Re: Getting paid in the UK?
Your earnings may end up being less, it would depend on the exchange rate on the day you cash it (although I believe that the rate is basically always going to mean that you end up with less in pounds - I'd be shocked if it changed dramatically enough to give you extra!).
I haven't been in the UK for a few years, but I am in Canada, so I have to get my checks converted from US$ to CAN$, which is pretty much the same basic situation.
- If you get paid by check, then you would have to have it converted when you deposit it. Usually, foreign checks take longer to clear (often up to a few weeks longer!) although after a certain number have cleared, the bank should be willing to have that hold removed.
- If you get paid directly into your bank account, I would assume that it is the same principle - exchange on deposit - but without the hold situation.
- If you get paid by e-wallet, the exchange would happen when you deposit it into your bank account, although usually stays in $US while in your e-wallet - theoretically, if you do a lot of online shopping with US sites, it could save you a little to keep money in an e-wallet in US$, rather than exchanging to pounds and back.
If you can (and can be bothered) it can be a good idea to hang onto checks and keep an eye on the exchange rate, so that you can cash them in on a "good" day - i.e. when you will get a better rate for them. However, I never bother, because I need my money - can't really afford to wait, and the interest on credit cards would end up making it worthless in the long run anyway.
In any case, it's really not a big deal - you aren't actually "losing" money - you are just earning in a different currency.
As for english camsites, I know that a lot of brit girls prefer AW...
Re: Getting paid in the UK?
Quote:
Originally Posted by
ManyRoses
exchange on deposit
Yip, for UK banks check the exchange rate for USD to GBP, some add charges of a few % to cover themselves. Most banks if not all will probably not use the mid market rate (thinking about it none would use this figure) so if you use xe.com remember it will quote a higher number than you should expect in your bank. UK banks have a pretty crap exchange rate (buy rate?) these days.
Also check your bank for charges relating to accepting international transfers, usually between £6-£15.
If your careful enough Cheque would be the best option and wait for the markets to turn in your favor.
E-wallets or prepaid cards are quite good but remember the service provider will probably add an extra 2%~ onto the exchange rate in their favor to cover themselves again (Payoneer + Alertpay/Payza both have this)
Re: Getting paid in the UK?
I get weekly cheques and I'm charged £10.50 per cheque. It would be less if it was under £100 but that's never happened. Try googling your bank's name with 'international cheques' and that should bring up information about charges. I use www.dollars2pounds.com to check the conversion rate and there's never been any major difference between that and the bank's exchange rate (we're talking a few quid at most). As for the suggestion of waiting for a good day, that's not really any help. During my periods of working the $>£ rate has fluctuated by a maximum of 3 cents. Not only would you have to be making a LOT of money for that to be a significant difference, you won't know exactly when the bank will process the cheque and by the time they do you have no idea where the exchange rate will be.
The only really annoying thing about using cheques: a) that I don't know exactly how much I'm making as I make it, I have to wait for the cheque to be paid in. Cheques take 2 weeks from SM processing payment to the money being in my account but I've never found it a big deal.
Oh, and you can't get paid by bank deposit from US sites.
Re: Getting paid in the UK?
Quote:
Originally Posted by
Cammi
Oh, and you can't get paid by bank deposit from US sites.
No bank deposit but wire transfer is there for SM, $40 per transfer, MFC have it, dont remember their charge but the minimum is $1000.
Your probably right about the wait to cash a cheque thing also :)
With the exchange rate, Alertpay for $100 you get £60.67 GBP (1 U.S. Dollars = 0.6067 Pounds Sterling)
On you get £62.22 (US $1 = £ 0.6222)
With Natwest you currently get £57 for $100.
Re: Getting paid in the UK?
I'm with Adultwork and in the UK, I was having my payments through Payoneer but switched to the European bank transfer, which I found cheaper and meant I spent less of it as it was straight into my bank rather than withdrawing it in cash! Now Adultwork are offering UK bank transfers so no more loss on exchange rates or conversion bank charges.
Re: Getting paid in the UK?
As far as your 'anything else I should know' question goes, it's worth bearing in mind that average UK broadband speeds are woefully slow compared to the US.
Make sure you've got the best package you can get, as US customers will have far higher expectations and a poor feed will annoy them.
Re: Getting paid in the UK?
Nationwide will cash international cheques for you before they actually clear . Takes about 3 days for my international cheques - quicker than My cheques in sterling !!! But if for some reason the check if rejected, they will remove the funds back of course, and charge you a fee . From my experience getting paid in cheques is shit .
Payoneer is convenient, but expensive.
Princess Jenny's daily pay wins :)
Obviously for UK sites you can just take the money to your bank yourself if you don't want it daily - but with the likes of streamate , it can work out in your favour financially and conveniently, if you sign up through PJ .
Missy
Re: Getting paid in the UK?
Hey!
Sorry to bump this. I'm a UK girl and work on SM. What's the minimum that UK girls can cash a dollar cheque for? Or, what amount should I ask for to get a decent deal?
xx
Re: Getting paid in the UK?
It depends on your bank, I think mine charges £9, not sure about other places.
Re: Getting paid in the UK?
I spoke to Natwest. It's easier if I bank the cheques. They charge a flat rate of £10 for amounts £100-£5000 so once I bank my first cheque, I'll just up the amount so I pay as little as possible. x
Re: Getting paid in the UK?
these days, there is also an option for UK citizens to open individual accounts denominated in foreign currencies. See
The advantages of a UK camgirl opening a US dollar denominated personal account at the same bank where she maintains a UK pound denominated personal account are as follows ...
- 'costs' of receiving weekly automatic transfer payments of US dollars is reduced to the 5 UK pound monthly bank fee. No currency exchange fees will be added by the payment processor since they are able to 'deliver' US dollars to the bank even though the bank is in the UK.
- the received US dollar payments don't need to be immediately converted to UK pounds ... i.e. they can be held as US dollars for as long as required. These US dollars can also be directly spent without additional fees when sellers will accept US dollar payments ( i.e. online purchases )
- when it becomes necessary to convert some of those US dollars to UK pounds ( i.e. a transfer between accounts because many of the camgirl's bills need to be paid in UK pounds ), a single large monthly currency exchange transaction can be made ( at the bank's exchange rate, which is likely to be lower than the payment processor's exchange rate ) .
Re: Getting paid in the UK?
I believe there's a charge though for transferring money between the USD account and the GBP account, it's really only useful if you go to the States and want to use the account there.
Re: Getting paid in the UK?
^^^ yes there will ALWAYS be some charge added for converting USD to GBP in addition to the 'official' daily exchange rate. But, generally speaking, the charges imposed by an online payment processor to convert a USD payment to GBP prior to deposit in a UK bank will be higher than the charges imposed by a UK bank to ( later ) convert money transferred by a payment processor into a USD denominated account to a GBP denominated account held by the same person in the same UK bank branch.
To find out how much the currency conversion is actually costing you, it's necessary to not only count the direct 9 or 10 GBP foreign currency 'fee', but also calculate the difference in currency exchange rates between the 'official' daily exchange rate and the exchange rate actually applied by the payment processor or bank. In some cases, the differential ( which amounts to a 'stealth' additional charge ) can amount to 3-5% for payment processors versus 0.5-2% for banks. Obviously, 'losing' 3-4% of your hard earned money to 'stealth' use of a below market exchange rate adds up to serious money !!!
Also, both payment processor and bank exchange rate differentials are usually 'tiered' ... with smaller transactions resulting in higher exchange rate differentials. With every weekly webcam host payment requiring a currency conversion prior to deposit in a GBP denominated UK bank account, odds are that the weekly amount will fall in one of the higher priced 'tiers'. However, if say 4 weeks worth of weekly USD webcam host payments can be accumulated in the camgirl's USD denominated UK bank account ( with no currency exchange necessary for deposit ), and with a single larger currency conversion then being made at the end of the month between the camgirl's USD account and GBP account, a lower priced 'tier' should apply.
Also, for any expenditures which can be made directly in USD, such as online purchases made using a debit card tied to the US dollar denominated UK bank account, no currency exchange is ever necessary thus no conversion charges will apply. It's not necessary to physically travel to the USA to directly spend USD.
Re: Getting paid in the UK?
Thank you Melonie. I think I'll keep it to one bank account. I don't earn that much on SM as it's my secondary website. Plus, it would be confusing for me to have two accounts when I try to do my tax bill at the end of the year. Thank you though. x