Amazon Currency Converter
Amazon is one of the largest retailers in the world, and has a massive online presence globally. With that comes various sites for different countries and regions that are designed to be specific for that area. But, not everything is exclusive to that region, as many items on Amazon (both through Amazon and through third party sellers) are available to ship to other regions around the world.
As all other financial institutions do, Amazon has it’s own currency conversion system available that is an option to consider for any international purchases through their sites. But, how do they work and are they worth it? This guide will help you decide!
How it Works
With various Amazon region websites available, you can find various items in one region that may not be available in yours. Generally when you’re paying with MasterCard or Visa, you’ll just get their currency exchange and won’t see the amount in your local currency until it shows up on your statement. But, in some cases you can use Amazon’s currency converter instead, which uses their own exchange rate and shows you the exchange rate upfront. As with anything, this has it’s own positives and negatives to consider.
To start, this is a far more convenient option for those who aren’t well-versed in exchange rates and how they work. Because Visa and MasterCard don’t show you the exchange rates they provide before purchases, you won’t know upfront how much your item is actually going to cost. What seems like a good deal on paper, could be extremely costly with a bad exchange rate, an d the more you’re spending the more that percentage difference is going to cost you. That’s why with Amazon’s currency converter, you can see the exact cost in your currency before finalizing the purchase, so you know the precise amount you’re paying before finalizing the transaction.
While it is convenient, it’s always important to remember the cost of the exchange rate. Amazon may claim to have competitive exchange rates, but the rate you get is likely to still include a large markup. Larger financial institutions and banks add a large markup to their rates because they can, as many don’t know they’re even doing it or just prefer the convenience of it all. However, you don’t have to settle for that, as there are options available to get better and more reasonable exchange rates, like Knightsbridge Foreign Exchange.
At KBFX, we have the best exchange rates in Canada, and our rates average 2% less than the larger banks and financial services or institutions. That can result in a savings of hundreds or thousands of dollars and be significant in your spending.
While we can’t directly cover you on Amazon, we can exchange currency for you and let you pay through alternate options. We have no additional fees and provide the best options for Canadians who need the best exchange services.