posted on April 27, 2004 11:18:57 AM new
I am in the process of setting up my paypal account to accept pound sterling so that I can do business in the UK. In the profile section, under "payment receiving preferences", I have it checked off to accept payments in another currency that I don't hold and convert to USD. Is this correct? Will I be charged additional fees to convert GBP to USD? I also noticed something that I can open another account and receive pound sterling and then transfer the total in the account into my USD account whenever I want. Which way is better? Thanks so much for all of your help. It is greatly appreciated!
posted on April 27, 2004 07:19:08 PM new
In my case, I keep two balances. I have a USD and a GBP balance and just transfer to USD when I am withdrawing funds. If you don't set up a GPB balance, you have to select to accept and convert each payment individually.
There is no charge per se for converting funds and you can see the cponversion rate when you do the transfer between currencies.
As for creating a second account just for UK sales that you will then transfer to your USD account to withdraw from - you are going to end up paying fees twice. You will have the fees withdrawn from your initial payment from your customer and then again when you transfer between accounts.
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If it's really "common" sense, why do so few people actually have it?
posted on April 27, 2004 07:45:10 PM new
Fenix -- So in other words, just setup to accept the payment so that I don't get double charged the conversion rate, correct?
posted on April 27, 2004 09:52:20 PM new
You don't get charged a conversion fee. There is just the normal PayPal fee transaction fees but if you are transfering your payments from one account to another you get another transaction fee when you do that and I don't think you want to give PayPal another bite at your profits.
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If it's really "common" sense, why do so few people actually have it?
posted on April 28, 2004 04:52:44 AM new
Thanks so much fenix. You've been so helpful. I probably would have botched this up real good without your help. I'll let you know how my auctions do.
posted on April 28, 2004 10:33:43 AM new
You are very welcome ; ). Please do let me know how things go for you.
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If it's really "common" sense, why do so few people actually have it?
