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US to Canada Conversion Is Killing Me

by JJOrana
10 replies
Hey Folks.

Any idea how can I minimize my loses due to US to Canadian conversion?

I'm selling all my products in US Currency as most of my customers are from the US.

I'm using paypal and I'm losing serious money.

I've been lazy and ignoring this loses for a year now but as my business grow, I'd realize that I'm losing money enough to pay an outsourcing team.

Any ideas?

Thanks!
#canada #canadian #conversion #currency #killing #paypal
  • Profile picture of the author bertyounger
    Really, the only answer is to maintain two different price books that reflect the conversion rate and route the Canadian traffic to their own pages.
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  • Profile picture of the author Tim_Carter
    Not much you can do. If you have the PP debit card (not available in Canada anymore - but was so I have one) it is much cheaper to withdraw that way.

    I played with changing to Canadian funds, but since most customers are from USA it didn't work out.

    So basically - grin and bear it.
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  • Profile picture of the author DrewClement
    All I can tell you is that you are not alone.

    I am getting smoked by the conversion, I guess we just have to sit back and be happy about what we have a few years back.

    I remember when I used to withdraw $1,000 US from Paypal and end up with $1,600-$1,700 in my bank account.

    Ahhh the good old days
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    • Profile picture of the author JJOrana
      And with the US economy today, I guess we can't expect that to happen in the near future.






      Originally Posted by DrewClement View Post

      All I can tell you is that you are not alone.

      I am getting smoked by the conversion, I guess we just have to sit back and be happy about what we have a few years back.

      I remember when I used to withdraw $1,000 US from Paypal and end up with $1,600-$1,700 in my bank account.

      Ahhh the good old days
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    • Profile picture of the author Linda_C
      Originally Posted by DrewClement View Post

      I remember when I used to withdraw $1,000 US from Paypal and end up with $1,600-$1,700 in my bank account.

      Ahhh the good old days
      Yup... me, too. I miss those days. Sucks taking a loss on the conversion.
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  • Profile picture of the author Mike Hill
    It's a cost of doing business and unfortunately it's not in our favor right now. But 10 years ago it was in our favor in a big way so I imagine things will eventually revert back to a stronger US dollar. The more the Canadian dollar tanks the better it is for us marketers who get paid in American funds
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  • Profile picture of the author LegionNate
    I always figured you shouldn't look at it like a loss, but a gain. Afterall, you practically increase your buying population by 10 when you add the U.S. to your native country. Be thankful they exist and are buyers instead of worrying about a few cents on each dollar. Just my $0.019934 (two U.S. cents converted to Canadian dollars, of course).
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  • Profile picture of the author Alex Barboza
    can't you use US dollars "on the streets" in Canada? There countries here in South America like Ecuador where you can go and do the shopping with the US dollars.
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    • Profile picture of the author Mike Hill
      Originally Posted by Alex Barboza View Post

      can't you use US dollars "on the streets" in Canada? There countries here in South America like Ecuador where you can go and do the shopping with the US dollars.
      Yes you can but it will cost you more in US funds. For some strange reason most retailers end up charging a special fee for US currency (not in your favor of course).
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  • Profile picture of the author SEOFocused
    u r not the only one. amount of money i lost in conversion in the past few years is crazy. i guess keep your money in USD and not convert till the exchange rate gets better is a good idea. then again, people got bills to pay...
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