Ultimate Guide: Currency
- by Christopher Jones
- Published: 9 July 2010
The Ultimate Guide: Shopping for bicycles and gear online is a multipart report with tips, trends and analysis of the Australian Market. You can download the ebook version here. This part looks at currency.
The most popular overseas cycling retail websites include multiple currency display options. Many shops however process the payment in their local currency (e.g. US Dollars or British Pounds) and rely on the bank to do the currency conversion from Australian Dollars. In this case, the display price may vary slightly with the actual priced paid. Some overseas retailers now process payment in Australian Dollars. If the price is not available in Australian dollars, be wary that additional currency exchange transaction fees may be applied by banks. If choosing PayPal as an option, payment into other currencies is convenient however the high currency exchange rate and processing fees can make this option more expensive than credit card payment.
Usually for orders from the United Kingdom, when the Australian currency is selected as well as Australia as the delivery destination, VAT (English Value Added Tax) is removed from the display price and is not charged. Australian GST and customs duty however is due for overseas orders above the value of $1,000.
This is article is from The Ultimate Guide: Shopping for bicycles and gear online. You can download the entire ebook (free) from here.
You can discuss this article and the ebook in the Australian Cycling Forums.