Traditional ‘bank-to-bank’ transfers are still the most common way to receive payment. While the receiver fee from your bank is generally the highest of all your options, it is also the most simple to calculate and you don’t have to convert the currency yourself. For this convenience, you will be also be losing a portion of your money during the currency conversion and possibly via any ‘middle-men’ banks that your funds pass through.
Depending on your currency and the willingness of your payer to use a service like Western Union, some banks will not charge the receiver fee but check T&C’s carefully as there are often hidden charges. If you can use the same bank as your payer, there are real savings here. For freelance teachers, also consider Sender fees encountered by your students.
International Funds Transfer companies like TransferWise, Payoneer and PayPal are all excellent alternatives if your company offers them and will GENERALLY be much less than via a traditional bank. BUT… Again, please take a look at the T&C’s and email them if you are unsure or contact a financial professional. Intermediary banks may still charge a fee during the transfer.
If you have your own website, Stripe is an affordable option.
Ask your teaching company or students for their preferences and check your contract. Email the customer service of your chosen International Transfer Fund company and ask to get an idea of the particular fees and charges for your situation. When you start teaching English Online, spend an hour or so looking at your options and you can save yourself a nice chunk of change every pay day.
Any other payment options we have missed or any tips and trick on how to save on fees? Comment below.
Good luck and happy teaching!