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Primary currency in paypal





Lilystock
Hi,

I wanted to open a business account on paypal for my online shop. But then, on the sign up page, I realized that the primary currency should be US-Australian-Canadian Dollar, Euro, Pound sterling or Yen only ! I can not have it in my currency Hong Kong Dollar.

So what is the consequences ?
Does that mean that on each transaction I will not only have the Receive funds fees but also the exchange rate fees ? If so, it begins to be quite expensive at the end for me Sad

Thanks for you feedback !
jayandsilo
you will have to find out the majority of people who buy from you, and that will depend on what tyoe of site it is. got a link?
Lilystock
The website is under construction. And of course, before launching it online, I want people to be able to pay, so I'll have to have a payment method before....

I wanted the customer to pay in Hong Kong ollar, but it seems more and more difficult ! Or pretty expensive....
juninho_14
paypal for me is useless, i live in Brazil and we use Real as currency, and have already tried sometimes to sign in but it doesnt have real there, i just dont know how to use it, thats the why id rather bank wire

[]s
oneightwo
if you transfer money from your paypal to your bank, doesn't it automatically exchange it? it wouldn't really matter what its set up as, because even if thiers is in, say, US$, and yours is in AUS$, then it converts it.

Correct me if i'm wrong but i believe this is what happens.
Lilystock
Withdrawing the funds is not a problem for HK (it is not true for all countries however). As you say, they will just convert it to HKD, which is sad as my account allowed foreign currency :-/ By converting, they will apply a exchange rate fee of 2,25% if I remember right....

What am I concern about is the fact that my customer can not, from what I understand, pay in HKD ! Crying or Very sad
oneightwo
if they have a Paypal account, then they can pay to yours in any currency, can't they? Confused
Lilystock
Well, that is exactly my point : I don't think so !

The only currencies that Paypal seems to be supporting are US-Australian-Canadian Dollar, Euro, Pound sterling or Yen. No Hong Kong Dollar...
goutha
I think that it's not a problem for you. You can accept HK dollars, but they will be converted to US for exemple. And the day you want to get your money from paypal, they will transfer is in HK dollars.

Maybe try to call them, you're not the first person who have this problem.

Good luck
godam64
you're still lucky enough. my country got totally banned from paypal, so most people that sucks with paypal www.paypalsucks.com will mostly use e-gold www.egold.com as payment alternative.

you can find a lot of other cc payment processor gateway, but i think paypal still have the best rate and quality.
Lilystock
goutha wrote:
I think that it's not a problem for you. You can accept HK dollars, but they will be converted to US for exemple. And the day you want to get your money from paypal, they will transfer is in HK dollars.

Maybe try to call them, you're not the first person who have this problem.

Good luck


Well I do think that it is a problem.

That not only mean that I would have +2,26% / transaction exchange fees, but also that I will have 2 times more exchange rate risks...

Now, I'm just looking at another credit card payment solution... that accept HK Dollar !
webapp
Better use Dollar....Thats universal...U can also try EURO.....
Lilystock
webapp wrote:
Better use Dollar....Thats universal...U can also try EURO.....


Well not really. In HK, we use HK Dollar... hehe... Wink

Yeah, I know what you mean, I was thinking about it as I can have foreign currencies in my bank account and that I have sellers to pay in US, but the AUTOMATICLLY convert US$ to HK$ if my account is held in HK... Mad
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