Question for Canadian Talent re. Banking/Funds Transfer

gavinmuir
gavinmuir Member, Voices_Premium
First Comment

Hi Everyone!

I'm curious if any of my fellow Canadian talent have any advice on this. As Voices transfers in US funds, usually via PayPal, I was wondering how others have set things up to minimize transaction fees etc.

I am debating on getting a USD account at my bank for example so I can convert at a (hopefully) preferable rate to PayPal. Also not sure if I should be setting up a business account with PayPal or just a personal?

Any of my fellow Canadian Talent have any thoughts or advice?

Cheers!

Gavin

Comments

  • michelewood
    michelewood Member, Voices_Premium
    First Comment

    HI Gavin

    I dont know specifically about Canada, but for most currencies the best exchange rates are on Transferwise (now called 'Wise' I think) - it allows you to hold multiple currency accounts and transfer between them. To be honest though USD seems to be the most expensive currency to deal with on any platform so I'm not sure if the USD to CAD rate would be favourable or not

    With regards PayPal I think their T&C states something along the lines of if they find you receiving business money into a personal account they can charge you a percentage on all money you have received (even that which is not business money). Cant recall the exact wording, but I remember reading it and thinking it's probably not worth the risk!

    Hopefully someone from Canada can jump in and offer you some more specific advice :)

  • timbrefox
    timbrefox Member, Voices_Premium
    10 Comments Name Dropper 5 Likes Photogenic

    I read in the Voices policy for payments that THEY pay the transaction fees.

    I honestly wish this place would join the modern world and just do direct deposits into banks or offer etransfers. PayPal is so 2005. We do the job, we wait 2 weeks for funds to release, then another 2-4 days for them to process it, then PayPal sits on it for 10-14 days. It's a good month waiting to get paid. ...and cheques? C'mon. I haven't got a paper pay cheque since 1999.

    For such a "cutting edge" platform....almost 20 years behind the times in using such outdated, inconvenient payment methods.