Money transfer for off shore salaries??

Discussion in 'Community Discussion' started by nigelivy, Nov 4, 2009.

  1. nigelivy macrumors member

    Joined:
    Apr 21, 2009
    Location:
    Newbury, Berkshire, UK
    #1
    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
     
  2. maflynn Moderator

    maflynn

    Staff Member

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    May 3, 2009
    Location:
    Boston
  3. Stampyhead macrumors 68020

    Stampyhead

    Joined:
    Sep 3, 2004
    Location:
    London, UK
    #3
    My clients in the States send money to my Paypal account. That works just fine for me. Is that a possibility for you?
     
  4. MacBoobsPro macrumors 603

    MacBoobsPro

    Joined:
    Jan 10, 2006
    #4
    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.
     
  5. Signal-11 macrumors 65816

    Signal-11

    Joined:
    Mar 23, 2008
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    #5
    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?
     
  6. arkitect macrumors 601

    arkitect

    Joined:
    Sep 5, 2005
    Location:
    Bath, United Kingdom
    #6
    AFAIK all international transfers are subject to fees.
    Domestic transfers are usually FOC. :)

    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…
     
  7. Signal-11 macrumors 65816

    Signal-11

    Joined:
    Mar 23, 2008
    Location:
    2nd Star to the Right
    #7
    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.
     
  8. nigelivy thread starter macrumors member

    Joined:
    Apr 21, 2009
    Location:
    Newbury, Berkshire, UK
    #8
    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.
     

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