I have a small business in Canada with Shopify, and I sell digital products. For that reason, I need to collect taxes from customers in Europe (because of the new EU Digital VAT rules). Now that I've done so, I need to transfer the money to them. How do you all do it? I only have a small amount to transfer, and if I transfer the money with my bank, the fees seem very high (higher than the actual amount I need to transfer).
I came across an article about TransferWise.com. Have any of you tried it? And is it any good? Any other suggestions?
Thanks for your help! :)
Nick here from Shopify.
Great questions, and one's that are best handled by professional tax consultants for business. I'd suggest finding one in your area who can provide you with the info and services you need to make sure you're tax compliant, and can point you to good transfer services.
Hope this helps!