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Easily Transfer Money from Toptal Pay to Your European Bank Account in 2023

If you are based in Europe and working for Toptal, like me, you will probably want to transfer money from Toptal Pay to your European bank account. There are several ways to do this, but some options are more cost-effective than others.

Since I didn't want to lose half my money in fees before even being able to use it, I did some tests, research and asking around and found what seems to be the cheapest, fee-light way.

All you need is a Wise account and a Revolut account, which you should be able to get in a few days with just an internet connection.

Here's a step-by-step guide to help you make the most efficient and cost-effective transfer. It feels fairly convoluted at first glance but it's easy-peasy to do:

  1. Sign up for a Wise account and create a US bank account. This will be the intermediary account for your transfer.

  2. Sign up for a Revolut account. Revolut is great because it offers low currency exchange rates. You will most likely upgrade to the premium plan, which costs 8 Euro per month. You want to do this because the premium account offers lower currency exchange rates as long as you transfer more than $1000 per month. In practice, this means that if you make more than $1800 per month you're better off with the Premium account.

  3. Transfer the money from your Toptal Pay account to your Wise US bank account. There is a flat fee of $0.5 for this transfer, and it will take 2-3 days to complete.

  4. Transfer the USD from your Wise US bank account to your Revolut account. This transfer will also take 1-2 days to complete. Here, make sure to transfer USD to USD. Do not convert the currency to Euro, because the Wise exchange fees are higher.

  5. Use your Revolut account to exchange your USD for EUR at the market rate plus a small fee.

  6. Transfer the EUR from your Revolut account to your European bank account. The transfer should arrive immediately. You could also use Revolut as your main bank account, if you prefer that.

  7. Enjoy your hard-earned funds! 💸

By following the steps above, you can transfer money from Toptal Pay to your European bank account efficiently and at a low cost.

I hope it was useful to you!