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Any Advice On Euros and Other Money??

Discussion in 'General Business' started by gemini181, Jan 14, 2007.

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  1. #1
    Paypal has a conversion rate of ~3.0% to turn money back into US dollars.
    Is there any 'worthy competition', or reason to not count on using Paypal for Global Ecommerce?

    Thanks
     
    gemini181, Jan 14, 2007 IP
  2. Codythebest

    Codythebest Notable Member

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    #2
    Maybe i'm wrong but I don't think there's anything out there not charging a 3%...
     
    Codythebest, Jan 14, 2007 IP
    gemini181 likes this.
  3. gemini181

    gemini181 Well-Known Member

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    #3
    I wasn't clear enough with the question:
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    Paypal:
    Incoming money = ~3% Fees
    Conversion from Euro, BP, Yen, etc = ~3% Fees

    Total cost = ~6%
    Is there any better way??
     
    gemini181, Jan 14, 2007 IP
  4. eddy2099

    eddy2099 Peon

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    #4
    Why not just price your products or services in US dollars so you get paid exactly what you asked for apart from the standard Paypal fees. When you do so, you let the foreign exchange conversion fees be the responsibility of the payer.
     
    eddy2099, Jan 14, 2007 IP
  5. gemini181

    gemini181 Well-Known Member

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    #5
    ~~~~~~~~
    Good idea, I might try, but...
    ~~~~~~~~
    My shoping cart offers payment in 5 different currencies, and Paypal lets people pay Global affiliates in 5-6 major currencies, so...

    ...I will need to either keep profits divided into all six currencies (sitting in the Paypal account), or pay another 3% to convert into USD.

    Is there a better way than a total of ~6% loss from using Paypal?
     
    gemini181, Jan 14, 2007 IP
  6. eddy2099

    eddy2099 Peon

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    #6
    This is definitely the first time I have heard of this. I thought that Paypal will restrict to the currency your balances are maintained in.

    Are you using the Paypal Shopping Cart or some 3rd party ones ?
     
    eddy2099, Jan 14, 2007 IP
  7. gemini181

    gemini181 Well-Known Member

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    #7
    Zen Cart lets you add extra web pages. It's pretty good.
    ~~~~~~~~~~~~~
    Paypal: You can very easily accept all six major currencies, and pay affiliates six ways in over 54 countries, that is a fact:

    The only catch is

    ~6% lost on fees
    'Bugs' in your affiliate program (which one is the best?)

    My main point is "can you do Global Ebiz without losing that 6% in fees?"
    ~3% for incoming money, and
    ~3% for conversion.

    In this context, Is there a better way than Paypal?
    Thanks
     
    gemini181, Jan 14, 2007 IP
  8. eddy2099

    eddy2099 Peon

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    #8
    Maybe you can find a way to turn off the multiple currency option in Zen cart because if I use the Paypal Shopping Cart, all the transactions are restricted to the US$ which I set my account to use.

    The problem is not with Paypal but it is with Zen Cart.
     
    eddy2099, Jan 15, 2007 IP
  9. kajakske

    kajakske Well-Known Member

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    #9
    I believe moneybrookers.com adds around 1.3% to your conversion or 0.95% if it involves USD, EUR or GBP. So that would save you 2% ...

    I'm not sure how much they charge to receive money, but I don't think it's more than PayPal.
     
    kajakske, Jan 15, 2007 IP