Starting in early June we’re kicking off a limited beta with a handful of creators, enabling patrons topayin theirlocal currency – Euro, GDP, and USD. We’ll start with a small group, and gradually open it up to more creators throughout the summer.
We’re keen to get your feedback to make this the best experience for all creators. Reply below if you’re interested in participating and we’ll reach out as soon as spots open up with more details.
Key information about the beta:
Creator payout currency will remain the same for now
Patrons will see the tier prices in their local currency if they use USD, Euro, or GBP
Patrons get a more localized experience, shown to increase conversion
This is another important step towards supporting full currency flexibility on Patreon, something we’re very excited to be able to provide! We understand the most important step is to enable your preferred currency for payouts. We’ll share a tighter timeline on this after we get into the beta, and we’re working hard to offer this by the end of September at the latest.
Thank you so much for your time and continued support of this project!
Yes please to participating in the beta if that’s a possibility! My fan base is split about equally between the UK, USA and continental Europe, so I’d love to be able to offer them the option of paying in their local currency – I think I’d get a lot more signups from outside the UK that way.
I’m interested. I’m particularly curious if the pledge amount is pegged in the local currency, the payout currency, or USD. Currencies fluctuate in value relative to one another, so I think it’s unavoidable that either the creator’s profit margins fluctuate or the patron’s payment amount will fluctuate. Which?
That’s awesome! Can we expect Brazilian Real at some point? I make my living here in Brazil since 2014 only with Patreon and this would be great news. Thanks for all the great work guys!
Yes, interested, but I hope the amounts that Patrons see and pay don’t fluctuate - I’m prepared to take the hit on rates conversion, as happens now, effectively.
I’ve been asking this question since they first floated the idea (as well as about conversion fees) and I’ve been met with deafening silence. Given this is a Creator-only community, that suggests, strongly, that Creators will bear the brunt of fees and take all the conversion risk.
Hello, thanks for your interest and patience! We know you’re as eager as we are to finally launch multiple currencies on Patreon and are excited to making significant steps of progress here. We wanted to update you about the patron currency beta, since folks have questions about how currency conversion will work and what the fees will be. Please keep in mind that since this feature is in beta, it’s possible some details may change before it’s rolled out to everyone.
Once this feature is enabled for you, either because you are in the beta, or when it rolls out to everyone in the next few months, patrons will be able to pay in either USD $, EUR €, or GBP £. When someone visits your Patreon page who is not yet a patron, Patreon will automatically convert your tier prices to their local currency if they are located in the US, UK, or in the Eurozone. Fans who are not in one of those three regions will see tier prices in your creator payout currency.
In order to determine the prices to display in other currencies, we’ve used current and historical exchange rates to develop a conversion table. When we convert a tier price to a new currency, we add a 4.5% buffer to protect creators against potential currency fluctuations, and then round up to the nearest 50 cents so that we show patrons a price with round numbers. You can view these conversion tables to see exactly what converted tier prices will be, and read more details about the beta here.
Wherever a patron and creator are using the same currency, there will be no currency conversion fee. When a patron pays in a different currency than your payout currency, we’ll charge you a 2.5% currency conversion fee. This fee is to cover the cost of Patreon handling the currency conversion. Currency conversion fees are commonly charged by any company converting currency such as payment processors, banks, or other platforms that process payments as part of their business, for example Etsy, or PayPal.
So, we don’t have a choice in this? Currencies are just being rolled out and if someone is in a different currency than me I’ll automatically have to front that cost now?
I’d interested!
