I am slowly getting ready to pitch my first submission to a magazine (electronic submission). Now I have a question:
In case I become published what would be the best method to receive the payment?
I am not talking about making money here. I am not writing for money of course... I just don't want to be ignorant and lost when this matter is concerned.
Now, I may have mentioned in an earlier post that I am from Bosnia. So what kind of account would I need to start submitting?
Paypal, payoneer, epassporte, moneybookers, alertpay...
Western Union? Or will a simple debit bank account do it?
Do you have any advice/experience considering this matter?
I would REALLY appreciate it...
You're main limiter will be whatever the publisher/magazine/whowever is willing to do. In most cases this is either a cheque in USD that you need to deposit in your local bank acount, or PayPal. Some organisations may offer other avenues, but most won't.
You'll need to investigate what fees your bank will charge for depositing a US cheque. Most bank have a very high fee rate.
PayPal will also bleed you dry in fees. They have the stated "cross border fee", whatever it is in your country, plus a hidden cost that's buried in their currency exchange rates. It's an unstated fee, and if you're declaring it on your tax, you need to manually work out what it comes to by examining each transaction. It's 2.5% at the moment.
PayPal is more or less instantatenous, but takes about 3-5 business days to transfer into your bank account once you issue a withdraw transaction. A cheque is limited by the postal system, and whatever delays your bank imposes (clearance time, etc).
The only problem is that I can spend my money only online. Money from Paypal cannot be withdrawn here in Bosnia and Herzegovina. No hands on cash. But that's a minor issue.
So most magazines seem to work with paypal?