£Finance
Contractor Rate Currency Converter
UK contractors working with international clients — or considering overseas contracts — need to compare rates across currencies accurately. This tool converts your GBP day rate to eight major contractor currencies in real time, showing day rate, weekly, monthly, and annual equivalents side by side. It also works in reverse: enter a foreign day rate and instantly see the GBP equivalent, so you can compare offers on equal footing. Exchange rates are fetched live from the European Central Bank via frankfurter.app.
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Enter your day rate above to see live currency conversions
Exchange rates from frankfurter.app (ECB reference rates). Updated daily on business days. Not financial advice.
Frequently Asked Questions
Should my overseas contract rate be denominated in GBP or the local currency?
GBP denomination protects you from currency risk — you always know exactly what you will earn in pounds. However, clients sometimes prefer to quote in local currency. For short contracts (under 3 months), currency risk is manageable. For longer engagements, consider requesting a GBP-denominated contract or including a rate review clause tied to exchange rate movements.
How often are the exchange rates updated?
Rates are sourced from the European Central Bank via the frankfurter.app API and are updated daily on business days. Weekend and holiday rates reflect the most recent business day close. These are reference rates — your bank or payment provider will apply their own spread on top.
What is the difference between a reference rate and an actual transaction rate?
Reference rates (like ECB rates) represent the mid-market rate with no markup. When you actually receive or convert money, your bank, PayPal, Wise, or contractor payment platform will charge a spread — typically 0.5% to 3% depending on the provider. Wise typically offers the closest rate to mid-market for contractor payments.
How do I compare a US day rate to a UK permanent salary?
First convert the US day rate to GBP using this tool. Then multiply by your billable days to get annual GBP gross. Finally, use the Contractor Day Rate Calculator to find the permanent salary equivalent (accounting for employer NI and pension overhead). This gives you a like-for-like comparison.
Do UK contractors need to pay UK tax on overseas contract income?
UK tax residents are taxed on worldwide income, including overseas contract fees. If you work remotely from the UK for a foreign client, you typically remain liable for UK income tax and NI. If you work physically in another country, you may also have tax obligations there. Always consult a specialist international tax adviser for cross-border contracts.
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