We have considered setting up foreign bank accounts for our company, but that is 1. a pain in the neck and 2. generates hefty fees once again (we somehow would have to "fuel" these accounts, but both the US bank and the foreign bank charge significant fees for international wire transfers).
Any suggestions? Thanks guys!
It really cuts down the hassles and and questions that prevent most people from outsourcing and if you think about the 10% fee on oDesk you'll calculate it to be a minor surcharge on excellent productivity and accountability tools.
To give you an example, before India changed their payment rules about 4 years ago my vendors would tack on a 4% surcharge to paypal payments...and then India prevented payments over $500 so I switched to wire transfers that ended up costing me $40 per wire and about an hour per month per vendor to coordinate and verify.
I manage eleven outsourcers in six countries and I am the cheapest person that I know...and I still find a huge amount of value and protection by using these sites.
Just checked them out, and it looks exactly like what we need, but the sign-up unfortunately site reads "Currently we can support applications only from companies paying at least $5,000 Per Month." While we will process more than this in January, it will only be a couple of hundred in February and March, and it's my understanding that they would want us to sign up for a plan.