Earning in USD

[Peaches]

Hi guys,

Thinking of signing up to a few of the websites I've found through prowling TMS. However I notice some (eg respondent and more) and US based and the pay is in USD. How do those of you who earn with countries abroad manage the transfer? What's the most efficient way of doing this?

Thanks

 

[Jon]

Hi guys,

Thinking of signing up to a few of the websites I've found through prowling TMS. However I notice some (eg respondent and more) and US based and the pay is in USD. How do those of you who earn with countries abroad manage the transfer? What's the most efficient way of doing this?

Thanks

Respondent pay via PayPal so it would just transfer automatically when you withdraw

Appen etc all pay via western union for their web search evaluator work so it just appears in your UK bank account already converted

basically there is nothing to worry about

 

[Peaches]

Respondent pay via PayPal so it would just transfer automatically when you withdraw

Appen etc all pay via western union for their web search evaluator work so it just appears in your UK bank account already converted

basically there is nothing to worry about

Thanks Jon! You might be starting to realise but I can be a bit of a worrier

 

[Jon]

Thanks Jon! You might be starting to realise but I can be a bit of a worrier

Nah it’s all good

Just don’t forget to claim any PayPal fees / transaction fees as an expense

you earned it it’s ALL your money!!

 

[savvysaver]

Just a bit of a clarification from @Jon, I think Appen is paying by Payoneer now but that might have changed since I was last paid by them.

On Payoneer, I have essentially a US bank account. It's not 100% functional as one (cheques, etc) but you can get a debit card. I did and then while I was travelling in the US used it to withdraw cash without the fees and I also use it to pay a bill that's in USD to avoid and transaction fees. Ordinarily though, you send it from your Payoneer account to your British bank account.

I also get paid in USD from uTest and they pay into Paypal where it sits in USD until I convert it on Paypal and send it to my bank account or they can pay into Payoneer too.

Some will, as Jon said, be sent directly to your bank account and will turn up in pounds without you doing anything.

You're actually very lucky right now that the pound is weaker than it was pre-Brexit so when you convert it you'll get a lot more ££. Most of the time there isn't really a way of optimising it. Companies will have already picked their procedure for paying contractors abroad and you'll just get a better idea over time about any fees, whether the exchange rate is favourable, etc. Jon would be quick to point out that you can claim any fees back on your taxes though. (Knew it! He beat me to it.)

Most of all, don't be scared of getting paid in USD. It's pretty much exclusively what I get paid in now.

 

[Peaches]

Just a bit of a clarification from @Jon, I think Appen is paying by Payoneer now but that might have changed since I was last paid by them.

On Payoneer, I have essentially a US bank account. It's not 100% functional as one (cheques, etc) but you can get a debit card. I did and then while I was travelling in the US used it to withdraw cash without the fees and I also use it to pay a bill that's in USD to avoid and transaction fees. Ordinarily though, you send it from your Payoneer account to your British bank account.

I also get paid in USD from uTest and they pay into Paypal where it sits in USD until I convert it on Paypal and send it to my bank account or they can pay into Payoneer too.

Some will, as Jon said, be sent directly to your bank account and will turn up in pounds without you doing anything.

You're actually very lucky right now that the pound is weaker than it was pre-Brexit so when you convert it you'll get a lot more ££. Most of the time there isn't really a way of optimising it. Companies will have already picked their procedure for paying contractors abroad and you'll just get a better idea over time about any fees, whether the exchange rate is favourable, etc. Jon would be quick to point out that you can claim any fees back on your taxes though. (Knew it! He beat me to it.)

Most of all, don't be scared of getting paid in USD. It's pretty much exclusively what I get paid in now.

That's great info thank you!

 

[BreeziOG]

Worth noting that Payoneer doesn't let you withdraw to a UK bank account until your balance is $50+ but you can convert it to a Pre-Paid mastercard at $30+. But if you're on a decent Appen project or two, you should be making more than $50 a month anyway...