With some countries offering higher rates of pay than the UK, many umbrella company contractors are taking advantage of job opportunities overseas.
Something worth considering when an umbrella contractor takes on an overseas project is how this will work in terms of take home pay and the exchange rate.
At Contractor Umbrella we will always pay the contractor GBP into a UK bank account, but we can invoice in, and accept other currencies.
So, if dealing with payments that have come from clients who pay in euros or dollars, we will either have the client convert the currency at their end and pay it into our sterling account or if this isn’t possible, they can pay it into our own euro/dollar account for us to convert.
In this case, Barclays will give us the exchange rate of the day and they will take off a commission.
We would of course try to limit the number of conversions as much as we can, as unfortunately the more conversions the payment goes through, the more fees will be deducted meaning the contractor’s take home pay will be affected.
To find out more about contracting please contact Amelia on 01206 591 000 or email email@example.com.