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Payment processor with best currency exchange rates?

by Josh MacDonald
8 replies
So I'm Canadian, but I accept USD from my clients. So I have all this USD money on PayPal, however PayPal totally rips you off on the exchange rates from USD to Canadian. They take like 5%-7% more than my banks exchange rate. Does anyone know a better payment processor(s) for exchange rates?

I don't really like AlertPay but I might have to go to them.

Any opinions on 2Checkout, Moneybookers, etc?
#currency #exchange #payment #processor #rates
  • Profile picture of the author Scott Lilly
    Have you checked with your bank to see if it's possible to have an account denominated in US dollars, then just use them to convert into Canadian dollars after you get the deposit from PayPal? If not, check around with some of the bigger banks in your area to see if they can do that for you.

    You may need to keep a minimum balance in the accounts, but I've done the same type of thing in other countries.
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    • Profile picture of the author Josh MacDonald
      Originally Posted by TheUruguayan View Post

      Have you checked with your bank to see if it's possible to have an account denominated in US dollars, then just use them to convert into Canadian dollars after you get the deposit from PayPal? If not, check around with some of the bigger banks in your area to see if they can do that for you.

      You may need to keep a minimum balance in the accounts, but I've done the same type of thing in other countries.
      Already did that but PayPal didn't allow me to do that.
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  • Profile picture of the author Kellie Dixon
    Josh,

    I think all of us Canadians are aggravated with the horrific exchange rates, but I'm not really sure that another processor like Alert Pay is the answer.

    They might offer a better exchange, but if I recall correctly, their withdraw & funding fees are quite high so you might end up paying the same thing once all of the fees are taken out. I do believe that they have a debit card now though so at least processing times will be faster (used to be very, very slow).

    Hopefully things will pick up again soon. Noticed that it was up to $.96 a couple of days ago, so keep an eye on it and perhaps plan your withdrawals around the 'peak' days.
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  • Profile picture of the author Chris@AlertPay
    Hi guys,

    Just to let you know, the exchange rate at AlertPay is 2.5%... a big improvement over some of the other guys

    Thanks,
    ChriZ
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  • Profile picture of the author johnapo
    Open a USD account, receive USD payments and exchange it with the bank when the ratio is better for you
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    • Profile picture of the author Josh MacDonald
      Originally Posted by johnapo View Post

      Open a USD account, receive USD payments and exchange it with the bank when the ratio is better for you
      PayPal didn't allow me to do so. I might even get a Social Security number (although it will be hard) and get a bank actually in the US. I already tried the Canadian bank account in US funds, but didn't work.
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  • Profile picture of the author Walters
    Why not use Alert pay then, I can see that the guy from Alert pay already gave their exchange rate here and it looks OK to me. I don't think the withdrawing fees can add up to the extend of making it more expensive than Paypal.
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  • Profile picture of the author Robert Mangan
    Josh,

    I kind of had a similar problem. I wanted to retail goods in the US but didn't want to deal with getting paid to my bank account in Austrlia.

    So, I set up an LLC in Delaware, got a US business account, US merchant account, US PayPal account linked to the US business account and just keep my US business self contained in America. I set my US business up over a year ago and there' been no issues.

    When I need to I can withdraw funds from my US bank back to my Australian bank.

    BTW, setting up a Delaware isn't that expensive and the running costs are minimal.

    Robert
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