New job paid in USD...

pixiemer

Hello

Sorry if this is in the wrong section. 
I've just accepted a new job that means I will be paid in USD most the time. 
Obviously I can give them my bank account and get it paid in there at the conversion rate of the day. However I was wondering if anybody else had any advice on the best way to get the most of my salary.
For this I will be registering my own business and doing my own taxes (self employed not companies House buisness).

Thanks

Undervalued

pixiemer said:

Hello

Sorry if this is in the wrong section. 
I've just accepted a new job that means I will be paid in USD most the time. 
Obviously I can give them my bank account and get it paid in there at the conversion rate of the day. However I was wondering if anybody else had any advice on the best way to get the most of my salary.
For this I will be registering my own business and doing my own taxes (self employed not companies House buisness).

Thanks

In which case it is not really a salary but invoiced income.

One option, maybe too late now, was of course to invoice them in pounds and insist it was paid as such, making the fluctuating exchange rate and any other costs their problem. 

Or you just accept the risk yourself, remembering that you could either benefit or lose out.

It may be possible for you to get a US dollar bank account to use but that would only help so far. Unless you need the money immediately you would then of course be able to choose when to convert to pounds. That question would better be asked on the banking section of the forum.

marlot

pixiemer said:

Hello

Sorry if this is in the wrong section. 
I've just accepted a new job that means I will be paid in USD most the time. 
Obviously I can give them my bank account and get it paid in there at the conversion rate of the day. However I was wondering if anybody else had any advice on the best way to get the most of my salary.
For this I will be registering my own business and doing my own taxes (self employed not companies House buisness).

Thanks

I believe that Starling offer a business USD account which might work

Thrugelmir

If you've no need of USD. Then unfortunately your income will flutuate with the prevailing exchange rate. 

Sandtree

It somewhat depends on what you are wanting and needing to do. 

Various banks offer non GBP accounts, some will be UK accounts and others will be overseas but Starling dont offer USD accounts to sole traders. There are often fees involved just for having the account and if its UK based overseas payments will still be considered international in nature even if no currency conversion. 

There are some non-banks offering similar services but you need to check both for overseas accounts and non-banks what protections there are on failure (eg FSCS) 

These costs and risks may be worth having rather than the random spot rate or may not depending on a number of factors.

pixiemer

Thank you there is definitely some things to think about

The final contract hasn't been signed yet so I could state that I want to invoice in pounds. 

Does another British girl that doesn't work warriors to company maybe I'll try and get her details she has she does it best but the money I will need monthly as it will be my wage so to say.

But thank you 😊