When to withdraw funds - if you're in the UK

[artworkking]

I’m not sure if sellers in the UK are aware of current currency conversion (GBP Vs USD) but it may be worth baring this in mind with the fluctuations we are experiencing.



Having spoken to many UK sellers at the Fiverr get together in London last year, it seems a reasonable level of income for the majority is around the $2000 a month area.



Taking this into consideration, you may want to look at the following examples:



When I started on Fiverr, $4 was worth £2.45. This went down to around £2.33 (at its lowest) before bouncing back to what we currently have today (£2.62 - and rising).



If $2000 was to be withdrawn through Fiverr to Paypal at the £2.33 rate, your income would have been £1,165.00p



At the current rate (£2.62 per $4), your income is £1310.60p



That is a difference of £145/$221 (or thereabouts).



That’s a healthy difference I’m sure you’ll agree - equivalent to £1740/$2655 a year.



I’ve been following the conversion rate since I started here and, when coupled with the wider picture of the UK Vs US economy, it only seems to be going in one direction (not the band). 🙂



The direction of GBP against USD at this moment in time is obviously my humble opinion but it seems prudent to keep what you can in your Fiverr account to maximise the currency conversion once you have to withdraw.



Just a little tip.



Cheers,

AK

[smork]

This is precisely what this forum should be used for more often - Incredibly useful information like this.



Thanks very much AK.

[artworkking]

$4.00 = £2.65 today…



=D>

[artworkking]

$4.00 = £2.71 and rising…

[sexygirl18]

I would think this is only relevant once you withdraw from PayPal to your UK bank account. I have both a USD and GBP balance in my PayPal account and can use the USD balance for USD payments without the need for any conversion. Conversion only comes into play if you withdraw or make a GBP payment.

[artworkking]

I’d presume people withdraw to Paypal to withdraw to their banks? Otherwise, a fair point.

[sexygirl18]

It probably depends, sometimes I withdraw to bank and sometimes I use the PayPal balance to make purchases online.

[mrproofreading]

Reply to @artworkking: Time to withdraw my stash. 🙂

[mrproofreading]

Reply to @sexygirl18: I generally go to PayPal and then straight to my bank. It might be a good idea to save funds in PayPal like you said.

[artworkking]

Reply to @mrproofreading:



It’s the boob pic Dan yeah? Side with the boobs eh? 🙂



You are absolutely correct of course… Paypay gave me 0.66 today when bet exchange was 0.68 so exchange rates really so need to be looked at!