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News From Apple: Get Paid in the Currency of Your Choice. Really

We recently picked up the following nugget of information from Apple’s iPhone developer news:

You Can Now Choose the Currency For Your
App Store Payments

You can receive App Store payments in the currency of your choice. If you would like to change the currency of your App Store payment, go to the iTunes Connect Contact Us module and select the following pull-down menus:

1. Banking/Payments
2. Payment Requirements
3. Wrong bank account currency on iTunes Connect

Up until now we believed Apple avoided handling currency conversions by transferring funds in the region’s currency to the developer’s bank and having the bank do the dirty conversion. This move however, hints that Apple is/will be doing the actual conversion of sales into the target currency before sending it to the developer’s bank.

The big question still remains, when the conversion actually takes place. Some say it happens at the time of the sale while some speculate it happens at the end of the fiscal month. We believe in the latter as it makes more sense from a logistics perspective.

Have any information on the subject? Please share it by leaving a comment.