6.9.1. What are the benefits of viewing and paying in my own currency?
You save on bank transfer fees and avoid expensive currency conversion charges. Moreover, you can pay with local currency directly on OPENLANE, helping you complete purchases in less time. No need to convert your customer’s money into euros.
Please be aware that by changing your preferred currency, you commit to paying all future invoices in that currency for as long as your selection remains set to that currency.
6.9.2. Do all countries have access to local currency?
Availability may depend on your region. If the feature is available, you’ll see the option during one of the supported moments:
- During registration
- Through our banner on top of your screen
- From the “My Account” section
- During the order completion steps
6.9.3. Who can choose the currency for my company account?
Only the main contact of your company can select the preferred currency. Once chosen, the selected currency applies to all bidder contacts under the account. The setting will be the default from then on.
6.9.4. When can I choose my preferred local currency?
You can set or update your currency preference:
- During registration
- Through our banner on top of your screen
- From the “My Account” section
- During the order completion steps
6.9.5. Can I switch to my local currency later?
Yes. The main contact can activate the chosen currency at any time, as long as the platform rules and payment setup allow for it. Contact Customer Service if you have questions related to this.
6.9.6. Does this affect how prices are displayed?
Yes. Once your preferred currency is selected, all vehicle prices, fees, and taxes will be shown in that currency alongside the price in €.
Please be aware that by changing your preferred currency, you commit to paying all future invoices in that currency for as long as your selection remains set to that currency.
6.9.7. Does using my local currency affect buyer fees or taxes?
Your currency selection does not change the underlying buyer fees or taxes. It does reduce your bank or conversion charges, depending on your financial institution.
6.9.8. Will real-time exchange rate fluctuations affect my payment?
OPENLANE updates exchange rates daily in line with international foreign exchange markets. Once an auction begins, the applicable exchange rate is locked and remains fixed throughout the auction and transaction process.
This means that the amount displayed in your selected currency when the auction ends is the exact amount you will pay. Exchange rate fluctuations that occur between purchase confirmation and payment will not affect the final amount due. The same fixed exchange rate will also apply to any related vehicle transactions, including claim reimbursements and cancellation refunds.
By paying directly in your local currency, you may avoid additional currency conversion costs and bank transfer fees that can arise when purchasing euros through a bank or other financial institution. When paying in your local currency, make sure to select international payment with your bank, as these payments cannot be made via SEPA.
6.9.9. Will this affect payments I’ve already made?
No. The local currency setting applies to future bids and payments. However, previously confirmed auctions should still be paid in their original confirmation currency.
6.9.10. Is paying in my local currency more cost-effective?
In many cases, yes. Paying directly in your local currency can help you avoid currency conversion fees, exchange rate markups, and additional transfer charges that banks or other financial institutions may apply when converting funds into euros for payment.
When paying in your local currency, make sure to select international payment with your bank, as these payments cannot be made via SEPA.
