A Bigger-Picture Approach to Marketing Freelance Editorial Services
March 4, 2019
Income Misattribution by 1099-Series Form
February 22, 2019
Marketing Starting with Professional Group Interaction
August 14, 2018
Freelancer Services As Reported on 1099 Forms
April 8, 2018
On Receiving Payment Through Wire Transfer
September 24, 2017
Tax Withholding for Payments from Inside to Outside the U.S.
August 16, 2017
Contending with 1099-MISC Copies Is Not Much Like Reporting Your Wages …
August 9, 2017
Ease of Use of PayPal
August 6, 2017
Estimated Taxes and the Freelancer
Basics of Using Google Docs
For a business user regularly dealing with international currencies, PayPal can be a particularly attractive payment intermediary. True, its main menu...
Although the change-tracking features of Microsoft Word are usually at top of mind for the typical working editor, reliance on these features (and ind...
Suppose that the IRS receives a form stating that someone, a client of yours, paid some stated amount to you last year. Does the IRS learn from this t...
Is there a place in this field for getting paid through bank wire?
My experience suggests that there is one, particularly for those
doing business internationally.
I have documentation for 16 wire transfers received in the past
dozen years, from clients in the USA, France, Spain, Great
Britain, and Australia. (Amounts have ranged from $ 250 on up.)
For the latest wire, the fee was $ 18; it has been raised from
time to time.
If you were likewise to arrange to receive wire transfers, your
identifying info would consist only of your name (specifically,
the name of the bank account holder) and your bank account
number. (If you use checks at all, the connection through that
number between you and your bank is already being made
known; worries about privacy’s getting compromised through
the use of wire transfers are, then, demonstrably overblown.)
The other four items would be only about your bank: its name,
routing code, SWIFT number, and address.
Here is one potential recipient’s description of the different
payment instructions that can be given to a bank tasked with
making a wire transfer:
If your client’s bank (possibly based outside Europe) uses the
SHA code (for costs shared) and can not replace this code
with the OUR code (evidently for "our" expense), that bank
should still be able to identify immediately in advance the
charge to be assessed by the intermediary bank. The client
can then add this known cost to its payment.
At least in my experience, any fees are not reported in the wire
confirmation. They certainly should, though, be reported in the
monthly statement from your bank.
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