Least expensive way to receive P5 payouts?

Hey All,

Just recently sold my first couple of clips with P5 and I'm wondering what is the least expensive way to get my earnings? I'd prefer to transfer the money to my PayPal account but I'm not sure if I'll get hit with PayPal's fee. Does anyone have any experience with this? What would you recommend?

Thanks!
Nate

Hi Nate,There are no fees on payouts from Pond5 to your paypal account.

Paypal works fine, problem is the transaction rate from dollars to pounds, I now use my earnings to pay for purchases in the US rather than deposit them into my bank account.

Good point, OverheadProductions. PayPal conversion rates are 2% lower than the prevailing rates. In addition, when somebody sends you money by PayPal, they might charge you additional 7%, so it's a total of 9% that is lost. If you want to make money from photography, you need to earn more money than what you spend on your purchases. I see no alternative to avoid the PayPal tax if you do not reside in the US. MoneyBookers are somewhat better, however my bank and my credit card issuer will not let me use them because they are associated with gambling websites.

I have a Citibank $ account in the UK. The annoying thing is that they charge a £10 fee to pay a $ cheque (check) into a $ account as it is classed as "foreign currency"! On that basis I wait until I have at least $1500 before requesting a cheque payout and then the fee amounts to about 1% of the money received.

The problem is you need at least $5000 in the account to avoid fees so it might be worth thinking about when the volume of sales justifies it.

I live in the Netherlands and I normally loose about 2 - 2,5 % of my income with the Paypal transfer

I have UK PayPal account and often ask clients if paying via PayPal to send the money as a "gift" or "personal momey owed." The fees that way are much lower. Can't avoid the crap exchange rate from USD to GBP though!

P5 are very good to send PayPal payment without us artists incurring a fee, much better than CC, where sometime I've had to pay €20+ in PayPal fees.

Sounds like PayPal is the way to go (for me at least - I live in the US). Thanks for the help!

Nate

Agreed about the exchange rate EarthUncutTV, having exchanged money a few times, I've decided to use my revenue to purchase goods from the US. This is somewhat negated by the postage costs on low cost purchases, but is worth looking at in terms of purchasing goods for investment.