What is Zazzle's Currency conversion fee $ to £'s please

[CreativeLeahG]

Hi

I use this resource for currency conversions and historical data etc.

https://fxtop.com/en/historical-currency-converter.php

I hope I'm understanding this all correctly ...

The currency exchange rate re $ to £'s 5th Sept (pay cut off date) was 79.71%.

Zazzle payment details show currency conversion as 0.749%  (almost 5% difference)

Note re 31st August rate was 1 USD=78.87 GBP

Please help me understand why Zazzle shows rate as 0.749% a difference of almost 5%

Meanwhile in terms of the figures showing re what I am being paid ie $ to £'s the difference is akin to 6.7%

Note that I haven't checked the other currencies as yet as my main sales are US based.

For me the difference is in 3 figures and appears to be more than double what I paid in conversion fees with payPal. 

Thank you

[CreativeLeahG]

Still awaiting a response to this please @Heather 

[Heather]

Hello Leah,

I appreciate your patience during this exceptionally busy time of the year for all of us. I've engaged in internal discussions and James is right in mentioning that earnings could be slightly different than the equivalent of what is detailed herein, due to currency conversion rates and/or the selected payment currency. This is stated in our User Agreement. It's important to note that conversion rates are provided by the reputable bank we use each month, not us. 

[CreativeLeahG]

According to Bard/Google:

---------------------------

Currency conversion fees are a standard part of doing business internationally, and most companies are transparent about them. If a company is not able to tell you what their currency conversion fees are, it could be a red flag that they are not being upfront about their costs. This could be a sign that they are trying to hide something from you, or that they are simply not organized enough to know what their fees are.

Here are some reasons why a company might be unable to say what their currency conversion fees are:

• They are not transparent about their pricing. Some companies may try to hide their currency conversion fees in order to make their prices appear more competitive. This is a dishonest practice, and it can lead to unexpected costs for customers.
• They are not organized enough to track their fees. Some companies may not have a good system for tracking their currency conversion fees. This can make it difficult for them to provide accurate information to their customers.
• They are using a third-party currency converter. Some companies use third-party currency converters to process their international transactions. These converters may have their own fees, which can be difficult for the company to track and disclose to their customers.

--------------------------------------------------------------------------------------------------

What are your currency conversion fees $ to £ ? If you do not know ehat they are how are you able to charge us?

[James]

Hi @CreativeLeahG , as outlined in our user agreement:

23.6. Earnings in currencies other than your selected payment currency: (i) will be converted to your payment currency and are subject to foreign currency conversion fees; (ii) may be subject to Payment Thresholds, Processing Fees, and/or Non-Contributing Account Fees that are slightly different than the equivalent of what is detailed herein, due to currency conversion rates and/or the selected payment currency.

Thank you. 

[CreativeLeahG]

What are your currency conversion fees for $ to £

[CreativeLeahG]

I need to know because they appear to be double what paypal charges I have requested to return to payment in $'s but it hasn't been actioned. Full transparency James.

[James]

Hi Leah, 

I will follow up on your currency change to USD request now. Thanks for your patience and apologies for the delay, 

[CreativeLeahG]

Are you not able to say what the fees are?

What possible reason could there be to not say what your fees are?

There may be others who need to make decisions re this James. 

[Artbymonika1]

Hi James, I would like to change to Dollars too, I have requested today. I have noticed the difference in conversion straight away and I’m not happy. Please could you pass the info from and change my earnings back to dollars.  Monika 

[Bluebird]

The low conversion rate is the main reason why I almost gave up on adding designs to my Zazzle store. I requested a change from Euros to USD back in August 2022, but unfortunately, the change has not been made yet. As a result, I decided to invest my time in other websites that pay directly in USD. Although I really like Zazzle products, it's disheartening to know that my hard work will not pay off as much as it should due to the unfavorable exchange rate.

[Bluebird]

It seems like they are using the PayPal exchange rate, which is probably the lowest in the market. Unfortunately, they do not provide us with the option to receive payments using Wise or any other online bank, which offers a better exchange rate. Moreover, they don't make it easy for us to change the currency either. Back in August 2022, I requested to get paid in USD instead of Euros, but I am still receiving payments in Euros until today.

[CreativeLeahG]

That wasn't my finding, PayPal is around 3% Zazzle appears to be around 6+% as per my OP.

[Bluebird]

I apologize, I was referring to the exchange rate. The exchange rate offered by PayPal is unfavorable and their commission fees are exorbitant. However, we are uncertain about how Zazzle calculates their payments to creators. Unfortunately, there is no option to choose the currency for payment and I have been unsuccessful in changing my currency from Euro to USD for over a year now.

[CreativeLeahG]

All I know is I made a loss of around £125 (re one month of earnings) when I switched from $ to £'s with Zazzle. There are no fees other than currency conversion re Zazzle earnings via PayPal.

I was able to change my currency type with Zazzle from $ to £ and I have recently had it changed back so I am paid in $'s.

Whether Zazzle can can change your currency to euros is unknown as Zazzle has a co.uk site? It's something you need to chase for a reply?

[Bluebird]

I did not bother doing the math as it was very unmotivating. However, I am losing money due to the conversion rates and unknown fees. I reached out to Zazzle support several times last year to change my account from Euro to USD, but they always gave me the same answer: "next week." This issue forced me to stop adding products to Zazzle and spend more time on Etsy and Amazon. These sites are more transparent regarding payments, and there are no conversion fees. I receive USD on Wise and exchange it when I need to at a very good exchange rate. I love Zazzle products, but because of this problem, I am working on other sites. I have attached a sample of their USD to Euro conversion. I'm not sure why their exchange rate and fees are so bad for the creators.

[BeautBotanical]

Does anyone know how you can request payment in $ ? Under my payment settings I only have the option of £s or euros ? Thanks !

[CreativeLeahG]

I asked via Zazzle proseller support.