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I was just thinking about Paypal and the whole international exchange rate deal and wondering… if you set your shop to the currency of the majority of your buyers, would you avoid the exchange issue/international fees on all transactions until you go to turn your Paypal funds into the currency of your choice?
I have no idea if that would work but it seems like it *might*. So, if the majority of your sales were in the US but you’re based in Mexico setting the site and prices to USD and then converting to pesos when it is more favorable to do so…
Has anyone tried something like that?
I am not sure if that makes a difference. You are dealing with cross border fees, no matter what. And the conversion from USD to MEX has to happen somewhere.
https://www.paypal.com/ie/cgi-bin/webscr?cmd=_display-xborder-fees-outside&countries=
It would probably be advantageous, I used to do it with dollars – then there is only one conversion fee instead of (hopefully) many. I only accept sterling now so the buyer pays the fees
http://kerioakimaging.com - trying to reopen
http://nail-art-at.kerioak.com - Art and Nail ArtMy thought is that if you aren’t dealing with the conversion on the $3 sale and instead could wait until you wanted to cash out the account..when the peso is stronger vs when it is weakest and reduce the international trans fee to one time (or avoid it by purchasing something in USD). Right now, my mom is in Mexico and is getting 13 pesos to the dollar. When I was there this time last year it was closer to 11 pesos to the dollar. Not a huge amount, but I suspect it adds up rapidly for those who do the change regularly.
Again, not sure it would work but judging from my sales on the big SS I would be best off with an account in Euros if I didn’t use my Paypal for anything else. I might call them and ask at some point in the future…this might even add an option for internationalizing our sites and translating content (Google translate plug-in that converts keys to the language of your choice? Ha!) like some of the ‘big’ sites do.
I have a feeling the USD is about to tank, so it’s something to consider. :-/ I love my country, I want to throttle my government reps.
@christine wrote:
It would probably be advantageous, I used to do it with dollars – then there is only one conversion fee instead of (hopefully) many. I only accept sterling now so the buyer pays the fees
You can set your account to only accept one currency? Do you know where that control is? Nice to have the option to tell the buyer to pay the fees (to protect your bottom line).
Diana
@dianajo wrote:
You can set your account to only accept one currency? Do you know where that control is? Nice to have the option to tell the buyer to pay the fees (to protect your bottom line).
Diana
I know you can set it under the Symbio settings where you can set the Paypal to live/Sandbox but it’s only 5 basic currencies. US/Canadian $. UK £, Yen, and Euro.
I think the fees are not currency based but cross border based. So for me, 99% chance it will be foreign to South African soil hehe.
What I am thinking now is that with the charges it really eats away at the smallest file size sale. I think I might notch it up 50c US LOL!
Jo
@jorodrigues wrote:
I think the fees are not currency based but cross border based. So for me, 99% chance it will be foreign to South African soil hehe.
What I am thinking now is that with the charges it really eats away at the smallest file size sale. I think I might notch it up 50c US LOL!
Not a bad idea…and if people ask why because that’s the way it is. 😛
Well I thought $2.50 was ok for the tiny file but Paypal will take 30c plus commision. Round number I’m down to $2! No one’s bought anything so no one will notice.
Jo
I take any currency for my ebay sales, all processed thru paypal – always figured i’d rather pay the 1% conversion fee for international buyers than not have them buy at all.
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