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Best Payment channel for receiving money from UK

Date: 24 Mar 2016   Posted By: Anand     Group: Finance and Investments    Category: Banking   

I am really confused on choosing a payment channel for collecting funds from my UK customer. Currently, I am using Paypal for collecting funds. While going through the reports, I found that PayPal has swallowed my good amount of money by a dynamic PayPal fee as well as very low USD to INR transaction rates. So I have decided to get rid of PayPal and am thinking of alternative solutions. Experts: do provide alternative payment suggestions.

FYI:- I have an EEFC account operating on British pound as well as USD.

I am receiving 1000$ average per month from UK.

Thanks for your help.


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Author: Mahesh    28 Mar 2016      Member Level: Gold     Points : 3  (Rs 3)    Voting Score: 0

Paypal, Xoom, Moneygram and other online methods are going to charge you pretty much the same amount with fees. So you have an option to either use them or choose direct bank transfer. You can also use the methods such as ACH for bank transfer. There are some of such banks that allow bank transfer. The fees can be lower depending on how much money is being sent.

I'd suggest you to try xoom for money transfer. It quickly sends the money into the bank. The run time is around 1 hour to reach the money in bank. Also the fees are a bit high and you can check their calculator for the fees. Considering xoom is now property of paypal, you can use either of them, fees are going to be the same.

My personal suggestion is to go with Skrill bank transfer. See if the payment fees for skrill are low. If not then instead choose bank transfer with the client. Skrill fees are mention in the fees page which are a bit lower compared to others.

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