Hi, I hope it's ok to ask this question on this forum. I have 2 companies. One company is a crypto mining company and the other one is not crypto related.
The company that is not related to cryptos is looking to hire a video editor. The overseas video editor has asked to be paid in Ethereum.
Is there an issue if I send GBP from the non crypto company to the crypto company and then the crypto company send the Ethereum on to the video editor?
The non crypto company will not have access to any cryptos.
Would I be breaching my banks terms of service which says I can't be linked with currency exchange (including virtual currencies) or money transfers
Replies (12)
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I tried asking HMRC but they are clueless.
Your question is:
Would I be breaching my banks terms of service?
How would HMRC know any more than we do? As KK says, ask the bank. Else take the bank's terms of service to a solicitor and ask them.
...asked to be paid in Etherium.
WTF? Isn’t that on the periodic table?
Yeah, I’m down with the kids & their lingo.
Tell them that you only pay in recognised national currencies. Unless they are an astonishingly good video editor, there is no reason to accede to such a request. If they won't bend, find someone with more sensible business practices.
Can you do it? Yes, if you book it right (ask your accountant), but I would be wary you are not unwittingly taking part in money laundering or tax fraud.
As for the bank, what they said above.
Another editor from the Philippines will edit a video for $5 (£3.81) which would cost me $150 (£114.30) per month.
PayPal friends and family fees are £8.19 (including the hidden foreign conversion fees). However, PayPal has told me that I should use the more expensive goods and service transfer.
Hard to believe that you have got some one to do professional video editing for 50c/hour and you are quibbling about transfer charges! How much do you pay your accountant?
I Personally used Transferwise for money transfer from my company to another company. It was very quick and low-cost transfer.