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Ridiculous Clickbank payment conversions for Aussie vendors...

by Rubes
23 replies
Hi all,

I'm a fairly well established Clickbank vendor promoting and selling my own product.

I am based in Australia and am paid by Clickbank weekly into an Australian based bank account.

As you would know, your 'Payment Net Balance' that is displayed within your reporting section of your Clickbank account is reflected in US dollars.

It is then paid in your local currency to the account you have listed within Clickbank.

This is where the problem is...

Over the last 3 payment weeks the conversion Clickbank is using from US$ to AU$ is stating that the Aussie dollar is worth MORE than the US Dollar!

So for example, US$2000 is being converted into AU$1900.

I have checked the conversion rates for the last few weeks and not once has the Aussie $ beens stronger than the US.

I also found out that Clickbanks bank is 'Wells Fargo' and from checking their currency conversion it confirms my fear that they are treating the $AU as more powerful than the US.

Have any other Australian based vendors been experiencing this problem?

How can Wells Fargo be getting away with such inaccurate currency conversion?
#aussie #clickbank #conversions #currency #payment #ridiculous #vendors #wells fargo
  • Profile picture of the author infomaniacs
    have been waiting for parity, but I haven't seen it happen yet, let alone be stronger than the US$
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  • Profile picture of the author peter.max
    I've seen the same on my PayPal account. Not sure what exchange rate they are using but my AUD balance is less than USD
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  • Profile picture of the author MichaelHiles
    Actually, I just checked the current exchange rate and the AUD is higher than the USD.

    .9897 to 1

    Edit: Whoops... my bad... not enough coffee yet... still 2 cents shy of parity. I was dyslexic in my sleepy wakeup.
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    • Profile picture of the author Rubes
      I just found this link to the Wells Fargo currency exchange converter that is posted up on the Clickbank website;

      https://www.foreignexchangeservices....rviceType=rate

      As you can see there, they are treating the AU$ as worth more than the US, which is rubbish compared to any other exchange rate including XE.
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  • Profile picture of the author celente
    Yes I am in Brisbane, and i remember a few years ago, whenever I got a clickbank cheque the dollar dropped, and everytime I banked a cheque I would double it.

    So say if I got a clickbank cheque for $3000 when I cleared it I would actually make $6000. I use to dance around the house naked over that. But gone are those days.

    Well.....gone are those days...and even back then wells fargo use not use exact exchange rates.

    I now use clickbank <<>> direct deposit too...to a commbank savings account and I am keeping an eye on this. If the Aussie dollar goes over parity our exports will suffer and so will our clickbank earning. Not a good time. I think the US is in a depresssion and will get worse in the next 12 months. Not good, but hope I am wrong.
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    • Profile picture of the author Rubes
      Originally Posted by celente View Post

      Yes I am in Brisbane, and i remember a few years ago, whenever I got a clickbank cheque the dollar dropped, and everytime I banked a cheque I would double it.

      So say if I got a clickbank cheque for $3000 when I cleared it I would actually make $6000. I use to dance around the house naked over that. But gone are those days.

      Well.....gone are those days...and even back then wells fargo use not use exact exchange rates.

      I now use clickbank <<>> direct deposit too...to a commbank savings account and I am keeping an eye on this. If the Aussie dollar goes over parity our exports will suffer and so will our clickbank earning. Not a good time. I think the US is in a depresssion and will get worse in the next 12 months. Not good, but hope I am wrong.
      Hi Celente,

      So have you noticed the higher than $US exchange rate over the last 3 weeks? It's only affected me in the last 3 weeks, just wondering if you have seen the same?

      So basically Wells Fargo can go ahead and set any exchange rate they like and we as Clickbank vendors/affiliates just have to accept it?
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      • Profile picture of the author celente
        Originally Posted by Rubes View Post

        Hi Celente,

        So have you noticed the higher than exchange rate over the last 3 weeks? It's only affected me in the last 3 weeks, just wondering if you have seen the same?

        So basically Wells Fargo can go ahead and set any exchange rate they like and we as Clickbank vendors/affiliates just have to accept it?
        I have 7 clickbank accounts. But I have noticed it with at least 2 of my highest earning ones.

        Sorry I did not explain the conversion from USD$ to AUD$ but yes I have noticed a slight difference.

        Next Time I go into the bank I will ask the teller, to see what she says and how much difference there is. Maybe there is a reason...or maybe, they are just weasals like all regular banks. I do not know.

        If anyone else from oz notices this please let us know in here.
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        • Profile picture of the author Bronwyn and Keith
          Hey Warriors

          What Clickbank is doing is simple - they are acting as the BANK.

          What banks do is add a margin and sell or buy at different rates than the spot price.

          It's arbitrage plain and simple.

          You would think that holding commissions up was sufficient and also taking about 8% -9% of the initial transaction and the extra $2.50 cheque/check fee. BUT when you act like a bank... Well the rules are different.

          Regards

          Bronwyn and Keith
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        • Profile picture of the author Rubes
          Originally Posted by celente View Post

          I have 7 clickbank accounts. But I have noticed it with at least 2 of my highest earning ones.

          Sorry I did not explain the conversion from USD$ to AUD$ but yes I have noticed a slight difference.

          Next Time I go into the bank I will ask the teller, to see what she says and how much difference there is. Maybe there is a reason...or maybe, they are just weasals like all regular banks. I do not know.

          If anyone else from oz notices this please let us know in here.
          Just to let you know, I contacted my bank this morning about this issue and they assured me that firstly they cannot accept funds in a foreign currency (the funds must be converted into AU$ before being deposited) and secondly that the conversion process always occurs prior to deposit from the person who is sending the moneys bank or financial institution.

          As Clickbank uses Wells Fargo for their processing I see Wells as the sole controller over the conversion rate.

          This issue may not 'too' much of an issue for some but for vendors with per weekly payments in the thousands, having such a large discrepancy in currency conversion rate from Wells Fargo and the 'real' rates, this is really becoming a major problem.
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          • Profile picture of the author celente
            Originally Posted by Rubes View Post

            Just to let you know, I contacted my bank this morning about this issue and they assured me that firstly they cannot accept funds in a foreign currency (the funds must be converted into AU$ before being deposited) and secondly that the conversion process always occurs prior to deposit from the person who is sending the moneys bank or financial institution.

            As Clickbank uses Wells Fargo for their processing I see Wells as the sole controller over the conversion rate.

            This issue may not 'too' much of an issue for some but for vendors with per weekly payments in the thousands, having such a large discrepancy in currency conversion rate from Wells Fargo and the 'real' rates, this is really becoming a major problem.
            Yes thanks, I will keep a note of this. Sucks being from OZ sometimes, feel like we are behind on some things. Oh well! Thanks for the info rubes.
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          • Profile picture of the author whateverpedia
            Originally Posted by Rubes View Post

            This issue may not 'too' much of an issue for some but for vendors with per weekly payments in the thousands, having such a large discrepancy in currency conversion rate from Wells Fargo and the 'real' rates, this is really becoming a major problem.
            Since when has "weekly payments in the thousands" been a problem to anyone?
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  • Profile picture of the author good2go4
    I always keep an eye on the exchange rates, being in NZ and I know from here the Australian dollar and the USD are only a matter of 0.02 type cents apart (tonight 6pm our time) so I suppose of companies like Clickbank were adjusting their percentages more for non-US bank accounts it would look like the AUD was higher than the USD.

    I remember the double your money days too celente, lol, now I pretty much work on a dollar for dollar exchange rate, then at least I get a pleasant surprise sometimes, but Paypal is just as bad for "adjusting" the rates. What can you do about it?

    have a great day
    Lisa
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    • Profile picture of the author celente
      Originally Posted by good2go4 View Post

      I always keep an eye on the exchange rates, being in NZ and I know from here the Australian dollar and the USD are only a matter of 0.02 type cents apart (tonight 6pm our time) so I suppose of companies like Clickbank were adjusting their percentages more for non-US bank accounts it would look like the AUD was higher than the USD.

      I remember the double your money days too celente, lol, now I pretty much work on a dollar for dollar exchange rate, then at least I get a pleasant surprise sometimes, but Paypal is just as bad for "adjusting" the rates. What can you do about it?

      have a great day
      Lisa
      Hi lisa,

      yes good to sit back in my hammock and reminisce of the old days. LOL.

      It does have its good points and bad points. Cheaper to buy stuff overseas at the moment. So best to make the most of it.

      I have been having a few dramas with paypal, and had to call them last week. But nothing serious. I guess we just have to accept that the currencies are always going to wildly fluctuate and my uni buddy who works on the exchange floor tells me all the time of how much these are manipulated by he heavy handed big boys. The question is what can you do about that? My guess is nothing! *sighs*

      Have a good day.

      Celente.
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  • Profile picture of the author rondo
    Most institutions charge an exchange fee of 2-3% (including Paypal). This isn't new.
    So every US affiliate network payment, or USD Paypal withdraw, will currently give you less AUD than USD.

    Andrew
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  • Profile picture of the author whateverpedia
    That's the price you pay for living in one of the world's strongest economies.

    As with all things, it's swings and roundabouts.

    There's never (so far) been a better time to buy stuff denominated in US$.

    Also, have you thought about increasing the price you charge to compensate for a strong $AU? Or moving somewhere where the exchange rate is more favourable?

    Like you, I miss the days when the AU$ was worth US$0.48, but those days are long gone, and in all likelihood will never return.
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  • Profile picture of the author rondo
    The AUD went beyond the USD again last night. Probably thanks to the interest rate rise. Do you guys think it will keep rising over the next 12 months?

    Andrew
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    • Profile picture of the author Johnno
      I think we will be at parity for a while now, or as as long as the Reserve Bank of Australia keeps our interest rates up.

      Good time for a US holiday!
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    • Profile picture of the author rondo
      Originally Posted by Chris Kent View Post

      Beware as this is not a currencies forum. Many people will like to give their opinion on it but few will put their money where their mouth is and risk real money.
      I'm not talking about currency trading.
      The thread is about marketers selling stuff in USD.
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      • Profile picture of the author Rubes
        Originally Posted by rondo View Post

        I'm not talking about currency trading.
        The thread is about marketers selling stuff in USD.
        Exactly, this has nothing to do with currency trading!

        By the looks of things and from talking with my FA yesterday afternoon, things don't look good for the US market for at least the next 12 months.

        From a Clickbank perspective (who bank with Wells Fargo), they are pricing the AUD @ 1.0409 against the USD today, so even parity looks like a thing of the past...

        Oh well, I guess it's something we all just need to deal with.
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        • Profile picture of the author sal64
          Any foreign transaction is subject the what is known as the "spread" between what you buy a currency for and what you sell it for.

          It's no different to when you travel or buy traveller's checks.

          It's been going on from day dot. The difference now being that because the AUD is so close to the USD, we notice it more.

          Even if you go back 2 years and do a comparison, you'll find the same thing happening... but due to the difference in the exchange rate, none of us really bothered.
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