Business and foreign currency accounts..

Discussion in 'Indie Business' started by Jamie W, Mar 2, 2012.

  1. Jamie W

    Original Member Indie Author

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    I'm in the UK..

    ..and thinking about setting up a new bank account, possibly a business one; to recieve payment from Apple etc. I'm also thinking specifically if some payments are made in foreign currency (i.e. USD etc), does it make sense to have a foriegn currency account? Or just a regular sterling account?

    I would imagine one sterling account, makes the most sense. I know all payments get converted to sterling anyhow. Do some banks offer better conversion rates when converting payments in from say, USD > GBP?

    EDIT: I'm also thinking, with a business bank account, it may help with accounting, if I can link accounting software to my bank account over the internet etc. Any thoughts on that?

    Thanks,
     
    #1 Jamie W, Mar 2, 2012
    Last edited: Mar 2, 2012
  2. jcottier

    jcottier New Member

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    I'm from France and get about 95% of my payment in $. I would recommend you to set up an account in us$. At least you won't pay conversion fees every time you receive a payment (but only when you transfer money to your sterling account). Also, the value of the $ is oscillating a lot and if you can afford it, you should wait for a good conversion rate before transferring them to your sterling account.

    JC
     
  3. Jamie W

    Original Member Indie Author

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    Thanks JC,

    Do you know if it's possible to setup in iTunes connect, multiple bank accounts, for example, one bank account for payments in USD to go in to, another for payments in GBP (and anything else) to go to.

    That would be my ideal setup. I anticipate getting paid mostly GBP, and USD.
     
  4. Scharlo

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    You can't do this in iTunes, but you can arrange this with your bank.
     
  5. jcottier

    jcottier New Member

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    > I anticipate getting paid mostly GBP, and USD.

    Apple is only paying you in $, thanks god, not with 20 different currency. Problem solved.

    JC
     

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