In other cases, a currency converter may offer a less optimal rate to you in place of or in addition to a fee. In this case, the bank converts the currency at the current market rate and makes money from the fee. For example, many American credit cards charge a fee around 3% for foreign purchases. Foreign exchange companies and banks make money from foreign exchange with a combination of those two methods.įees are a straightforward option for banks to charge for foreign currency conversation. When dealing with foreign exchange, be aware of rates and fees. Foreign currency in invoicing conversion rates and fees Card payments are typically the easiest option for international payments, particularly if you have a website or payment service where customers can enter their own card information and submit a payment. On the customer credit card statement, they will pay a foreign conversion fee if applicable and see the transaction in their local currency. You can charge your customer in dollars and get paid in dollars. Outside of the United States, the familiar Visa and MasterCard brands are a dominant player in card payments. If you are setup to take card payments, you can charge your foreign clients just like everyone else. The currency is already converted to dollars when it lands in your account.Īnother great option is to take payment via credit card. In some cases, international clients can send a payment in dollars from their digital wallet account. You can store funds in those currencies in your wallet or pay a fee to convert to dollars. Most major digital wallets today allow sending and receiving funds in multiple currencies. If they don’t have an option to send you payments in dollars directly, your easiest option to get paid is through a digital wallet. However, many international companies have options to send payments in dollars due to the strength and importance of the United States currency. You can’t just deposit a check in a foreign currency in a bank, and you can’t accept an ACH payment from a foreign account. When you land your first international client, you are likely to wonder how to get paid. Take advantage of the web to reach clients looking for good work with no preconditions. Don’t limit yourself to arbitrary borders. I have worked online with people from places like India, Ukraine, England, and the Philippines, and I am just a one-man operation. With online marketplaces, you can work with people almost anywhere. The US is just a small part of what is possible. But there are more than 7.5 billion in the world according to the United Nations. There are just over 320 million people in the United States, which is a lot. It doesn’t matter what you do, if it is a computer based service it can generally be done anywhere regardless of location. With the internet, freelancers can work from anywhere in the world, and at the same time serve clients anywhere in the world. It’s 2017, and any business can have a global reach. Foreign currency in invoicing conversion rates and fees.Don’t limit yourself to US based clients.
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