUR or in US$ (or also $AUD). Also transfering one currency to the other has never been a problem.

[signaldancer.livejournal.com]

I've taken overseas commisions before (hi, that random lurker speaks), and they paid me via $US which is my currency. It didnt seem to be any kind of big problem for them to go from British Pound to USD.

I have also had payment in Japanese Yen before, and found that it was something of a large fee with my bank to do that conversion to USD - so I prefer it on the commisioner end so when I quote them a price it's really the price and I don't have to sort through what fees I may have to pass along.

[quoting-mungo.livejournal.com]

Going to an exchange agency is not that difficult. If someone insists on sending me cash, they'll have to do so in one of the three currencies I accept. Why should I go through that hassle (and lose money on the exchange rate) when they're the one wanting a service?


-Alexandra