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How much does currency control cost?
Good afternoon!
Working with Upwork legally, please explain about currency control?
How does it even work? Do you really have to pay for every transaction?
Can anyone describe what is left of Uppork's money step by step if, for example, we withdraw $1000?
Types:
1. $50 - $200 - upwork percentage (5%-20%)
2. $30 - wire transfer
3. 18% VAT on upwork percentage
... etc.
Thanks in advance!
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If we earn $1000 under a new contract:
1. 20% of $500 + 10% of $500 = $150
2. $30 - wire transfer
3. ~$15 intermediary bank commission. . Everywhere is different: in Modulbank 15 euros, Tinkov Bank zero.
4. For those who work under the simplified tax system: 6% of the remaining money, i.e. 805 * 6% = $48.3
I work on PSN, so for me this point is zero :)
5. Commission for currency control: 300r ($5) in my case.
There is ~$751.70 left.
I would add here the cost of cashing/exchanging this money for rubles. It depends a lot on the bank and there are many options.
Conclusions:
- withdraw less often and in large amounts at once
- work longer under one contract
- use PSN if a patent is available at an adequate price and a stable income
- combine methods of cashing / exchanging for rubles
Bonus: do not forget that there are still a bunch of fixed payments: a bank tariff plan, a patent if you work on a PSN, fixed payments for individual entrepreneurs (~ 31t .r. in 2018), registration of a transaction passport for those who have been working for a long time and stably.
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