Receiving Payments From International Clients Simplified

The #PropTechDen held last August saw a significant rise in attendees, both local and international. Since the Brexit vote, investors from Asia, particularly China and Hong Kong, have shown increased interest in residential as well as commercial property. In the first quarter of 2017, buyers from Hong Kong spent around U.S. $3 billion on properties in the UK.

It is fairly common for international buyers who wish to purchase property in the UK to employ the services of real estate agents. However, agents often lose out on part of their earnings because of currency conversion when receiving cross-border payments. Besides, the process can also be complicated and time consuming. So, how to you receive payments from international clients in a simple yet cost effective manner?

Banks or Overseas Money Transfer Companies

Your client might be inclined to use the services of his or her local bank to make international payments directly into your bank account. However, banks are typically less cost effective when compared to specialist overseas money transfer companies. This is not only because of the steep fees they usually charge, but also because of the unfavourable exchange rates they provide.

Consider this example where a client needed to send a payment of U.S. $3,000 to a real estate agent in the UK. He compared the services of a prominent American bank and a leading money transfer company.

Bank

Money Transfer Company

Exchange Rate $1 = £0.7412 $1 = £0.7691
Fees $25 $0
Amount Received £2,205.07 £2,307.3

By using the money transfer company instead of the bank, the agent ended up receiving around £100 more.

Multicurrency Accounts

If you have a steady flow of international clients from one or more countries, you may consider opening a multicurrency account. A typical multicurrency account comes with local bank details of different countries, giving you the ability to receive payments and hold funds in multiple currencies.

In this scenario, you do not have to worry about currency conversion taking place because the payment gets to an account denominated in the same currency. Currency conversion only takes place when you withdraw the money into your local bank account, and this gives you the ability to tide over temporary negative exchange rate fluctuations.

Some of the leading companies that provide multicurrency accounts include:

  • WorldFirst. If you sign up for the World Account, you get free receiving account details for U.S. dollars, Canadian dollars, British pounds, euros, Australian dollars, Chinese yuan, and Japanese yen.
  • OFX. With the Global Currency Account, you get free receiving account details for U.S. dollars, Canadian dollars, British pounds, euros, Australian dollars, and Hong Kong dollars.
  • TransferWise. The Borderless Account provided by TransferWise comes with free receiving account details for U.S. dollars, British pounds, euros, and Australian dollars.

Details You Need to Provide

Details you need to provide for receiving payments from overseas include:

  • Your name or the name of your business
  • A bank account number held in the same name
  • Your bank’s name and SWIFT code
  • An IBAN (if applicable)

If you plan to use a multicurrency account, the company you work with provides unique bank account details for all currencies, which you get to use as regular bank account details.

Receiving Payments Without Providing Bank Account Details

If you wish to receive payments without parting with your bank account details, you may ask your client to send you an international bank draft. While a bank draft is secure, it can take weeks before you actually get the money in your account.

Another option is to use the services of a company that lets you receive payments by giving your clients no more than your email address. While PayPal has offered this service for some time, TransferWise also offers this feature now. If you are in a hurry to receive a payment, you may even consider getting your client to send the money to a cash pickup location using a company such as WorldRemit, Western Union, or MoneyGram.

Conclusion

No matter which country you stand to receive payments from, getting your clients to work with suitable service providers may lead to savings for both parties. Fortunately, a number of specialist companies operate out of different regions, and finding one to suit your needs after running a comparison is rather easy.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website. As an Amazon Associate, I earn from qualifying purchases.

You May Also Enjoy

Estate Agent Talk

Got a New Home in Nelson UK? Explore Stylish Furniture for Every Corner

Moving into a new home is always exciting, and if you’ve just settled down in Nelson, UK, now is the perfect time to furnish your space with stylish, functional, and long-lasting pieces. At AH Interiors Nelson, we bring you a wide range of modern and classic furniture that makes every corner of your home truly…
Read More
Breaking News

Annual house price growth steady in September

Annual rate of house price growth of 2.2% in September, similar to 2.1% seen in August Northern Ireland remained the top performing area with annual house price growth of 9.6% Outer South East weakest performing region, with 0.3% year-on-year rise   Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “The annual pace of…
Read More
Rightmove logo
Breaking News

Rightmove launches Online Agent Valuation to help agents connect with more vendors

Rightmove, the UK’s largest property platform, launches Online Agent Valuation, a new product for agents designed to give them more ways to reach prospective vendors. The consumer innovation delivers quality leads by connecting agents with home-owners who are serious about moving, but who would prefer to get a valuation from a local agent online. Rightmove…
Read More
Breaking News

September sees highest number of homes listed this year

September brings post-summer surge in home seller activity, with highest number of homes listed so far in 2025 The latest internal data from eXp UK has shown that September has delivered a notable surge in market activity, with the firm recording an average of 81 new properties listed every day over the course of the…
Read More
Estate Agent Talk

Looking into Colin Horan: A Trusted Estate Agent in Irish Real Estate

In the competitive and often unpredictable realm of Irish property, one name stands out above the rest: Colin Horan. With a sterling reputation forged over years of committed service, strategic insight, and unwavering ethics, Colin distinguishes himself as a trusted partner for buyers, sellers, and communities alike. This read delves into his background, philosophy, approach,…
Read More
Breaking News

Breaking Property News 02/10/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   LettingaProperty now ranked #16 in BusinessCloud’s PropTech 50 for 2025  LettingaProperty.com, an online lettings platform, has been ranked #16 in BusinessCloud’s PropTech 50 for 2025 — a list of the most innovative technology firms reshaping property in the UK. The company earned its place for…
Read More