Please note:
* UK-RRP is also shown with VAT removed.
* USA-MSRP does not include state tax or import duty because in the USA these are only added at time of checkout both in retail and online purchases. Each state may have a different tax rate and import duty is not charged on domestic purchases.
(This is also why international travelers are sometimes confused when making purchases in the USA. The "tax" is not included in the selling price and/or on the price tag because it is added at the time of checkout.)
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nycWATCHnerd wrote: ↑Thu Jul 25, 2024 7:35 pm
It seems to work...8% savings buying in pound sterling after doing the conversion. So less expensive for USA buyers to pay in UK on UK site.
Twelve UK.JPGTwelve USA.JPG
That pretty much makes the import duty a wash which helps.
Life is not a matter of holding good cards, but sometimes, playing a poor hand well. Jack London
nycWATCHnerd wrote: ↑Thu Jul 25, 2024 7:35 pm
It seems to work...8% savings buying in pound sterling after doing the conversion. So less expensive for USA buyers to pay in UK on UK site.
Twelve UK.JPGTwelve USA.JPG
And it does show customs duty, so the difference in the new GMT is not all currency hedging. At least part of it is duty.
nycWATCHnerd wrote: ↑Thu Jul 25, 2024 7:35 pm
It seems to work...8% savings buying in pound sterling after doing the conversion. So less expensive for USA buyers to pay in UK on UK site.
Twelve UK.JPGTwelve USA.JPG
And it does show customs duty, so the difference in the new GMT is not all currency hedging. At least part of it is duty.
Not really. The duty is added at checkout. The hedging is comparing the RRP in the US vs the converted RRP in Pounds -VAT.
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rkovars wrote: ↑Thu Jul 25, 2024 7:37 pm
That pretty much makes the import duty a wash which helps.
I would suggest people ask their credit card companies (and/or PayPal if that is what they use) about currency conversioin rates and fees because IME, American Express has great conversion rates and no fee, MC/VISA rates are not as good and some bank card issuers charge a fee as well, and PayPal is the most expensive so that may eat into some of the savings.
nycWATCHnerd wrote: ↑Thu Jul 25, 2024 7:35 pm
It seems to work...8% savings buying in pound sterling after doing the conversion. So less expensive for USA buyers to pay in UK on UK site.
Twelve UK.JPGTwelve USA.JPG
And it does show customs duty, so the difference in the new GMT is not all currency hedging. At least part of it is duty.
No.
In the US, each state has its own sales tax rate (some do not even charge sales tax) and duties are only added for imports into the country which affect all states so the USA MSRP does not include any taxes or import duties.
That is why I removed VAT on the UK-RRP in my spreadsheet calculations (above in earlier post) so I could offer a true apples to apples comparison: "UK-RRP minus VAT" versus "USA-MSRP" (which does not include tax or import duty).
The Twelve watch calculation shows the same apples to apples comparison but includes both New York State and City combined Sales Tax rate of 0.0875 (where I live) and Import Duty on both checkout carts.
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American Express isn't a credit card, is it? It's a charge card, and counts as something different. Perhaps you don't get some purchase protections with Amex. Maybe that's why It's a better deal.
JAFO wrote: ↑Thu Jul 25, 2024 7:49 pm
American Express isn't a credit card, is it? It's a charge card, and counts as something different. Perhaps you don't get some purchase protections with Amex. Maybe that's why It's a better deal.
These days, Amex allows payoff over time but has a much higher annual fee than most others and charges merchants higher fees to pay for all those extras it gives card holders. Also IME, Amex backs card holders more than MC/VISA especially when it comes to purchase protection.*
* When the owner of Hamtun Watches ran off with people's money never to be heard from again, I called Amex and they said: "if we cannot recover the funds from his merchant account we will still credit you back the full purchase price." And that was months after the normal cutoff period.
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rkovars wrote: ↑Thu Jul 25, 2024 6:54 pm
So if you have method of paying with 0% conversion fees you can save a decent chunk paying in Pounds.
I’ve done this with my last two purchases - 36mm C63 and then a Consort bracelet. I saved money on both occasions. In fact, when I bought the C63, it was a sizable difference because of the exchange rate. I think the Lou d has improved a bit since then.
