PayPal account in $'s or £'s?

11 replies
I'm a Uk resident.

I sell my products via PayPal.

The majority of sales are to the USA market, I.e. in $'s

My account is set up in $'s and then gets converted into British pounds.

What's the best option for my account to be set up in. Pounds, or Dollars?

Any feedback is much appreciated.

Thanks
#account #paypal
  • Profile picture of the author Fernando Veloso
    Hi Stewart

    The majority of sales are to the USA market, I.e. in $'s
    There you have your answer, isn't it? You want to keep track into money coming, to check the value - if it's correct or not.

    Then you just need to use a currency converter or do some head math.

    Works for me and keeps my brain working.

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    People make good money selling to the rich. But the rich got rich selling to the masses.
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    • Profile picture of the author Oggyoi
      Another option possibly is Moneybookers
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  • Profile picture of the author coach
    One unconventional thought:

    Which I currency is more valuable?
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    • Originally Posted by coach View Post

      One unconventional thought:

      Which I currency is more valuable?
      That's the part I can't get my head around.

      When I withdraw PayPal funds into my bank account, everything gets converted into pounds. I'm not sure if I'm losing more money by allowing PayPal to convert the dollars in my PayPal account into pounds first and then to withdraw in pounds, or if it's better to set my account up in pounds to start off with.
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      • Profile picture of the author Oggyoi
        Originally Posted by Stewart Alexander View Post

        That's the part I can't get my head around.

        When I withdraw PayPal funds into my bank account, everything gets converted into pounds. I'm not sure if I'm losing more money by allowing PayPal to convert the dollars in my PayPal account into pounds first and then to withdraw in pounds, or if it's better to set my account up in pounds to start off with.
        Some months you'll get screwed by the exchange rates, some months you'll do better.

        If we could have insider foresight, we'd all be hedging and currency trading
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        • Profile picture of the author Frank Donovan
          Stewart,

          If you have a PayPal Business account (I don't know if it's also the case with a Premium a/c), you can set it up in both US Dollars and Pounds Sterling.

          You'll see a dual balance and you can choose to leave them separate, for instance to pay for any US-based services in Dollars, or convert some or all the Dollars to Sterling on any day when the exchange rate is the most favourable.


          Frank
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          • Originally Posted by Frank Donovan View Post

            Stewart,

            If you have a PayPal Business account (I don't know if it's also the case with a Premium a/c), you can set it up in both US Dollars and Pounds Sterling.

            You'll see a dual balance and you can choose to leave them separate, for instance to pay for any US-based services in Dollars, or convert some or all the Dollars to Sterling on any day when the exchange rate is the most favourable.


            Frank
            Thanks Frank,

            I do have a PP business account and both currencies are listed as you stated. Thanks for the tip on watching the exchange rate, i guess this is the best solution for my situation
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      • Profile picture of the author timpears
        Originally Posted by Stewart Alexander View Post

        That's the part I can't get my head around.

        When I withdraw PayPal funds into my bank account, everything gets converted into pounds. I'm not sure if I'm losing more money by allowing PayPal to convert the dollars in my PayPal account into pounds first and then to withdraw in pounds, or if it's better to set my account up in pounds to start off with.
        Well I tell you, I don't have a whole lot of faith in the US $ right now. Our government is doing a pi** poor job of supporting the value of our currency. With all this deficit spending and the quantitative easing (another term for printing money) to pay our bond holders, the dollar has slipped a lot in the last couple of years, and it wasn't doing that well prior to that.

        Best bet is to stay on top of the forecasts for for the currencies and switch back and forth depending on the outlook. At least you got a choice, I am stuck with the dollar as I live here in the USA.
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  • Profile picture of the author dadamson
    I do all my sales in US dollars even though I am based in Australia.

    US dollar seems to be the most dominant currency on the internet and most of my clients are based in the US, however some are here in Aus too.

    I just charge in US dollars and deal with the financial changes as they happen.

    Cheers,
    Dave
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