Paypal Question

[pats4801]

So say I sold my product via Paypal in another country and the monetary system was Euros or Pounds.Would paypal automatically change them into USD or would I have to do it myself. Is there a fee for this?

[peteVA]

They will do it, but you will pay a conversion fee. You can specify which currencies you accept and also specifically elect to only accept payment in your default currency, if I am not mistaken.

I find that when converting payments my overall cost is right at 4%.

I accept USD, GBP and EUR, but still get paid in others.

[cgh]

Paypal will automatically convert it from one currency to your home currency. There is always a fee associated with changing currencies, no matter WHO you use to do it, the only question is - who pays the conversion. If you send out a bill for money in USD and someone from another country pay you, THEY will end up paying the conversion cost.

Alternately, if you plan on doing a lot of business in one currency, say, Euros, you can simply accept Euros and you will see a balance in your account of both US$ and Euro$.

cgh

[veikoh]

PayPal does not convert automatically to your currency. It keeps all the incoming transactions in separate accounts and you ca choose, when and if you wat to convert them. Whe it becomes to your payment, then it may ask from which account you want to pay it when in particular account have not enough funds. It's even so clever tha suggest the best payment for you. I have money in PayPal account US dollars, GBP and EURO's and two bank cards attached, in GBP and in EURO's. For example, when I wanted to pay bigger amount in GBP for eBay purchase, it didn't converted my dollars in PayPal account to GBP but suggested that it will take remaning amount from my GBP bank card.

[Dr_Placebo]

Yes, but you will be charged.

[alishelby]

Paypal converts to your default currency

[azance]

They do not convert automatically unless you set it to. By default it's going to sit in its own balance and you'll have to tell it to convert.