Handling Affiliates Payments in Multiple Currencies?

[nwalker]

How do you handle affiliate payments in Multiple currencies?

I get payments in $, £ and € and they all end up in my GBP Skrill or UK Bank Account.

I pay conversion fees everytime i get a payment that is non GBP, looking more closely at these, over time I'm losing quite a bit of my affiliate earnings through variable fees, either at the operators end or the payments processors end.

Where possible I ask the affiliate program to pay me in GBP, but most of the time this isn't possible.

I'm just wondering what other people do. I've not gone down the route of having $ or € accounts as that seems a bit of overkill, but
perhaps I should. There will always be a point where i need to convert back to my home currency of GBP.

Thoughts, ideas and experiences please?

[gm2891]

A good question as my commission does get paid in EUR as well and goes to my UK bank account via Skrill or bitcoins. Having a EUR currency bank account is kind of pointless too because i'll still need GBP, not EUR for spending here.

[newcustomeroffer]

Echo your experience nwalker, with one small program I've moved to quarterly payments to water down the fixed fee element but that's the exception to the rule and of course not practical if it's a bigger program that I rely upon.

[Strider1973]

Open bank accounts in the currencies you need. And then use Revolut or Transferwise to convert the payments into GBP. That's probably the most efficient way to save on FX conversion fees.

[betandbeat]

Open an e-payment or bank account in the foreign currency (with your bank, wise, payoneer, revolut), and then transfer the balance whenever you want using a low-fee service.

Now, with gambling stuff, many will decline you.

[Juan Roman]

I can highly recommend using Transferwise (now Wise) for multi-currency accounts. They've got great exchange rates, incredibly low fees on outgoing payments - smth like €0.28 - and you can set up as many currencies as you like.

[drifter8]

I have to agree with Juan Roman and Strider 1973 - Transferwise ( now transformed to Wise) is the best choice with lowers conversion fees.
They are incredible.

I am not much of a fan of Revolut, but you can test it, too

[baldidiot]

It's easy enough to get multi-currency accounts and well worth doing if you get any kind of meaningful volume of non-GBP payments.

We use revolut and they've been great, from what I hear though since they've become a bank they've been a bit harder to get business accounts approved for our line of work so transferwise does sound like your best bet.

[Pokerface]

Being in Canada all commissions are received and converted as soon as it hits the bank. Since there are currency conversions, different rates, admin fees it is very difficult trying to reconcile who has paid and for how much.

The best as a process is being paid in BTC but then BTC can have many disadvantages.