Why you should not pay in your HOME currency (spoiler: companies make a profit & you lose money)

Why you should not pay in your HOME currency (spoiler: companies make a profit & you lose money)

If you’ve ever been abroad you will have seen this appear on a cash point, at a restaurant or in a shop when buying something. It’s so common we might not even think about it, we just press the buttons as quick as possible and leave.

But it actually is quite an elaborate scam, especially in some stores where they say “for your convenience you can pay in your local currency” or they ask “where are you from and then attempt to offer the item in £ or similar”.

How do I avoid this completely?

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Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,500 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

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