Hi all. I’m a new seller. I’m really confused about the disparity I keep seeing between the amount that I’ve reportedly “earned” (featured in the top right corner) and the amount that I can “withdraw”.
For example, today I was waiting for some funds to clear and they finally did. I netted USD $208 (with the 20% that Fiverr had already taken out, of course), which then showed up as AUD $293.89 in the top right corner of the “Earnings” page. However, when I went to click on “withdraw”, the amount available was AUD $272.41, a difference of roughly 8%. Can someone help explain to me why there is this disparity? This is before I’ve made any sort of withdrawal or transfer, so it couldn’t be my bank or PayPal’s fees yet, because they have yet to be taken out. Is Fiverr charging a currency exchange fee of some sort that I’m unaware of? Is there any information about this anywhere?
EDIT: I forgot to mention that I’d already tried to see if fluctuating exchange rates could account for a difference of that size, and it’s simply not possible. The exchange rate hasn’t changed that much. There would be a difference of maybe up to one or two percentage points, not 8%. Nowhere near that.
EDIT #2: Okay. I have worked out a few things.
Yes, the exchange rate has fluctuated A LOT in the past couple of months, and I charged the customer back in October.
Yes, Fiverr does charge an exchange fee. It’s 3%. Ouch. I wasn’t taking into account that there were two factors at play here.
Unfortunately, creating a PayPal USD wallet won’t help because their conversion fees are also quite high.
This guy came up with a (kinda) workaround that slightly reduces the international currency exchange fee gouging, but honestly it sounds incredibly difficult to set up and complicated. https://jimonf1.medium.com/save-yourself-from-fiverrs-foreign-exchange-fees-210ff5d2db99#:~:text=According%20to%20the%20Fees%20page,subject%20to%20a%20whopping%203%.