Wednesday, September 20, 2017

Currency firm says Amazon fees ‘onerous’

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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.”

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