Posted Tue May 14, 2013 12:26PM
Hi, I've been getting my istock earnings by cheque which is a slow process (takes well over a month from request to get the money in my bank account), & bank fees are something like 0.25% of the cheque's value.
I was wondering if anyone in the UK is using paypal or skrill instead. If so, what are the fees like & how do you handle currency conversion - via paypal/skrill, paying into a dollar account, or does your bank handle the conversion?
Posted Tue May 14, 2013 2:10PM
I use PayPal - there are no fees - what iStock pay is what you get.
PayPal sort out the conversion and pay Sterling into your nominated bank account. Obviously, one loses a small percentage on PayPal's conversion which is never the same as the official rate. I tend to leave the money in PayPal until sterling is stronger against the dollar, then withdraw it.
Posted Tue May 14, 2013 2:16PM
I use PayPal, never had any problems. There's no fees involved but the rate's pretty crappy. The US$ amount gets converted into Sterling at PayPal for me, but may be different if you have a US$ account.
ETA: too slow, what vandervelden said...
(Edited on 2013-05-14 14:17:29 by fotoVoyager)
Posted Tue May 14, 2013 3:00PM
I've used Paypal for my iStock payments since 2006 and they have always been good. I have my account set so that it doesn't automatically convert the dollars to sterling instantly, I sometimes wait a bit if the exchanges rates are low. You can convert to sterling and make a withdrawal request from Paypal and it hits my bank the same day or following day. Their exchange rates are generally competitive but not great, but I'm happy to pay what I pay for the convenience factor. There are no fees to be paid, only the exchange rate.
Posted Wed May 15, 2013 5:10AM
Hi, thanks for the replies.
Just to clarify the fees involved, let's say you've requested a payout of $1000. The paypal site says currency conversion fee is 2.5% above wholesale exchange rate. So you receive around £650 after conversion minus 2.5%, which is a fee of about £16. Is this right?
Posted Wed May 15, 2013 5:21AM
At this very moment $1000 dollars will get you £639.69. You lose $8.50 on the exchange rate. Put the other way, you lose £3.77.
(Edited on 2013-05-15 05:23:04 by vandervelden)
Posted Wed May 15, 2013 5:25AM
My Paypal payments over the past month or so have averaged out at about £0.63 per dollar. So if I request $1000 from iStock, I get $1000 in my Paypal account. I do a quick check to see what their currency conversion rate is that day, as I said, it's been running about £0.63 per dollar and then if I like the sound of that i.e. getting £630, then I just convert it and transfer it and the pounds show up in my online bank account within a few hours / next day. No idea about the 2.5% you are quoting though.
(Edited on 2013-05-15 05:26:46 by kelvinjay)