3 Ways Canadian Affiliate Marketers Can Make More Money with a Weak US Dollar
If you’re a Canadian affiliate marketer like I am, you probably haven’t been too pleased with how strong the Canadian dollar is doing. Most of my affiliate income All of my affiliate income are from programs based in the US, which means one of 2 things, A) I get paid out in US funds or B) my payouts get converted from US to Canadian.
For the early part of this year, it wasn’t that bad, the US Dollar was still worth more by about 5 cents. But now, the Canadian dollar is worth more than the US dollar and as my payouts have been coming in here and there throughout this month, I’ve been losing money! Mind you, we’re not talking about losing hundreds of dollars, but it does add up. It all seems like a lose, lose situation.
So, how can I and other Canadian affiliate marketers keep the commissions in their pockets and still make more money with the dollar being strong as it is? Take control.
1. Put your payment on hold
Some affiliate programs allow you to put a hold on your payout. Putting a hold on your payouts (ie. with Google Adsense) will allow your commissions to simply add up until you’re ready to be paid. When the US dollar is stronger, remove the hold. If you’re making more than $100 per month with AdSense, think of it this way, its just like the time you started out with AdSense and had to wait a several months before you received your first Google check in the mail! If you still have yet to receive your first AdSense cheque (check) or you only receive an AdSense cheque once every 2 or 3 months, then its not that bad for you right now, but i still recommend putting a hold on your pay outs, just in case you strike it big much faster than you originally hoped! (Please note that changes to your AdSense form of payment must be made by the 15th of the month to affect the current month’s payment cycle.) Alternatively, if you cannot put a hold on your payout, you may have the option to modify the payment threshold, which will allow you to prolong your payout until you’ve reached that specific amount (ie.).
2. Open a US dollar bank account
By opening a US dollar bank account, you can deposit your USD cheques and not lose money in the currency conversion. Opening a US dollar bank account is easy. Personally, the only thing I didn’t like about it was the monthly fees and transaction limitations per month. I only recommend opening a US dollar bank account if the money you’re losing on USD to CAD currency conversions is greater than the cost of having this type of bank account. Again, when the US dollar becomes stronger, withdraw and try to get the best currency conversion rate you can get around town.
3. Find alternative affiliate programs in Canada
Trying to find a quality affiliate program can be difficult I know. I’ve had affiliate managers contact me more recently and want me to try out their system. There’s no guarantees however. Some companies just don’t payout and some just don’t offer a quality product. What I recommend is checking out high quality affiliate forums where you can learn about what works and what doesn’t, like WickedFire. Ask other Canadian affiliate marketers what works for them and what they do when the Canadian dollar is strong.
Here’s how the Canadian Dollar is performing:
Source: Yahoo! Finance
I hoped you like this post. Please comment or share this post below. thanks.