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iTunes Connect Payout Question

07-07-2010, 03:45 PM
#1
Joined: Aug 2009
Posts: 40
iTunes Connect Payout Question

I just had a quick question. In what currency does Apple send my sales to my account? My company is a Canadian company located in Canada. Does that mean that Apple pays me in Canadian funds?

The problem is that even though I am in Canada, I have a U.S. dollar account. I believe Apple pays thru Paypal. So if they are paying me in Canadian currency then they are converting it from other currencies to Canadian, then converting it back to American dollars after transferring the money to my account. This would mean that I am losing money. Can anyone clear this up for me?
07-07-2010, 06:23 PM
#2
I'm not 100% sure on this but I believe Apple doesn't do any conversions... they simply wire the regions currency to your bank, and your bank determines the conversion rate into your native currency.

So for example you actually get paid in Yen by Apple (for Japan for ex), and your bank will use its own conversion rate to determine the amount of money you get in your currency. If the bank you are using uses US dollars, then of course your bank would do a direct conversion from pounds, euros, yen, etc into US dollars.

07-07-2010, 08:31 PM
#3
Eh! On around the 28 of every month your bank calls telling you Apple has sent an amount of money, any currency gets deposited into your US account. Very simple! ( Canada )

You also need an equivalent of 150 US in a currency to get paid (minimum)

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Last edited by Syndicated Puzzles; 07-07-2010 at 11:00 PM.
07-07-2010, 11:21 PM
#4
Joined: Oct 2008
Location: Toronto Canada
Posts: 863
Quote:
Originally Posted by Foursaken_Media View Post
I'm not 100% sure on this but I believe Apple doesn't do any conversions... they simply wire the regions currency to your bank, and your bank determines the conversion rate into your native currency.
Yup. I don't know how all Canadian banks handle wire transfers but I know Scotiabank dings you an extra $10 CAD per transfer on top of their fudged conversion rates for international transfers. Apple only offers wire transfers as far as I can tell - no PayPal.

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07-08-2010, 10:29 PM
#5
Frank you are 100% correct.....

It is very (very) costly to get paid especially when you just make the 150$

STR8TS , STR8TS 6X6 , DOMINO DICE , PUZZLE DICE,
CAVEMAN TEST, 1 TO 25, SUDOKU+STR8TS, ZARTE, ABSORB WATER, YOU, TIME SHEET (PHOTO VERIFIED),Office Alarm, Travel weather, dock clock,
07-09-2010, 02:57 PM
#6
I get everything is US Dollars, no fees or anything else.
The exchange rate is good. When I checked, it was almost equal to xe.com
07-09-2010, 03:10 PM
#7
Joined: Oct 2008
Location: Toronto Canada
Posts: 863
Quote:
Originally Posted by exosyphen View Post
I get everything is US Dollars, no fees or anything else.
The exchange rate is good. When I checked, it was almost equal to xe.com
Which bank/account?

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07-09-2010, 03:20 PM
#8
Quote:
Originally Posted by Frank Condello View Post
Which bank/account?
Citi
07-09-2010, 03:28 PM
#9
Joined: Oct 2008
Location: Toronto Canada
Posts: 863
Quote:
Originally Posted by exosyphen View Post
Citi
I'm guessing that's in the US? I think they've got credit cards up here in Canada but no actual banks.

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07-09-2010, 03:40 PM
#10
Quote:
Originally Posted by Frank Condello View Post
I'm guessing that's in the US? I think they've got credit cards up here in Canada but no actual banks.
Sorry .. I am in Europe