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Duncan Dalzel-Job posted in the group The Community
I am looking for recommendations for a reliable/trusted finance platform where I can pay international freelancers. Escrow account facility would be helpful and a clear digital (paper) trail for invoicing/tax essential. Googling it – seems that paypal is a good start. I have also found ’transferwise’ or ’payoneer’ or ’venmo’.
Any experience/advice?
6 Comments-
Hi Duncan. Transferwise is now known as Wise. I think they are FCA regulated and are a multi-billion £ unicorn. I have used a personal account with them over the years and found them excellent. They offer multiple currencies, narrow FX rates and low charges. You can also set up a business account with them, which I have also done.
I have used Payoneer to pay a freelancer in Bangladesh, at his request. It worked and he was happy, They charge a fee.
I can’t think of anyone offering an escrow account, you may need to go to a high street bank for that. A quick google search shows the usual high street banks and Metro offering escrow accounts.
I cannot recommend Wise highly enough. A good place to start.
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Hello James,
thank you for your thoughts. I will definitely have a look at transferwise for the next arrangement. I have gone with Paypal for the latest freelance payment as we were both already set up on the platform.
To date I have used people per hour and upwork and I found out recently from a freelancer on pph that he is paying a 20% fee so anything below that is favourable, if secure. Pph have an escrow account system (in name at least) which is probably good for first-time contracts.
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Seconding for Wise – that’s the way I’ve received payments from international clients and it’s been very straight forward from my perspective – no different to receiving a bank transfer, if a little longer to get to me.
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Hi Duncan, I also use transfer wise – now Wise – and have had no issues either getting paid or paying out across different currencies.
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I have used Paypal too but I find it a bit more laborious for some reason – Wise seems to make it all very straightforward.
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Hi Duncan, tagging some freelancers who might be able to help – Lexi Radcliffe-Hart, Saeed Ahmad, @felix-reiners, Annabel Lee, Nina Lenton, Andrea Ciganikova, Sapphire Stothert, Hazel Brown