shagged on Conversion rate again ?

[Shane]

just checked out my bank balance and notice that CJ must have converted at : 1 GBP = 1.8064 USD yet the normal dollar to pound currency rate is 1 GBP = 1.7728USD

which don't sound much but if you had $10,000 cj balance then it would yeild into your account

£5640.79 at the 1.7728 rate (some places quote better too)
£5535.87 at the 1.8064 rate

which is £104.92 difference which seems a bit steep. so basically we are getting nailed around £100 per $10k currency conversion.

I seem to remember someone mentioning that Business currency conversions are at a different rate to tourist ones, but still basically we are paying for the privilige to get paid are we not ?

what with the ever decreasing dollar to pound conversion is it not time that we got paid in sterling, surely the UK is generating enough turnover to warrant it programming in and payment being generated accordingly? tis the 21st century after all init?

[pericom]

I think its CJ taking their cut for currency speculation.

Out of order if you ask me.

"Currently, publishers in the U.K. can select to receive their commission payments in the form of drafts (cheques) payable in U.S. Dollars or in Pounds Sterling or by having Pounds Sterling deposited directly into their U.K. bank account. Commissions are converted from an advertiser’s currency to the publisher’s currency using a competitive conversion rate provided by OANDA.com. The daily conversion rate provided by OANDA.com is an average of interbank currency exchanges and is not commercially available to companies like Commission Junction, which must pay substantially higher rates to purchase the GBP for publisher payments. Commission Junction also assumes a significant financial risk due to the fluctuation of currencies from the time commissions are paid by an advertiser and the time they are eventually paid to the publisher.

In order to minimize our significant financial risk, Commission Junction converts publisher commissions at rates that are typically 3% higher than the interbank rates. By comparison, the typical cash rate charged by banks to convert currencies is 5% higher than the interbank rate. This has always been Commission Junction’s policy and conversion process.

Publishers that wish to avoid having their earned commissions converted to different currencies for payment can elect to receive their payments by check in USD and shop a better conversion rate on their own. In January 2004, publishers and advertisers will be able to work with each other using the same currency, eliminating the need for a currency conversion on the commissions or payment amounts."

[Shane]

hmmmm

nice...didn't know that was coming, although why not have total sterling billing, transactions and payments, I think we deserve it, ... ?

If anyone is interested I know of a currency affiliate scheme but to be honest it's only really worth messing with if you are doing some serious dollarage each month, although I think the best they saved was around $4000 on a $100k conversion compared to standard bank rates, but I know some of you do a fair whack with CJ so it could be handy for a few hundred dollars saved.

if anyone is interested then PM me and I will dig it out for you,

[simon147]

the fact is that CJ constantly rip us off and they have been gettting away with it for far too long.

[John]

Originally posted by pericom
In January 2004, publishers and advertisers will be able to work with each other using the same currency, eliminating the need for a currency conversion on the commissions or payment amounts.

Anyone heard any more about this?

[Luca Brasi]

no but i wish we did get paid in £'s

The exchange rate is going to crucify me this month.