Amazon currency converter
So i am in the process of choosing my business bank account. I live in the UK but i will be selling in the EU, so at some point i will have to deal with exchange rates. I am looking at choosing either Lloyds bank (only works in GBP) or Wise business (has accounts for all currencies).
I can either go with Lloyds Bank and have amazon convert my revenue from euros into pounds then deposit it into my account.
Or go with Wise Business and have amazon deposit my revenue in euros then convert euros to pounds in my banking account.
Does anyone know what would be the cheaper option?
Where can i find amazons exchange rates and charges? Wise Business’ too?
Thanks in advance
Amazon currency converter
So i am in the process of choosing my business bank account. I live in the UK but i will be selling in the EU, so at some point i will have to deal with exchange rates. I am looking at choosing either Lloyds bank (only works in GBP) or Wise business (has accounts for all currencies).
I can either go with Lloyds Bank and have amazon convert my revenue from euros into pounds then deposit it into my account.
Or go with Wise Business and have amazon deposit my revenue in euros then convert euros to pounds in my banking account.
Does anyone know what would be the cheaper option?
Where can i find amazons exchange rates and charges? Wise Business’ too?
Thanks in advance
0 replies
Seller_esvgLzKXw2YAl
A separate currency account would probably be cheaper.
But I’m not sure that you will able to use Wise.
However, whether it’s worth the extra hassle, will depend on just how much money is going through the EU accounts. If it’s fairly small, then the gains you make with the conversion, will be very little.
You need to sit down and work out whether it is actually worth it yourself.
Seller_9vYzAspLN0bEC
I dont think this account is approved for Amazon verification.
Double check it
Seller_BS5lg2keRs2QO
It’s been around 18 months since Amazon updated to say that Wise is one of the providers that has provisional approval for existing users only. They aren’t on the list of currently approved providers, not sure quite what is taking so long.
Seller_alOi3kjUFL0by
I have added my Wise Business account details into seller central and there hasn’t been any issues so far. Saying that i have not launched yet. Should i not worry about it?
Seller_2Su3bcJXQR0sO
Most high street banks offers accounts multiple currencies. HSBC, Barclays & Starling definitely. Some you have to pay a monthly fee, some don’t. Santander offers a free Euros a/c.
Seller_ae51e0CJoHqCX
Depending on the amount of transactions you need to look through and weigh up the options through all of the Amazon approved currency converters.
You need a converter who has a bank registered in Europe to do the conversions for you.
I use Currencies Direct who are on the approved list and once set up it is all automated. You have the online account so you can check everything coming in and they do ensure compliance with Amazon.
I used to use a different smaller company that offered me great deals but they got swallowed up by Santander and then Satander closed every bank account that had low thresholds and were utilising it just for the benefit of currency conversion.
Currencies direct may give you a good rate to begin with but remember depending on your turnover and the amount of conversion, this can also be very negotiable.
Look at what rate you have been offered with Wise currencies and then go to an Amazon approved company and ask if they can beat it.
Seller_KK9ufOGOvqre3
I am using, EUR bank account and Worldfirst, WF for a fair exchange rate, but this depends on the yearly exchanged volume, EUR account offers free transfers in EUR.
Seller_alOi3kjUFL0by
Just read this on the Wise Business website. Looks like there is no issues with amazon on there end.
Seller_ae51e0CJoHqCX
Here is a list of the approved payment methods, I don’t see wise on the list.
Seller_BmvWY2s9RUQe0
We use a highstreet bank for our GBP sales and a Wise account for our EUR sales and it works great.
