Employees and Contractors being paid in foreign currency can manage their exposure. Allowing the High Street banks to automatically convert foreign receipts into Sterling is inadvisable. They charge, and apply uncompetitive exchange rates. It costs nothing to open a foreign currency account. You can then use a currency specialist to make the transfers at favourable rates. Hi FX and Caxton FX will always beat the banks.
Better still, Foreign Currency Solutions, through low overheads, can beat these nationwide specialists. If you are getting paid in US dollars and are worried about the prospects of that currency, then you can lock in the current exchange rate on future earnings. Speak to specialists on this, because it could be worth thousands of pounds to you.
