04 Aug 2007 Currency Rates
With the US Dollar sliding further and further against all currencies, microstockers outside the US are earning less and less. Many microstock agencies offer the option of buying photos in multiple currencies, but all the agencies I use pay contributor commissions in US dollars only. There’s no escape.
I’m in the fortunate position of having hedging opportunities. Because my microstock income is part of my business, I can keep the funds in US dollars and use them to pay for services I buy in the US. My business buys photos, hosting accounts, domain names, and educational materials all in US dollars. By not transferring the money back to Australian dollars – the currency of my business – I minimize the negative impact of currency fluctuations.
Each month there is a surplus – I earn more through microstock than I spend on goods and services from the US. I leave the remaining funds in US dollars and will endeavor to convert them back to Australian dollars at a time when the exchange rate is more favorable.
For non-US microstockers whose earnings are their primary income, this slump must be hurting. How do they deal with the current currency situation?
This is the US Dollar against the Australian Dollar over the past 5 years: