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Originally Posted by chucklesnorris
You're right about them sending 4.00 GBP. Correct. Why do I think CCBill got $6.27? Because that's what 4.00 GBP equated to.
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When you BUY, not when you SELL. There is a difference, try and go down to your bank, buy 1000 GBP then exchange that to USD, exchange it back to GBP, then back to USD etc etc and see how fast the money is gone. Even if they do it without fees, there is always a spread in the buy and sell.
Quote:
Originally Posted by chucklesnorris
If CCBill is automatically converting those same funds to USD and passing along the fee to me, then I have a problem with that, as they're getting 4.00 GBP and I'm not.
I assumed that when I charged 19.99 GBP, I would actually get it. Do they not have an EU bank?
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Most american banks do not let you hold multi currency accounts, the ones I found that do require you to receive USD to convert into other currencies. Good luck in finding one and let me know if you do, I'd like also euro credit cards from a US bank :-)
Quote:
Originally Posted by chucklesnorris
If this is the case then I'd want to get paid in GBP so I can avoid a 100% higher "conversion" fee that their bank apparently imposes. I assume they have EU merchants - do they have to pay 5.11% just to get paid? Why should I?
I'd rather have a separate bank account to collect my GBP funds rather than having CCBill automatically convert my money for me at their bank with their fees.
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I'm sure they will do this for anyone with volumes, you may need to setup a EU entity though based on their accounting system. I would not complain about their rates.
From what I see they offer better rates than our bank was offering us in Liechtenstein, we just switched to using OANDA for currency conversions, I'd recommend them as they have great rates, of course you are going to be stuck on 2 extra wire fees for each exchange. (in and out)
Quote:
Originally Posted by chucklesnorris
On a side note it's been annoying to get 10 different answers for what this issue is. I was told it was a bug 4 times by 4 different people. The first time I ever brought it up, it was regarded as a different exchange rate issue and that my customers were being charged the same as I was being paid >_> - like plsureking said, there should be a column in CCBill for this.
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It looks like it is all forex related, also it's not a very common question. We work with a lot of different currencies in our system so I had to deal with this question a couple of times before. We actually added multi currency payouts as a result of this and afterwords the clients that complained switched back again to their regular settings as it turned out it was actually a lot more expensive than they realized to deal with multiple currencies.