Buyer fee double? 11%?

[bpenkov]

Hello,

I've been having a math problem I can't understand. And I was hoping someone better with math could help.

According to the official help page the Fiverr buyer service fee is 5.5%, correct?

I have an arrangement with a buyer to have the end price be 150 EURO.

My main currency is set to USD. I'm sending the offer in USD. 

$156 USD, which according to the current rate of 0.92 = 142.93 EUR, correct?

142.93 EUR + 5.5% service fee = 150.69 EUR, correct?

Then why what comes to the buyer is 149.79 EUR as a subtotal and 158 EUR as TOTAL? Isn't this 10.5% more than what I've sent an offer for?

What is wrong with my calculations?

Thanks for the help in advance!



 

[michmikaia]

7 minutes ago, bpenkov said:

$156 USD, which according to the current rate of 0.92 = 142.93 EUR.

From your screenshot, I think, fiverr conversion rate is not 0.92. That's why the subtotal is 149.79EUR not 142.93EUR.

[bpenkov]

So Fiverr is charging 0.96 instead of 0.92 to exchange the currency? That is wild!?

[priyank_mod]

4 minutes ago, bpenkov said:

So Fiverr is charging 0.96 instead of 0.92 to exchange the currency? That is wild!?

The Forex Conversion Rates work differently for all businesses compared to the usual-fluctuating rates we see on google or xe. 

And even when you will transfer your earnings to yourself using PayPal or Payoneer, it will again be at a different rate (compared to market price). 

Edited August 8 by priyank_mod

[bpenkov]

Does that mean that if I set my main currency to EUR to insane 5% extra hidden fee  would disappear?

[priyank_mod]

Fiverr's service fee will always be there. 

And as far as I'm aware, we can't change our input price to any other currency for gigs or custom offers. The default pricing is in USD for uniformity. 

[bpenkov]

I don't get it. 

So buyer currency is EUR. Seller currency is EUR. Sell is USD. 

Seller pays EUR + 5.5% > Fiverr fee for conversion in huge favor of Fiverr (%?) > USD sale > Fiver fee for conversion in huge favor of Fiverr (%?) > Buyer cash out in EUR (-20%), correct?

Where can I publicly check what is the conversion rate whenever a transaction happens? Shouldn't this be something that is easy to see and understand? 

Seems like two unnecessary steps just to get a fee, twice or I don't get it. 

Edited August 8 by bpenkov