You’re now a TPR pro, have a TEFL certification and just nailed your online teaching interview. The only thing that stands between you and sweet work from home freedom is to figure out how to receive money internationally. Well, fear no more, I’ve done the research and can tell you the BEST ways to get paid from international companies so that you can avoid high wire fees.
If you are American…
This should be easy breezy and require no additional steps on your part so long as you have a US based account. Most international companies pay directly into U.S bank accounts that have ACH or ABA numbers. This means you can get paid without any additional fees or steps, winning! Since you don’t have to worry about transfer fees, why not keep the good times rolling & save more with Trim, a platform that saves money on your monthly bills!
If you are Canadian…
Canadians have a few options, but some are better than others. Some banks offer U.S currency accounts. Beware, this isn’t a great option because they still require a pricey wire transfer. The key to free transfers is securing a US based account, which only TD and RBC offer. It will take about an hour of your time to visit the bank, and you’ll need to bring your passport as photo ID. There are a few minor inconveniences with this option. One being that there is a monthly $6 banking fee and you will also need to call the bank to move money between your accounts. Banks also notoriously have a higher exchange rate than, say, Transferwise. This is, however, seriously nothing compared to the high fees you would need to pay with a wire transfer. So long as you are making at least $100 biweekly, this remains the best option.
Help! I’m not from North America!
This is a bit tricker, since most companies will pay via international wire transfer but will only cover partial costs. If you are working 20+ hours a week you could still loose up to $100.00 in monthly fees. On top of this, you’ll also have additional fees with your home bank, since they charge to accept international wire transfers & take money off the top when you exchange the currency.
So, what are my options?
Transferwise
Transferwise is the best solution if you are not from the US or Canada. They basically let you open a virtual US bank account for free, allowing your pay to go straight into it. Once your US bank account has the dough, you can transfer it straight from your virtual account to your local bank. It’s been estimated that using this service is eight times cheaper than going through the banks, with no hidden charges or fees. There are a ton of schools out there that only do wire transfers, which equals big bucks in fees. This company, however, works with those schools. The biggest benefit to Transferwise is that they don’t skim money off your pay, unlike Paypal. Transferwise offers a .5% conversion fee from USD to your home currency. Paypal, in contrast, charges 4.4%. Most banks rip you off and inflate the current exchange rate, not Transferwise they give you the Google Market Exchange rate for the day.
2) Payoneer
This company automatically transfers payment to your bank, and you receive notifications when your school pays you.
3) Wallex
This one wins in my books because of the super fast payments. They have lower rates than other international wire tranfers & you can receive and send payments in multiple currencies.
If you have a U.S based bank account, you are golden. If you are Canadian you have options, and the best would be to open a virtual US based account through TD or RBC. If you live outside either country, I suggest you register for Transferwise. Transferwise is free to sign up, with no monthly fees. You can sign up from home and transfer money between accounts from your computer, oh and bonus there are no inflated currency exchanges. This option is the cheapest of them all and will keep more of that hard-earned money in your pockets. Whichever option you go with, though, just make sure you are calculating the total fees before proceeding with your transaction so you know what to expect.
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