Im currently editing a series of reprint anthologies for the Chinese, and of course their contracts for the stories theyre buying ask for payment information. Now, it happens that a number of the writers Im buying from are pretty new and pretty clueless in this area. The most frequently-asked question I get is: Do I give them my checking account number and the banks routing number? Answer: Only if you want to make it easy for someone thousands of miles away to rob you at some unspecified future date. Almost all journeyman writers, who are used to making foreign sales, use PayPal, which is nearing its one hundred millionth client. More to the point, PayPal will use the posted exchange rates, rather than the usurious ones most banks use. And still more to the point, itll charge you a maximum of 3% for the transaction, whereas most banks will be happy to charge you in the neighborhood of $35.00 for the privilege of cashing a 50-Euro or 50-pound check. Finally, payment is instantaneous, which is a word that is not in the post offices lexicon. Anyway, I think anyone expecting to be paid in foreign currencies, now or in the future, would do well to consider this.
Posted on: Fri, 31 Oct 2014 06:52:58 +0000
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