European bank account instead of Payoneer
We’ve looked at payoneer and just wondering if it would be better to have a European bank account for disbursements (giving us the option to use Euros for other aspects of our business or move back to the UK as we please).
Would it be possible to have, for example, a euro bank account in Ireland and get Amazon France/Spain/Germany/Italy to disburse directly into that bank account without incurring any exchange fees? (I seem to recall that if they disburse to a UK based Euro account they convert to Sterling and then back to Euros, the fees are crazy)
European bank account instead of Payoneer
We’ve looked at payoneer and just wondering if it would be better to have a European bank account for disbursements (giving us the option to use Euros for other aspects of our business or move back to the UK as we please).
Would it be possible to have, for example, a euro bank account in Ireland and get Amazon France/Spain/Germany/Italy to disburse directly into that bank account without incurring any exchange fees? (I seem to recall that if they disburse to a UK based Euro account they convert to Sterling and then back to Euros, the fees are crazy)
2 replies
Seller_EJIX7rqDNQJi2
If you are based in the UK, then yes, any disbursements will be converted into the bank account’s local currency - GBP, even if the account is able to accept payments in euros.
Here is the relevant Amazon policy:
Seller_FqalN2Equ13mj
We use payoneer but we did look at opening our own Euro bank account (proper Euro bank in Ireland as opposed to a Euro bank account with a UK bank, but it wasn’t easy plus there were bank fees anyway and so didn’t see any plus side in doing so against using Payoneer.
Also, there will always be fees, built in to the exchange rate or separate when changing the money from Euro’s to GBP, so whilst there will be no fees when moving the disbursements, there will be when moving from the EU bank to the GBP bank.
We actually have a US bank account where our US disbursements go, mainly because we have a few US suppliers that we pay from it, but when we move any excess to our UK bank then we get a fee from our US bank as well as the exchange rate. Plus unless we keep and average of $1500 in the account, we get a monthly fee as well, however we have not yet paid this.
