We just add the 3% to the price to cover the fee.

I do not use it.

I have instead set up bank accounts in each country and use a foreign exchange service.

What I find is that I get better rates (0.5% above the posted rate) and can choose when is the best time to convert the funds.

That saves me about 4.5% compared with Amazon’s rates (2% for the bank plus Amazon’s 3%).

Additionally I have flexibility to wait for rates to change and can usually benefit by several percentage points by leaving the money in the bank account for a few months.

Dave

Out of curiosity, are you a moderator?

You changed your handle from Danny@SellerSupport to @Danny_Seller, as can be seen from older threads and your odd questions: POLL: Asking questions to other Sellers and here: Sellers Helping Sellers.

The question was posed to you previously.

@AngelicPretty @Rushdie thank you for asking. I am a Seller who is now an Amazonian. Amazon encourages employees to sell on the platform to understand the selling experience. While this account is for personal use, a Moderator account will be used in the coming weeks. Stay tuned!

For me Amazon Currency Exchange fee is too high.

I have tried Payoneer, WorldFirst and Transferwise to avoid high currency exchange fee.

My opinion:

• Payoneer is expensive but no hidden fees - out of the 3 companies, only Payoneer offers a very good service to pay for your VAT, you just select the country for which you wan to pay your VAT, you write your VAT number and pay, this is a very good service

• WorldFirst is not so expensive but they are lying, I have checked carefully on their site all the fees, they always say there is no fee for withdrawing/wiring the funds… BUT this is what they did: I used them to receive euro and wire euro as well, they charged 1% of the amount I wired… just because of that I didn’t want to keep working with them, they need to write this fee

• Transferwise is the best, very fast, fee depends on the currency, for me, in my case the way I am using it, it cost me 0.55% and the service is great, they are in UK, good customer service, they don’t hide any fees, you can make a simulation online

Amazon Fee are as bad as if you went to an ATM for cash in a foreign country.

If you have enough sales in a currency you should be able to opt out of the AMZ exchange. Open a foreign currency account (at your local bank). Then transfer money in what ever currency.

You need a separate account for each currency.

Depending on the bank you may be able to save ~2%.