Sedo payments in Euro

[Theo]

Sedo pays according to the currency selected for that particular domain that was sold. Now, the receipts show the transaction in euro. That's not locking in the amount in US dollars - which is what I'll be using in next year's income tax. I don't want any nasty surprises with Sedo converting the euro to US dollars at a potentially higher rate in the future. Also when is the conversion done, at the time of the agreement, the time the transfer completes or when Sedo writes the check?

Another interesting point: Sedo updates the monthly payment bills with your current address. So if you move and update your address, the current address is listed on those receipts. That can cause problems when using those statements to establish income with your home office. Past receipts need to remain unaltered regardless of any address change.

 

[octobus]

You have raised some valid points. In particular the adress changes.

 

[freestyler]

I always use $ for my names......well thats just me.

 

[Theo]

Sometimes the numeric figure is the psychological factor when conducting a sale. With the euro being 30% more than the US dollar, the same figure is worth more :-D

 

[urbanvilla]

Goto to be the pound the strongest currency out of all three,then the euro as some of the minimum bids are for 110 no matter what currency,wot would you rather have 110 in pounds euros or dollars ?

POOOOOOOOOOunds !!!!! LOL


Good Luck !

 

[namestrands]

Goto to be the pound the strongest currency out of all three

lets see what happens after the elections on thursday

 

[Theo]

Let's see some answers, Sedo.

 

[Yoshiki]

Well, I recently bought a domain quoted in euros at Sedo, but paid in dollars.

All you have to do is you mention it in your offer with a "Comment" at Sedo.

Let's see some answers, Sedo.

 

[Theo]

Well, I recently bought a domain quoted in euros at Sedo, but paid in dollars.

All you have to do is you mention it in your offer with a "Comment" at Sedo.

Obviously, payment is made in the denomination of the seller's locale. What I am asking is, how/when is the conversion made.

 

[Theo]

30 days with no answers.

 

[SedoCoUk]

Hi Radistar,

Those are two good points. I'll deal with the easy one first. For our LLC customers (all those in the US and Canada), we have our LLC office, LLC bank etc. This means that any payments in dollars don't get 'converted' at any time. We receive dollars, we pay dollars, simple as that. For European customers, say our friend in Scotland, we pay the amount he earns in Euros and the conversion is carried out by his receiving bank at their own discretion. Sedo doesn't take any "commission" from that either.

The other issue is something that requires a bit more attention. When I first saw it, I passed it onto the tech team as I was not aware that the address updated on old bills. They're looking into it.

Let me know if there's anything else I can do

Ed
Key Account Manager
UK Marketing Associate
_______________________________________________

SEDO.CO.UK :: Buy and Sell Domain Names and Websites
tel within UK 0871 900 8450 :: fax 0871 900 8451
tel +49 221.420.758.156 :: fax +49 221.420.758.11
tel (US) (877)-349-5902 :: fax (212)-202-3951
email: [email protected] :: http://www.sedo.co.uk

_______________________ :: make a name for yourself.

 

[Theo]

I guess I can now answer my own question; apparently the conversion rate used is that upon issuing the check or making the payment.

However, under billing the payment order displays the amount in Euro. This leaves open a tremendous window for potential conversion errors at the end of the fiscal year. I don't want any nasty surprises from Sedo, especially if the Euro climbs against the dollar! Remember, all income is to be reported to the IRS and keeping track of it all should be done accurately. So please fix those mailing address & conversion rate inconsistencies!