I have always been transparent to you guys, so here's what has been going on today.
Today I was confronted with all the hidden charges that come with dealing with multiple currencies.
The short story is that I get charged a double fee (4% initial fee and then a another 4% per British Pound fee for the conversion), this happens before it even reached my bank account to pay the manufacturer, packaging, shipping etc. This is avoidable in two ways: have a US, EUR and GBP Bank account, or switch to GBP (£).
So here is what I did:
- I have converted all shop prices to GBP (£)
- Locked out the check-out page to GBP (£) so you pay me in Pounds and Paypal does not double charge me with their exchange rate.
- Locked the conversion rates in favor of the Euro and Dollar, to maintain reasonable prices.
- By locking the conversion rate, EUR and USD Buy slightly cheaper and I am covering for the exchange rate costs of your payment (which is considerably lower).
TL;DR Locked prices to the British Pounds to avoid being charged extra fees. Prices vs Exchange rate are locked to manually (So I adjust them).
Prices should stay the same for Europe and US for now.