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Best Payment method for UK freelancers

Hi there, I have a question about the payment method. what is the best payment method to choose for UK freelancers. Is it really necessary to set two Payment methods or just one is sufficient? I'll be very thankful for prompt reply. Regards

Hi, Some UK freelancers favour the PayPal option and say that it's quicker. I opt for the local transfer option at $1.99 per transaction.

Thanks Gillian for your reply. I have one more question. I just tried to open Paypal account and bit confused weather I open personal account or business account and what currency should I've to set to receive payments dollars or pound sterling because the account going to link with Paypal is in pounds. I hope you understand what i want to say. Thanks

Well, unless you have a registered business, I don't think that you need to have a Paypal business account. I would think that you need to use the UK currency option, as you need to be able to work out your pay properly.

Thank you very much for your advice.

You need a PayPal business account in the UK if the number of transactions you have goes above a certain number or the amount of money you receive goes above a certain amount. I don't remember the thresholds. If you are doing any kind of work for the purpose of making money, as opposed to for fun, you are supposed to register as a business and pay national insurance contributions at the self-employed rate.

All the other replies are fine. Just to add re the speed of things: if you, for instance, withdraw an amount that becomes available to you in oDesk at one minute past midnight (UCT, so 1AM to you at the moment), it will cost you $1 to oDesk, and be in your Paypal account almost by the time it takes to open up Paypal. You need to have Paypal linked to a bank account. - You then withdraw (free) the amount from Paypal to your bank account. So if you withdraw from oDesk at 00.01 Monday, and then transfer from Paypal at 00.05 Monday, it will probably be in your bank account by Wednesday lunchtime. Total cost, $1 to oDesk. I've never in two years had a problem with this system (it seems to be the one thing in oDesk that always works LOL)
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