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GBP salary figure quoted but paid at open market rate in local Rs in Pakistan bank account. Do I lose out when considering my salary initial figure quoed in GBP but then received in Rs local currency calculated at open market rate each month?

  • They're not paying you in the currency they quoted your salary in? Weird. – cHao Mar 30 '18 at 20:48
  • @cHao the OP is living in Pakistan they are going to want to convert to the local currency - the OP could set up a dual currency account though – Neuromancer Mar 31 '18 at 11:02
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When getting a salary offer in a different currency, it is typical to negotiate based on the exchange rate as well. Depending on the company, a standard exchange rate for accounting purposes is usually chosen for the year (if it is common for there to be cross currency transactions as part of the business). Also, tax authorities typically give a yearly exchange rate to use. I would discuss with your Manager, HR or Payroll and see if this can be worked out. Remember that exchange rates fluctuate so you could either lose or win by freezing the rate, but the benefit is that it is predictable.

I should also note - that if you are doing work for a small company in the UK that does not have a corporate entity in Pakistan, and are wiring you the money each month from a UK account, then they may not be able to freeze the rate for you.

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Do you loose out ...

No you are not loosing out. Further the company may be transferring in GBP and the conversion may have been done by your bank

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