Sally Posted July 28, 2017 Share Posted July 28, 2017 This may be a naive question, but I haven't seen it answered anywhere else. Since Alamy is a U.K. Company (as far as I understand it), why are we paid in dollars (especially given the current poor exchange rate)? Link to comment Share on other sites More sharing options...
Cryptoprocta Posted July 28, 2017 Share Posted July 28, 2017 We're not actually paid in dollars, but I've often wondered how much (if any?) we lose with UK sales being reported in dollars then converted back to pounds. Link to comment Share on other sites More sharing options...
Sally Posted July 28, 2017 Author Share Posted July 28, 2017 8 minutes ago, Cryptoprocta said: We're not actually paid in dollars, but I've often wondered how much (if any?) we lose with UK sales being reported in dollars then converted back to pounds. Ok, so I have to own up to not having (yet) been paid, though once recent sales clear, I will be. So, are we paid in Sterling after a conversion of some kind, or do we have to pay a fee for PayPal to convert from dollars to Sterling? In which case, the question is why a UK company does this. Link to comment Share on other sites More sharing options...
Cryptoprocta Posted July 28, 2017 Share Posted July 28, 2017 Just now, Sally said: Ok, so I have to own up to not having (yet) been paid, though once recent sales clear, I will be. So, are we paid in dollars after a conversion of some kind, or do we have to pay a fee for PayPal to convert from dollars to Sterling? In which case, the question is why a UK company does this. I'm not sure what happens with PayPal, as I'm paid directly, in £ Sterling, into my UK Bank. Link to comment Share on other sites More sharing options...
Sally Posted July 28, 2017 Author Share Posted July 28, 2017 5 minutes ago, Cryptoprocta said: I'm not sure what happens with PayPal, as I'm paid directly, in £ Sterling, into my UK Bank. Ok, so the plot thickens. Does it therefore make a difference how one opts to be paid? PayPal, if I understand it, is a US company. Does this make a difference to payments versus a direct UK bank transfer? If so, then I need to change my payment option. Link to comment Share on other sites More sharing options...
Sally Posted July 28, 2017 Author Share Posted July 28, 2017 2 minutes ago, gerardferry said: you can change your payment to dollars and keep it in your pay-pal as such, then spend it as dollars to avoid double transaction charge to convert at a better time As a UK based person I don't want dollars. Presumably therefore the payment option I choose makes a big difference. Link to comment Share on other sites More sharing options...
spacecadet Posted July 29, 2017 Share Posted July 29, 2017 8 hours ago, Cryptoprocta said: I'm not sure what happens with PayPal, as I'm paid directly, in £ Sterling, into my UK Bank. It's still converted from USD. The Citibank (I think it's Citibank) exchange commission is around 3% so we do lose that. Paypal take a commission too but we BACS payees obviously don't know how it compares- perhaps someone paid in PP could quote their latest exchange rate and we could compare. But I believe Alamy bear PP's other fees. OP, when it started up Alamy had to decide which currency to adopt. It intended to, and does, do a lot of business in USD, so it picked USD. Sure, it's a UK company, but it does international business. It could have picked any currency. When the pound drops we get a temporary advantage while sales billed at the higher sterling price feed through, but of course it works the other way when it goes up. Link to comment Share on other sites More sharing options...
Sally Posted July 29, 2017 Author Share Posted July 29, 2017 27 minutes ago, spacecadet said: It's still converted from USD. The Citibank (I think it's Citibank) exchange commission is around 3% so we do lose that. Paypal take a commission too but we BACS payees obviously don't know how it compares- perhaps someone paid in PP could quote their latest exchange rate and we could compare. But I believe Alamy bear PP's other fees. OP, when it started up Alamy had to decide which currency to adopt. It intended to, and does, do a lot of business in USD, so it picked USD. Sure, it's a UK company, but it does international business. It could have picked any currency. When the pound drops we get a temporary advantage while sales billed at the higher sterling price feed through, but of course it works the other way when it goes up. Ok, thanks for all the useful information. Still not quite sure which one might be better, but it seems different options might suit different people. Link to comment Share on other sites More sharing options...
Allan Bell Posted July 29, 2017 Share Posted July 29, 2017 I am paid via Paypal and it shows up as £ sterling not US$. Allan Link to comment Share on other sites More sharing options...
Sally Posted July 29, 2017 Author Share Posted July 29, 2017 16 minutes ago, Allan Bell said: I am paid via Paypal and it shows up as £ sterling not US$. Allan So there is no conversion fee? Link to comment Share on other sites More sharing options...
Allan Bell Posted July 29, 2017 Share Posted July 29, 2017 1 hour ago, Sally said: So there is no conversion fee? No. Allan Link to comment Share on other sites More sharing options...
Cryptoprocta Posted July 29, 2017 Share Posted July 29, 2017 " 8.2 Currency Conversion. If your transaction involves a currency conversion by PayPal, it will be completed at a foreign exchange rate determined by a financial institution, which is adjusted regularly based on market conditions. The exchange rate is adjusted regularly and may be applied immediately and without notice to you. This exchange rate includes a processing fee expressed as a certain percentage above the wholesale exchange rate at which PayPal obtains foreign currency, and the processing fee is retained by PayPal." https://www.paypal.com/uk/webapps/mpp/ua/useragreement-full#08 My accountant says their conversion rate is considerably below the open prevailing rate on any given date (because of the highish "certain percentage", which isn't exactly transparent). They're a business, not a charity. Link to comment Share on other sites More sharing options...
Jill Morgan Posted July 31, 2017 Share Posted July 31, 2017 If Alamy pays you in in pounds then you will receive it in pounds. It will be Alamy doing the conversion, not Paypal. Alamy also eats any Paypal fees so you don't have to pay Paypal a bean. Here in Canada, I get paid into my Paypal account in US dollars. I can leave it in dollars hoping the rate gets better (which actually mean the Canadian dollar falling) or simply convert it at the time then deposit in my bank account. Jill Link to comment Share on other sites More sharing options...
spacecadet Posted July 31, 2017 Share Posted July 31, 2017 On 7/29/2017 at 14:15, Allan Bell said: No. Allan Not as such but PP take a foreign exchange fee. But so do Citibank when it's done by BACS, so I wouldn't expect much difference. If someone would care to quote their exchange rate for their July PP payment I'll do the same for my BACS one. Link to comment Share on other sites More sharing options...
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