From: "Miss L. Toe" 
Newsgroups: uk.finance
Subject: Re: Can My Employer Pay Me in Dollars?
Date: Thu, 8 Feb 2007 12:29:34 -0000


"AndyColeman"  wrote in message
news:1170936214.915010.86610@j27g2000cwj.googlegroups.com...
> On 8 Feb, 08:50, "TheScullster"  wrote:
> > Hi all
> >
> > I am currently employed by a UK company that is owned by an American
one.
> > General payment is in GBP straight into bank account.
> > Employees are likely to receive a bonus in the next few months and this
is
> > calculated as a percentage of an overall "pot" of dollars.
> > Bearing in mind the current exchange rate, is there a mechanism whereby
I
> > could set up a dollar account, take the bonus in USD and wait for
> > improvements in the rates?
> > We are talking a few thousand dollars in 2 installments if that makes a
> > difference.
> >
> > TIA
> >
> > Phil
>
> I work for an American investment bank and we get the option to have
> our bonus paid in dollars into a USD bank account. Be aware though
> that the interest rate you get on your USD account may not be as good
> as you could get on a GBP account. If you wait too long for the
> exchange rate to more in your favour you may lose out on the lost
> interest. Also your employer may be able to exchange USD to GBP at a
> more favourable rate than you can personaly.
>
> Andy
>

And I guess it is taxable in the UK at the exchange rate on the day you get
the bonus ?

My bonus this year was so small it was an insult - Guess who is calculating
early retirement VERY carefully this weekend.

Any advice on early retirement gratefully received.....

(Although it might well turn into a few years travelling then back to work
for a few years).