Conversion tools use this rate to give you an indication of how the currency markets are moving. The wholesale rate, mid-market rate or interbank rate are the rates banks use to exchange large amounts of currency with each other. What is the “wholesale rate” and “mid-market rate” and what is a good rate? ![]() Most importantly, be sure to compare providers by asking them directly about fees or margins on each transfer and know exactly how much you will get in your preferred currency. Some e-commerce marketplaces charge as much as 5% on top of the prevailing “wholesale,” “mid-market” or “interbank” rate. Remember, currency is not their main concern and they will not give you a great rate on the conversion. Many marketplaces have their own currency conversion capability that are readily available. Review the choices provided by the Amazon marketplaces you sell in There are several currency specialists including OFX who have unique products – like multi-currency accounts – designed to help you manage marketplace proceeds in multiple currencies. While it may seem logical to ask your current domestic bank to help you convert money from marketplace proceeds, you likely will pay both transfer fees and added margin (usually added to the currency rate) for the privilege of making the exchange. To help alleviate some of the anxiety, here are some principles to keep in mind. For instance, if you aren’t already transferring money from one currency to another, this can be one of the most stressful, complex, and expensive things to manage. And now, you need to consider some newer aspects of your business to manage. In particular, expanding to Amazon Canada, Amazon UK, and Amazon Australia come to mind. It’s only natural to think first of the other English-speaking countries so you can easily replicate what you’re doing in the US in a marketplace serving a new audience. Then you think about gaining access to new customers in new markets. ![]() Your optimizations are driving new orders and you ask yourself why you didn’t start your online business sooner. So you’ve got your Amazon listings up and business is running well. ![]() Last updated on September 9th, 2021 at 01:36 pm Best Practices for Amazon Sellers Learning to Manage Currencies from Global E-Commerce Marketplaces
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