Choosing the right payment method is crucial for freelancers, small businesses, consultants or entrepreneurs working with European clients. It can be a struggle to juggle payment apps in search of a reliable, affordable, and efficient option. With various options available, each with its benefits and drawbacks, understanding the best approach can streamline your financial operations.

This article explores the most effective methods for receiving payments from European clients, focusing on convenience, cost, speed, and security.

Also read: How international banking works for freelancers and independent contractors

Why choosing the right payment method matters

Receiving international payments involves navigating exchange rates, transaction fees, and processing times. For European clients, factors such as the Single Euro Payments Area (SEPA), currency conversion, and compliance with local regulations play a significant role. Selecting a method that balances low costs with fast and secure transactions ensures you maintain a healthy cash flow and strong client relationships.

Key considerations for receiving payments

Before exploring specific methods, consider the following factors when selecting a payment option.

• Transaction fees: High fees and hidden charges can eat into your profits.
• Exchange rates: Favourable rates are essential if payments are made in euros or other European currencies.
• Speed: Faster transfers reduce delays in accessing funds.
• Security: Robust fraud protection is critical for peace of mind and protecting your data.
• Ease of use: Both you and your client should find the process straightforward.
• Accessibility: The method should be widely accepted across European countries.

Top payment methods for European clients

Here are some of the best options for receiving international payments from Europe.

1. Grey (Recommended)

Grey is a top recommendation for receiving international payments from European clients. The platform is designed for freelancers and businesses, offering EUR and GBP accounts. Grey is ideal for freelancers, remote workers, consultants and creatives who earn in EUR or GBP.

Why Grey?

It offers:

• Multicurrency accounts: Get an EUR (IBAN) or GBP account (sort code + account number) to receive money seamlessly from anywhere. You can hold funds in foreign currencies or convert at real-time exchange rates.
• Swift processing: From sign-up to your first completed transaction, Grey offers seed and convenience. You can also withdraw money to your local bank within minutes.
• Affordable fees: Grey offers transparent and low-cost transactions. This ensures you can maximise your earnings.
• Virtual USD debit card: Grey’s virtual dollar card is ideal for paying for subscriptions and online purchases.
• Automated invoicing: Streamline your finances by automating your invoices with Grey.

2. Wise

Wise is a fintech offering multicurrency accounts that let you receive and manage over 40 currencies, including EUR and GBP. You get local bank details (IBANs and sort codes), making it easy for clients to pay you like a local.

Pros:

• Transparent mid-market exchange rates
• Multicurrency accounts in GBP and EUR
• Low conversion fees

Cons:

• No mobile wallet withdrawals in some African countries
• Requires more onboarding steps for some regions

3. SEPA bank transfers

SEPA enables fast, low-cost euro transfers within 31 European countries, including all EU member states, the UK, Switzerland, Norway, Iceland, Liechtenstein, and Monaco. This is ideal for businesses or freelancers in the EU or SEPA zone that receive regular euro payments. To use SEPA, provide your client with your IBAN and bank identification code (BIC). Ensure your bank supports SEPA to avoid additional fees.

Pros:

• Low fees (often free within the EU).
• Fast processing (typically 1–2 business days).
• Secure and regulated by EU standards.

Cons:

• Limited to euro transactions.
• Requires both parties to have SEPA-compatible bank accounts.

4. International bank transfers (SWIFT)

For non-euro payments or clients outside the SEPA zone, SWIFT transfers are a traditional option. These are processed through a global network of banks.

Pros:

• Widely available for multiple currencies.
• Suitable for large transactions.

Cons:

• Higher fees
• Slower processing
• Exchange rate markups can increase costs

5. Payoneer

Payoneer is commonly used by freelancers and businesses receiving payments from marketplaces, platforms, and corporate clients in Europe. It provides virtual EUR and GBP accounts that you can share with clients or link to platforms like Upwork or Fiverr.

Pros:

• Integrated with global marketplaces
• Virtual receiving accounts in EUR, GBP, USD, and more
• Withdraw to your local bank in local currency

Cons:

• Longer processing times (3–5 days)
• Higher withdrawal fees compared to newer platforms like Grey

Payooner is ideal for freelancers using platforms like Fiverr, Upwork, and Airbnb and agencies working with large clients.

6. Cryptocurrency payments

Cryptocurrencies and stablecoins are gaining traction for cross-border payments, especially for tech-savvy users.

Pros:

• Low fees for large transactions.
• Fast transfers (minutes to hours).
• No currency conversion for global cryptocurrencies.

Cons:

• Volatility in crypto prices (Stablecoins are, however, stable).
• Limited adoption among European clients.
• Requires technical knowledge for secure handling.

Best practices for smooth payments

Transacting in foreign currencies can be challenging, especially for newbies. Here are some tips to help you navigate managing international payments better.

• Clarify payment terms upfront: Specify the currency, method, and any fees your client will cover in your contract or invoice.
• Use multicurrency accounts: Platforms like Grey allow you to hold and convert euros, GBP, or other currencies at low cost.
• Automate invoicing: Tools like Stripe or FreshBooks reduce manual work and ensure timely payments. With Grey, you have an invoicing app and payment platform in one place, streamlining your work process.
• Monitor exchange rates: For non-euro payments, use services with mid-market rates to avoid losses.
• Ensure compliance: Verify that your payment method adheres to EU regulations, such as anti-money laundering rules.
• Communicate clearly: Provide detailed payment instructions (e.g., IBAN, BIC, or PayPal email) to avoid delays.

How to receive payments from European clients using Grey

Setting up an account on Grey is very straightforward. Follow these quick steps to experience stress-free cross-border payment.

1. Create your account: Visit Grey’s website or mobile app and sign up.
2. Verify your identity: Upload a valid national ID or passport and proof of address.
3. Generate your EUR or GBP account: Get local European account details (IBAN or sort code).
4. Share with your client: Send your account details to the client for payment via SEPA or UK Faster Payments. If you are using an online marketplace or freelancing platform, you can easily integrate your account on the platform to receive payments directly.
5. Receive payment: Get notified when the funds arrive in your Grey account.

Also read: How to convert and send USD to Euro online

Receiving payments from European clients with ease

Choosing the best method for receiving payments from European clients depends on your business needs, the currencies involved, and your clients’ preferences. Using a reliable payment platform like Grey saves you from the worries of unfavourable conversion rates, high transaction fees and delayed processing. With Grey, users enjoy multicurrency accounts that allow them to receive payments in GBP and EUR and convert to local currencies.

Get started with Grey today to receive payments from European clients with ease.

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