Foreign Bank Accounts

[ResIpsa]

Ok, I know we've discussed setting up UK or Canadian bank accounts so that those of us in the US have a safety valve to insure we are able to get paid; my question now is do these accounts have to be denominated in the local currency (CAD or GBP)? If so, does that mean we get clobbered by exchange rates (both coming in as most affiliate programs denominate payments in USD and coming out when you transfer this money back to your US account)?

If this is a problem (which I suspect it is), is there anyway to get a USD denominated account in a foreign country (prefereably Canada, but I'll take what I can get).

Any thoughts?

[Nick0r]

Yea you can get a USD account in the UK, probably just as easy as you can get a GBP account. It will have to be a Business account though I'd guess.

[xpertadvice4u]

Originally Posted by ResIpsa

Ok, I know we've discussed setting up UK or Canadian bank accounts so that those of us in the US have a safety valve to insure we are able to get paid; my question now is do these accounts have to be denominated in the local currency (CAD or GBP)? If so, does that mean we get clobbered by exchange rates (both coming in as most affiliate programs denominate payments in USD and coming out when you transfer this money back to your US account)?

If this is a problem (which I suspect it is), is there anyway to get a USD denominated account in a foreign country (prefereably Canada, but I'll take what I can get).

Any thoughts?

Some affiliates are saying they will not pay in US$ any more, only Can. or UK.

I think you are better off dealing with the UK.
If you have so much money that you are worried about a point or two on the exchange, I think you should go the UK route. You can afford it, and it is both easier and safer, IMHO

[edmc]

My Neteller Card transfers my affiliate money from US dollars into canadian dollars before exchanging into pounds. I only get charged for 1 change. VC mixes between $US & £british so it shows up as $ on my affilate account but payments are made in £

Dont hit me for mentioning Neteller, it was just an example

[AceHigh]

Originally Posted by xpertadvice4u

Some affiliates are saying they will not pay in US$ any more, only Can. or UK.

I think you are better off dealing with the UK.
If you have so much money that you are worried about a point or two on the exchange, I think you should go the UK route. You can afford it, and it is both easier and safer, IMHO

Its maybe the best for everyone if affiliates would pay in CAD / GBP or EUR since USD value is going day by day down. My country uses EUR and from most affiliates pay me USD. lets say I get 1000$ and make that in EUR I only get 770€...and one day the exchange rate maybe so down that I will leave with only few euros

[ucladave]

I am assuming that to open a UK account etc you would have to do so in person?

[Nick0r]

Originally Posted by AceHigh

Its maybe the best for everyone if affiliates would pay in CAD / GBP or EUR since USD value is going day by day down. My country uses EUR and from most affiliates pay me USD. lets say I get 1000$ and make that in EUR I only get 770€...and one day the exchange rate maybe so down that I will leave with only few euros

Precisely why I've just opened up a USD account. Now I'll get paid in USD and keep it in USD, playing the currency exchange game.

[xpertadvice4u]

Originally Posted by ucladave

I am assuming that to open a UK account etc you would have to do so in person?

OK, here is the info on the easiest route, once more:

http://www.workgateways.com/working-uk-banking.html

This site here says you can buy a banking package before you leave home, and you do not even need a fixed address or job! One of them even includes an adaptor for your cell phone!

[evilbilly]

You can also get offshore USD accounts in the Cayman Islands. A lot of them have steep first deposits ($500,000) but I'm looking at getting one at Cayman National Bank, where the minimum first deposit is $1,000. You can open your account through the mail. Their website is www.caymannational.com

[Kyle]

You can easily set up a US Dollar account at any major Canadian bank.