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The current £ - $ exchange rate is 1.277, but today's Alamy payout uses 1.327. I am surprised there is such a large discrepancy, resulting in me receiving £6 less than I expected.

 

I don't remember it ever being this bad previously. This is even more infuriating given Alamy are a British company.

 

 

 

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34 minutes ago, andremichel said:

 

The current £ - $ exchange rate is 1.277, but today's Alamy payout uses 1.327. I am surprised there is such a large discrepancy, resulting in me receiving £6 less than I expected.

 

I don't remember it ever being this bad previously. This is even more infuriating given Alamy are a British company.

 

 

 

Frankly I always work out what I should get from the exchange rate and then subtract many pounds from that estimate, as its always less in practice. :(

 

Kumar

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10 minutes ago, Doc said:

Frankly I always work out what I should get from the exchange rate and then subtract many pounds from that estimate, as its always less in practice. :(

 

Kumar

It is always a bit less, but I was expecting something in the region of 1.29 not 1.327

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Hopefully they use the same exchange rate when they invoice the customer in £sterling to convert it to $US as shown in our sales reports.

 

If the same rate is used at both ends - then it doesn't really matter what the rate is! (for UK sales)

 

Jools 

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Posted (edited)

IME the spread has always been about 3%.

Incidentally, do you get advance notice from your bank? I only get notified of the payment when it's credited, on the 4th. working day of the month.

Edited by spacecadet

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37 minutes ago, spacecadet said:

IME the spread has always been about 3%.

Incidentally, do you get advance notice from your bank? I only get notified of the payment when it's credited, on the 4th. working day of the month.

Only when credited

 

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Currency converter tells me I could get paid £466 this month - I reckon I will actually get £450... we will see

 

 

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Could it be that Alamy averages out the rate over the month.

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8 hours ago, John Walker said:

Could it be that Alamy averages out the rate over the month.

 

Or just picks the highest, or lowest, whichever way you are looking at it.

 

Allan

 

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8 hours ago, John Walker said:

Could it be that Alamy averages out the rate over the month.

Never given me more than I was expecting!

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Exchange rates are normally set by the bank doing the transfer...

Phil

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1 hour ago, Phil Crean said:

Exchange rates are normally set by the bank doing the transfer...

Phil

 

 

i would assume Alamy has £ denomited accounts, and enough revenue in pounds to not have to require paying for conversion. 

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Posted (edited)
9 minutes ago, meanderingemu said:

i would assume Alamy has £ denomited accounts, and enough revenue in pounds to not have to require paying for conversion. 

 

Yes I would assume that's the case. What we be the point in receiving UK sales payments in £, actually converting to USD and then paying back to UK contributors in £? That would involve two conversions. The other thing that complicates conversion rate is that some companies take out forward contracts which provide currency conversion at a fixed exchange rates until some future date. Sometimes they win sometimes they loose depending on how rates shift, but it gives them some "insulation" against these fluctuations. Therefore it maybe difficult to correlate the "spot" exchange rates with those used to calculate our payments.

 

Nevertheless.... it would be nice if Alamy provided some insight into how they treat licence fees received on our behalf and paid to us.

 

Mark

Edited by M.Chapman
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16 hours ago, Doc said:

Never given me more than I was expecting!

But I guess it might depend on when they do the conversion which may be several days before payment made so may give Alamy the benefit of the doubt. 

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Posted (edited)
2 hours ago, Doc said:

But I guess it might depend on when they do the conversion which may be several days before payment made so may give Alamy the benefit of the doubt. 

I sometimes check the spread on xe.com and I use the payment date that appears on the balance of account. it's usually around 3%.

OP's figures are about 4% but the rate has been a bit bouncy this week- certainly 1%- so he may have picked a different day to compare.

Edited by spacecadet

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40 minutes ago, spacecadet said:

I sometimes check the spread on xe.com and I use the payment date that appears on the balance of account. it's usually around 3%.

OP's figures are about 4% but the rate has been a bit bouncy this week- certainly 1%- so he may have picked a different day to compare.

 

 

just checked the charts and most of the 28 of February, last business day of the month, was around 1.288, in line with a 3% load (which i find excessive considering they have revenues in pounds that should cover part of the payments, but that would be every month). 

 

 

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Posted (edited)
On 04/03/2020 at 13:32, meanderingemu said:

 

 

just checked the charts and most of the 28 of February, last business day of the month, was around 1.288, in line with a 3% load (which i find excessive considering they have revenues in pounds that should cover part of the payments, but that would be every month). 

 

 

I dont think Alamy operates that way. It decided at the outset to account in dollars to contributors .

My rate was $1.324. On the 2nd the rate on xe.com was about $1.28, so the commission is about 3.5%.

Edited by spacecadet

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