Hi Pete. I know you’ve explained this to me before but I need 100% clarification again as we’re about to invoice for a sizeable amount and want to make sure we don’t get burnt with currency exhange. So, to bill a US client. – Convert bill to dollars and send invoice – when client makes payment, the exchange rate on the day of payment has to be used. i.e. USD to EUR. along with what we received in bank. Am I correct with the above steps? Thanks

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Hi Pete. I know you’ve explained this to me before but I need 100% clarification again as we’re about to invoice for a sizeable amount and want to make sure we don’t get burnt with currency exhange. So, to bill a US client.
– Convert bill to dollars and send invoice
– when client makes payment, the exchange rate on the day of payment has to be used. i.e. USD to EUR. along with what we received in bank.
Am I correct with the above steps? Thanks

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Peter Connor ⋅ Staff February 10, 2017
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Yep, we give you an FX rate based on the day you created the invoice. 
That rate will change on the day the payment is made. That’s the FX rate your accounts is interested in. 
If you’re doing a lot of USD you should open up a USD account and then transfer on better rates using https://www.currencyfair.com. I think you can create a USD account with Currency fair. 

#answer-4749
  1. Martin4 February 10, 2017
    Hi, no there just once off jobs with a US client... but we do have a large invoice coming up.
  2. Martin4 February 10, 2017
    when you say "we give you..."
  3. Martin4 February 10, 2017
    when does that happen?
  4. Peter Connor February 10, 2017
    When you create the invoice. Just take a step back and think about the process, every day the FX rates change.

    Cormac - Jan 01 you create a USD invoice - for us to give you a guide we pick that days FX rate.
    Client - Mar 04 you get paid that USD amount - then the bank give you the actual FX rate. Cause you actually got paid.
    Cormac - Mar 05 import your bank statement and do the rec.
    Everything prior to getting paid is just an invite to pay.

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