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Renaissance Workshop Company
The foremost manufacturer of early musical instruments worldwide

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Currency Exchange Rates

Since we moved the workshop (not the company) from Bradford (UK) to Toledo (Spain) we thought that it could be interesting for our customers to send their products directly from Toledo avoiding duplicated shipping costs and offer the possibility to pay in euros, which can save in currency exchange costs.

This has certainly allowed us to freeze the prices but has turned out to be a common subject in the emails from customers that compare our prices in pounds and in euros considering the exchange rates published by some companies and banks in the newspapers or through the Internet.

Following is the explanation why we cannot use those exchange rates and we use our own ones.

Our business consists in the musical instruments, not in their delivery nor in the currency exchange. When you buy one of our products, you not only have to pay for the instrument, but you also have additional costs as taxes, shipping, insurance, currency exchange etc. for other organizations.

In some cases, those additional costs can be reduced and so does the total amount you have to pay.

We try to find some alternatives and offer to you different possibilities so that you can compare and choose the most appropriate in each case.

The different possibilities have a common characteristic: our benefit is the same with all of them. So, the different additional costs have as a consequence the different total prices for you.

Regarding the currency, we have to say that our company is British and our first price list is in GBP (UK has not adopted the Euro). We have a workshop is Spain and we can have some incomes in euros to pay our Spanish costs without exchanging pounds to euros, but we still have to change part of the money to pounds and send it to Gt. Britain where we do pay fees, taxes, etc.

When we calculate our exchange rates, the main reason for the discrepancy with the rate published by the exchange companies, banks and newspapers is that they usually publish only one rate, an average of the buying and selling prices. Actually if you buy pounds paying with euros you have a different rate than if you want to sell pounds cashing in euros. Moreover, the newspapers and other mass media publish the inter-banking rates, that is, the price that the central bank of a country has paid to the central bank of another country. People and companies cannot get such prices, and for them are always more expensive (It is as if they published the price of the eggs as paid to the farmer. Of course you cannot get in the shops the eggs at that price.)

Another reason for the discrepancy is that we do the conversion only three or four times a year and because the exchange rate is changing continuously, we take the average rate of the last month and use it for the next quarter.

In the end, everything is paid by the final customer, but some ways can be cheaper than others. We offer several alternatives so you can choose. For us, doesn't matter which one is selected, but you can be much happier with one of them.

Our piece of advice: ask to your bank how much is the exact total for you to put our price in GBP in a British bank and how much is to put our price in EUROS in a Spanish bank and use the best option, because the products that you will receive will be exactly the same.

If you decide to pay with a credit card, you must know that the exchange rate applied by the card company is also different (worse for you) than published in those mass-media. The credit card editor applies an exchange rate with a typical profit of 3%.

In any case, here is a link where you can have the mid-market rates in real time: www.xe.com. Use them only as an approximation.



Copyright © 1999 Renaissance Workshop Company Ltd.
Last modification: 17 de septiembre de 2010
Phone & Fax:(+34) 91 450 30 50