OFX Global Currency Account vs Other Options


1		Scenario 1	Scenario 2	Scenario 3
2		Use Amazon's Currency Converter for Sellers	Use a US-based USD account (RBC)	Use OFX's Global Currency Account	NOTES
3	Selling on Amazon USA
4	Annual Amazon US Marketplace Sales (USD)	$500,000	$500,000	$500,000	Assumption
5	Professional seller account fees	$480	$480	$480	Amazon charges $39.99 per month for a professional seller account
6	Average Amazon referral fee (commission)	15.00%	15.00%	15.00%	Rate varies by product category
7	Average order value	$20.00	$20.00	$20.00	As an example only; will vary according to each seller's products
8	FBA fee per order	$3.00	$3.00	$3.00	As an example only; will vary according to size and weight of each seller's products; rate varies between $2.41 and $5.26 for most, non oversized, products
9	Storage space in FBA warehouse (cubic feet)	50	50	50	Assumption only. Storage space will vary according to each seller's requirements
10	FBA monthly storage fee (per cubic foot)	$1.00	$1.00	$1.00	FBA sellers must pay a monthly storage fee based on the cubic feet of space used; the rate varies between $0.69 and $2.40 depending on the time of year
11	FBA long-term storage fee (per cubic foot)	$0.00	$0.00	$0.00	Under certain conditions, FBA sellers must pay a long-term storage fee based on the cubic feet of space used. We are assuming no fees in all scenarios.
12	Net sales	$348,920	$348,920	$348,920	In practice, most sellers will pay for advertising on Amazon's platform
13	Advertising Cost of Sales (ACoS)	30.00%	30.00%	30.00%	Assumption
14	Advertising expense	$150,000	$150,000	$150,000
15	Net earnings (after advertising expenses)	$198,920	$198,920	$198,920
16	Disbursements per year	52	52	52	Amazon typically disburses weekly
17	Average amount per disbursement (USD)	$3,825	$3,825	$3,825
18	Bringing funds onshore to Canada					mid-market rate
19	Conversion rate to CAD	1.3546	1.3622	1.3929	Actual rates on 26-March-2020 16:00 UTC (Mid-market rate of 1.4074 + 3.75% used for Scenario 1; RBC non-cash rate used for Scenario 2)	1.4074
20	Monthly fee to maintain account	0	175	0	RBC US Business Chequing with ACH used for Scenario 2
21	Wire transfer sending fee to Canadian bank	0	0	0	The OFX fee of $15 for smaller transfers can be waived for many accounts, including if you are referred through Mr. Thrifty: https://www.ofx.com/en-ca/online-sellers/?pid=12791
22	Wire transfer receiving fee (CAD)	0	0	0
23
24	Net amount received in CAD	C$5,181.96	C$5,151.35	C$5,328.38
25
26	Annualized	C$269,461.67	C$267,869.98	C$277,075.84
27
28	Dollar Difference compared to OFX	-C$7,614.16	-C$9,205.85
29
30	Rate difference from Mid-Market	0.0528	0.0452	0.0145
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