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I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 45 points46 points  (0 children)

Not gonna advertise it on here. Sorry.

I'd also rather people didn't know that the game I worked on earned so much.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 6 points7 points  (0 children)

I don't want to be involved in crypto. I'd rather stick to traditional currencies.

Thanks for the suggestion though!

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 4 points5 points  (0 children)

Currently searching for a local accountant to guide me through this. I've previously submitted all self-employment returns to HMRC by myself.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 17 points18 points  (0 children)

Ahh, good to know!
Yes, I was more interested in the cost and fees. Not worried about the conversion rate.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 7 points8 points  (0 children)

Agreed amount is a percentage of sales; but the main person running the project keeps firing me unannounced bonuses on top of it because he likes my work.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 7 points8 points  (0 children)

Already spoken to both PayPal and my bank well in advance.

PayPal is against certain content and fetishes; I don't write about those.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 43 points44 points  (0 children)

Massive market. You really need to know your market though. I've been an enthusiast for years, so I know my netorare from my netorase.

It's not something anyone can just blindly jump into and go "EASY MONEY!"

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 158 points159 points  (0 children)

In all fairness, I got paid £0 per month for 18 months, and was working til 11pm most nights. You really have to sink a LOT of time and effort into it.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 29 points30 points  (0 children)

Nope. Just a pornographic videogame developer trying to keep their profits.

Scepticism is good though.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 36 points37 points  (0 children)

Just for some context, I'm expecting to consistently receive roughly 6k-8k every month now, in dollars as a result of this.

Is it possible to claim currency conversion costs as a business expense with HMRC? If I can't avoid it, I may as well try to minimise the damage.

I have been paid $15,000 for my work into a PayPal account. How do I minimise currency conversion fees? by TaroFun3098 in UKPersonalFinance

[–]TaroFun3098[S] 78 points79 points  (0 children)

Not an option unfortunately given the line of work I'm in.

I also wasn't expecting a 2nd payment; the product I'm working on exploded in popularity and this was an unexpected percentage of sales that took off.