Managing FX risk in the photography industry
If you are managing budgets abroad or earning fees from other countries, you most likely have some exposure to currency risk.
Photography is certainly an industry where understanding how exchange rates can impact your bottom line is crucial and having a foreign exchange expert by your side to take care of your international payments can be a huge plus.
Internationally renowned photographer James Day is based in London and often works for clients overseas and is paid in currencies other than Sterling.
Like much of the industry he does a lot his overseas work in the US and is therefore billing clients in US Dollars.
James always has the US Dollar income sent directly to his own UK based USD account. He then uses Currency UK to convert the funds from USD to GBP at a much better exchange rate than his bank, or his client’s bank offers him.
“The focus is on the shoot, getting the job done to my standards and meeting the demands on the client, with that focus it is easy to forget about what seems like a minor thing like the exchange rate. But what exchange rate you get and from who can make a huge difference to your income from the job.”