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Currency firm says Amazon fees ‘onerous’


British e-tailers selling their products in Europe via Amazon will now receive euros directly into their bank accounts – but with hefty fees attached, according to foreign exchange firm Currencies Direct.

Amazon will now charge 3.5 per cent conversion rate on all Euro sales – when competitors can offer fees of just 1 per cent.

“British e-tailers need to be aware of the costs attached with selling their products via Amazon in Europe. When it comes to converting their hard-won sales back into Sterling, there are various options open to them.” explained Deepak Goyal, Head of the e-tailing team at Currencies Direct.

The figures mean a British e-tailer making €10,000 of monthly sales on Amazon European marketplaces will pay Amazon an additional £3,500 per annum to use the “Amazon Currency Converter for Sellers” system.

He added: “If you want to lose the currency conversion fees, the obvious choice is to set up an e-tailer Collection Account. At a time when the online retail market has never been so competitive, it pays to take your currency costs as seriously as VAT and supplier costs.”

Published on Tuesday 01 April by Editorial Assistant

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