Does iTunes balance transfers when you change country?

Question

I noticed there is an option to change country in iTunes (after I signed in).

1. Does the iTunes account balance transfer from the current country to new country?
2. Where is the currency exchange rate (to be applied) listed? Please provide URL.

Answer 1

I opened my iTunes account in the US in 2009, and then moved back to Norway in 2010. After asking customer support, I learned that I needed to use up (most of) my remaining balance before I could change country, and I lost the remaining balance when doing the switch. (This was no great hardship to me. I had to use gift cards to pay when I was in the US, because my only credit cards were issued in Norway, so the balance was never very high to begin with.)

Of course, that was two and a half years ago, and procedures may have changed since then.