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Are you planning to start your online business from outside USA? Do you think its a painful process to get paid from the buyers or companies you are providing services or selling your goods to?
Well, its not 100% true because getting paid now from US based companies or individual buyer is no more daunting. Now there are ways to receive money both in long term and short term period depends on your choice.
Withdraw and transfer the funds through Bank Wire or Wire Transfer
Withdraw and transfer your funds from US based companies through Bank wire (Wire Transfer) using your local bank account and routing number/IBAN (International Bank Account Number) but you have to be aware of the processing, delivering and receiving system prior getting started with wire transfer.
Truly it may be horrible sometimes when you don’t know the process and how to trace the funds in case of missing funds or not receiving the funds in your expected time duration. So you should know that if you are going to withdraw the money from US companies, how about the following,
1. Cheque Fee : You must know before sending an invoice or request for the money transfer to your local bank account, there are most of the companies charge a cheque fee that may be different in cost but you have to pay.
2. Wire Transfer fee : You also should be aware that most of the websites, companies and individual bank account charge up to $25 wire transfer fee to send the money outside USA.
3. Duration : This is the most important part of wire transfer that you should know how many days a transaction may take because the sender company or website takes up to 4, 5 days in completing the initiating process of the funds and transfer to your local bank but there are certain reasons the funds may be deposited in your account beyond the expected time.
For example, when you withdraw the funds from a US based company through the bank wire, it may take up to 15 working days but sometimes it takes more than 3 weeks. So all you have to do is, if the time exceeds the duration of 15 days, talk to your local bank help desk to check the transaction.
There may be some Home remittance issues specially if you are in Pakistan, Bangladesh, India or any other Asian country. The central bank policy about the home remittances may be changed timely.
Once the funds are deposited to your bank account, don’t forget to check the current dollar rate for your local currency so that you know the exact amount that is transferred after converting in your local currency.