Paid in Euros or dollars

capp324

Hi everyone. Hope you all had a good holidays.

I have a dilemma. I live in the UK and work for a US company. I am paid in Euros as they have a subsidiary in Germany but seem to be losing out more and more as the currency GBP/EUR fluctuates. Would I be best speaking to my company to change my payment currency to dollars? It must be more stable surely?

Secondly, the rate the bank gives me compared to the live currency is diabolical. I seem to lose £100-200 every month. Is there another way of getting paid in the UK that doesn't cost so much?

Thank you in advance.

Butch_Dingle

capp324 wrote: »

I am paid in Euros as they have a subsidiary in Germany but seem to be losing out more and more as the currency GBP/EUR fluctuates.

Not sure what you mean by this, as the Euro has been a fairly healthy 1.10-1.15 (interbank rate) to the pound for the last year or so. Its not as if the euro rate is 1.50 one day and then 1.10 the next day...

capp324 wrote: »

Is there another way of getting paid in the UK that doesn't cost so much?

Open a Fineco bank multicurrencies account. You will get accounts in GBP, EUR, CHF and USD. Conversion rates between accounts is VERY close to the interbank rates and then transfer your GBP to a UK bank account. Your bank account will probably charge to receive GBP funds by SWIFT, as Fineco send GBP funds to UK banks by SWIFT. However some banks - such as Nationwide and Starling - don't charge so might be worth opening an account with one of these to avoid paying anything.
https://finecobank.com/uk/online/

eDicky

There's no advantage to be had in getting paid in dollars instead of euros, the actual value of your salary will not change.

There's nothing you can do about fluctuating exchange rates, and the current weakness of the pound is in your favour when receiving non-sterling payments. The important thing is to get the best conversion rates and avoid bank fees, so you should never have funds in a currency other than pounds paid into a UK GBP bank account.

Have your salary paid into a euro account with Fineco Bank, as Butch suggests, or TransferWise Borderless account, or Revolut. After conversion there, send the pounds to your regular account in pounds.

rajeshk4u

If you are getting paid in Euros, I don't understand how you could be loosing out?. With the same Euros, you can buy more pounds. You say you live in Britain, so have more money to spend.

Getting paid in Dollars is far risky. How does the company determine what they pay you?. The US dollar is very strong now. These questions only your company can answer.

GlennTheBaker

rajeshk4u wrote: »

If you are getting paid in Euros, I don't understand how you could be loosing out?. With the same Euros, you can buy more pounds. You say you live in Britain, so have more money to spend.

Getting paid in Dollars is far risky. How does the company determine what they pay you?. The US dollar is very strong now. These questions only your company can answer.

The OP's bank will be converting the Euros to Sterling at a poor rate of exchange and possibly charging the OP for the privilege as well. By doing what other respondents have suggested means the conversion will take place at a rate as close to the interbank rate as possible and without fees.