Today’s Value Monday will be nice and simple, targeted mainly at those of you in the UK.
As you know after the EU Referendum, the UK economy has had a bit of a hiccup. It’s already affecting us from day 1, before we’ve even left, with the collapse of the pound.
I have 3 main pieces of advice for you:
1) Contact your bank and ask to form a USD currency account. This will let you receive, send and store your money in USD – saving you from the decline in the £.
Amazon will still send your money in £, so you need to use a currency exchange service to send the money there – to make sure they don’t convert it.
You can use World First or Payoneer – but if you’re a Profit Phoenix customer our recommended choice is Currencies Direct, who have given a special rate for Profit Phoenix users which is 3x better than what you will find elsewhere.
Get more info on our customer deals page
2) Some banks are famous for making it very hard to open a USD account, hopefully they’ll be more flexible after the recent changes but in case they’re not you can use the above mentioned platforms to store your money in USD and pay your suppliers – then you can send money to your UK account just when needed.
3) If you are in the UK and were planning to make use of the FBA network in Europe which allows you to sell in the main European countries with your stock being in just one place –> you may want to hold off from doing so until we hear from Amazon what’s going to be happening to that.
Let’s hope there isn’t a recession!