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I will receive a one-off payment of roughly EUR4000 for work to be carried out in Italy.

What is the best way to receive this money and have it transferred to a UK bank account? Should I have the money deposited directly into my account or open an Italian account and then transfer it later myself?

Also - any advice on avoiding unnecessary tax (I will obtain a tax residency certificate to avoi double taxation) or other payments would be gratefully received!

Thanks!

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  • What is your criteria for "best" best exchange rate? Largest number of £50 notes? Lowest tax bill? Highest tax bill to offset obligations? This is not answerable as stated
    – MD-Tech
    Commented Apr 23 at 21:52
  • Largely I am trying to reduce the cost of payment of commission or charges to realise the transfer, and the loss due to poor exchange rates.
    – lux
    Commented Apr 25 at 16:52

1 Answer 1

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Use someone like Wise or Revoult that will let you open an account in Euros, so you don't get charges when the customer pays into it. Then either keep it in Euros and spend it when you need Euros, or convert it back to pounds inside the app.

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  • Thank you - is there any penalty for changing currency in such applications?
    – lux
    Commented Apr 25 at 16:53
  • Yes, but much less than your normal bank. I think about £4 on £1000. That's why I suggest keeping it in EUR and spending it when you have costs in EUR. Commented Apr 30 at 11:11

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