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Author Topic: Which currency is best for Alamy payout?  (Read 2829 times)

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« on: March 05, 2016, 22:50 »
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I'm just starting to contribute to Alamy, and trying to determine the best currency to set for payment, to aim for the best forex advantage.

I'm Canadian, most of my microstock income is paid in USD, however Alamy also offers payment in GBP and EUR. The *obvious* choice (for the foreseeable future) is payment in GBP. USD would be 2nd choice. I've never received payment in GBP so this is new territory.

Question is, on Alamy, does one $10 USD sale = one 10.00 GBP sale? Is the listed price a one : one ratio? Or do they adjust this calculation internally to account for currency exchange? I haven't been able to find this info online or in Alamy's forum so far, and I can't view UK pricing from my browser, all prices are USD.

Are there any Canadian Alamy contributors who care to chime in? I can't find anything specific to what the end result would be re: the GBP to USD to CAD conversion (by the time it lands in my Cdn. account via paypal). As I understand even if I select payment in GBP, Alamy still converts first to USD, then that payment is converted to CAD when I withdraw it from my Cdn. paypal account.

Also, once you've set your desired currency for payment, can you change it at a later date, or is like Fotolia where you're committed to the terms set at sign-up for the life of your account?

Thanks in advance for any insight.


« Reply #1 on: March 10, 2016, 09:27 »
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Any inputs from experts?

« Reply #2 on: March 10, 2016, 10:35 »
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I get paid in USD. Honestly, I don't sweat this stuff. You are going to pay exchange fees no matter what you do. The differences in the rates of each option is likely less than the daily or weekly fluctuation of the Canadian dollar.

If you want to try to make money off of currency fluctuations there are other routes to do it.

« Reply #3 on: March 10, 2016, 15:37 »
0
Mexican pesos or SAR South African rand

« Reply #4 on: March 11, 2016, 01:17 »
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Question is, on Alamy, does one $10 USD sale = one 10.00 GBP sale? Is the listed price a one : one ratio? Or do they adjust this calculation internally to account for currency exchange? I haven't been able to find this info online or in Alamy's forum so far, and I can't view UK pricing from my browser, all prices are USD.


I want to contribute to Alamy too and I am stuck at the same step, don't know what currency to choose to avoid double currency conversion.
I'm in EU and I see all prices in on buyer site.

Quote
As I understand even if I select payment in GBP, Alamy still converts first to USD, then that payment is converted to CAD when I withdraw it from my Cdn. paypal account.

"All your payment details are stored securely and you can change them in My Alamy."
http://www.alamy.com/contributor/how-to-sell-images/when-how-i-get-paid/?section=9
Quote
Also, once you've set your desired currency for payment, can you change it at a later date, or is like Fotolia where you're committed to the terms set at sign-up for the life of your account?


Some help from established contributors would be welcome, thanks.

« Reply #5 on: March 11, 2016, 02:45 »
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I can't give a full detailed reply, but I'll help a little.

All Alamy sales are recorded in dollars. Conversion is made to the currency of contributors choice when the month end payment threshold is reached. It is not a 1USD = 1GBP conversion but, as far as I can tell, something approximating to the relevant currency exchange rate at that time.  You would have to contact Member services to ask exactly how they do the conversion and what fees, if any, are involved.

I'm not a finanical expert and this in no way constitutes financial advice, but I would exercise caution in choosing GBP as your payment, not least because the value of sterling is likely to be somewhat volatile as the UK debates whether to leave the European Union in the summer. You must investigate it for yourself.  I for one am grateful at the moment  that most agencies pay me in USD as that buys me noticabley more pounds sterling now than it did last summer.

« Reply #6 on: March 13, 2016, 02:18 »
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Thanks everyone for chiming in.... even the smartarses.

I'm probably over thinking this, and yes, there are other more profitable ways to play forex, was just curious how payment in GBP might work for a Canadian. After reading some of the Alamy threads here, may be a moot point anyways as I'll have to make a sale first...

Thanks JoeClemson for your input, it is appreciated. I had considered the recent GBP volatility as the UK goes to referendum. Will likely stick with USD as it's plenty favourable vs. our very own dollarette CPeso here.



 

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