Changing payout currency
Added 2021-11-09 12:34:37 +0000 UTCI have been talking to my finance manager, the one in charge of my accounting for the game (because in my country they are very concerned about the taxation of the earnings obtained through Patreon) and he tells me that for tax reasons, it is necessary to change the method of payment from dollars to euros to avoid mismatches in the accounts when paying the taxes I am obliged to pay (quarterly VAT and income tax also quarterly).
Therefore, I would like to inform you that the payment method will change from dollars to euros in the next few hours.
I hope you will be sympathetic to this development.
Thank you, dear Patrons!
What this means for new and existing patrons?
This change will not affect your existing patrons. However, if you have patrons in your region, encouraging them to update their pledge and pay you in the same currency as your payout balance will save you both additional conversion fees applied by banks, credit cards, and other services.
For anyone new to your page prices will be listed in their local currency. If their currency is not supported by Patreon, tiers will be displayed in your chosen currency. When receiving a pledge in a different currency than your payout currency, Patreon charges you a 2.5% currency conversion fee.
As an example, if a creator in the UK changes from USD to GBP, an existing US patron will continue to pay the same amount in USD, their pledge doesn't change. The creator would be subject to the 2.5% conversion fee for a pledge in a different currency.
When you change your currency, patron multi-currency will be enabled so that new visitors to your page will have your tiers priced in their local currency (where supported). If your existing, local patrons edit their pledge to be in your local currency, they'll pay the new tier price that you set - which saves them any foreign transaction fees from their bank and saves you any currency conversion fees.
