currency conversion fees (quote in USD, pymt made in EUR)
Thread poster: MrsHoward

MrsHoward  Identity Verified
Local time: 05:16
German to English
Nov 26, 2007

I completed a job last month and received payment, but due to currency conversion fees by Moneybookers, I lost $12 on the deal.

I feel misled by my client in Europe because they requested a quote in USD, and I expected to be paid in USD without any currency conversion. If I knew they were going to pay in EURO I would have charged slightly more to cover the currency conversion fee (moneybookers deducts 1.75%, but I actually lost 2.63% of my total invoice so I don't really get how to calculate that % spread).

I have a Canadian client who paid me in USD, so there was no fee involved. I feel strongly that if the quote is accepted in USD, then payment should be made in USD (not the equivalent in local currency) so that freelancers do receive the full invoiced amount and don't get stuck with fees.

How do all of you deal with this issue when quoting and receiving online payments?


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Anne Patteet  Identity Verified
Local time: 07:16
English to French
+ ...
I must say that for now, Nov 27, 2007

I am very happy to keep some euros on my account and wait... And your client might believe you think that way too: they may be thinking that you are much happier receiving euros.

But I can understand your point of view. However, it might be a good idea to discuss that beforehand with your European clients, if you prefer to get dollars: in Europe, I personally receive my payments in euros, I never thought anyone would pay me in dollars.

Of course, you may precise (as you suggest) that if you are to be paid in euros, you wont' be responsible for the difference, and that you need to receive the amount corresponding to the full amount in dollars.

Cheers

[Edited at 2007-11-27 04:34]


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Angie Garbarino  Identity Verified
Local time: 14:16
Member (2003)
French to Italian
+ ...
Just happened to me too (the other way) Nov 27, 2007

MrsHoward wrote:

I completed a job last month and received payment, but due to currency conversion fees by Moneybookers, I lost $12 on the deal.

I feel misled by my client in Europe because they requested a quote in USD, and I expected to be paid in USD without any currency conversion. If I knew they were going to pay in EURO I would have charged slightly more to cover the currency conversion fee (moneybookers deducts 1.75%, but I actually lost 2.63% of my total invoice so I don't really get how to calculate that % spread).

I have a Canadian client who paid me in USD, so there was no fee involved. I feel strongly that if the quote is accepted in USD, then payment should be made in USD (not the equivalent in local currency) so that freelancers do receive the full invoiced amount and don't get stuck with fees.

How do all of you deal with this issue when quoting and receiving online payments?


I quoted in Euro a job for a US client, he accepted and paid BUT, he paid in USD, he did the conversion himself so instead of 500 Euros I received 460 Euros. As usual conversion depends on which country it is calculated.



Bye bye all

Angio

[Edited at 2007-11-27 19:13]


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MrsHoward  Identity Verified
Local time: 05:16
German to English
TOPIC STARTER
moneybookers automatically converts to USD Nov 27, 2007

Anne Patteet wrote:

I am very happy to keep some euros on my account and wait... And your client might believe you think that way too: they may be thinking that you are much happier receiving euros.

Cheers

[Edited at 2007-11-27 04:34]


I would be happy to keep the currency in EUR if that was an option offered by moneybookers, but the conversion occurred automatically when the payment was applied to the account. I guess it's a normal cost of doing business and one must address it with a higher rate on the quote for international clients versus domestic clients.


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Samuel Murray  Identity Verified
Netherlands
Local time: 14:16
Member (2006)
English to Afrikaans
+ ...
Moneybookers Nov 27, 2007

MrsHoward wrote:
I would be happy to keep the currency in EUR if that was an option offered by moneybookers, but the conversion occurred automatically when the payment was applied to the account.


Yes, if I remember correctly, you specify the currency of your account in Moneybookers, and all incoming money is converted into that currency automatically. I specified my Moneybookers currency as Euro, even though Moneybookers is capable of dealing with my own currency, ZAR.


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currency conversion fees (quote in USD, pymt made in EUR)

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