Money transfer for off shore salaries??

[nigelivy]

Hi,

I've just employed 2 contractors based in South Africa.
I'm looking for the best way to transfer their salaries from my UK business account into their personal South African bank accounts. I believe HSBC (who I currently bank with) charge £17 per an international transfer. Is there a cheaper, legitimate way of doing this?
Any help or advice will be greatly appreciated!

Nigel

 

[maflynn]

mail them a check?

 

[Stampyhead]

My clients in the States send money to my Paypal account. That works just fine for me. Is that a possibility for you?

 

[MacBoobsPro]

If you set up internet banking with HSBC do you still get charged for international transfers?

I use it for domestic transfers and don't get charged.

 

[Signal-11]

Nigel, there are several things you need to consider before just looking for a cheap way to pay your international employees. For one, are you contracting them or are you employing them? SA or UK contracts?

 

[arkitect]

If you set up internet banking with HSBC do you still get charged for international transfers?

I use it for domestic transfers and don't get charged.

AFAIK all international transfers are subject to fees.
Domestic transfers are usually FOC.

Nigel, there are several things you need to consider before just looking for a cheap way to pay your international employees. For one, are you contracting them or are you employing them? SA or UK contracts?

How about assuming the OP has that sorted?
Whichever way he employs/contracts them he still needs to get the money to them.
What he is asking about is banking fees…

 

[Signal-11]

How about assuming the OP has that sorted?
Whichever way he employs/contracts them he still needs to get the money to them.
What he is asking about is banking fees…

That's true and I suppose I should have given benefit of the doubt, but the way the question was asked, I got the sense he hasn't. If he had, he'd have already sat down with his bank manager and figured out the best way to pay his overseas contractors/employees. Banks like Standard Chartered and HSBC have been doing this type of thing for a very long time.

 

[nigelivy]

Thanks for the response and advice everyone.
I have already signed contracts with my contractors which I drafted myself. In the contracts, which the SA contractors agreed to and signed to, it stated that any disputes or disagreements would fall under the jurisdiction of English Law and English Courts.
They are not employees, but are separate legal entities and are responsible for their own expenses and taxes seen to.

I apologize if I wasn't clear in my original post. I am simply researching all options for paying these salaries. I have met with my bank manager to see what the bank will offer me. I am just shopping around, and looking to see if there is a better way of going around this.
The bank offers "OK" rates, I'd just like to see what the best option out there is for me.

Thanks for any input.