What is the process to accept foreign currency if you are a US merchant ?
What is the easiest was to sell my product out of the US and how do you change and accept currency on my web site I hope someone with experience can answer but I'll be happy to accept any suggestions...thanks
Public Comments
- Two things you need: first, a reliable source of currency conversion rates. If a customer pays you fifty dollars with Australian dollars, you will have lost $2.50, but if they pay you fifty dollars with Hong Kong dollars, you will have lost $44. Head over to http://www.xe.com/ to get the reliable currency converter. Second, you need to speak with your bank and learn if they will charge you to convert the foreign funds to US funds. If they want 5% to convert the money, that $50 sale will only get you $47.50. So, convert the price to their money and quote that price to them, and get it converted to US funds quickly. Good luck. -Stuart
- you might want open account with paypal that way your buyer can pay you in their currency and paypal will take care of the foreign exchange and deposit the correct amount to your paypal account when then can be transfer to your own bank account and that way you should be able to avoid any scams like a overpayment on a cashier check (IE like your product sells for $100 but they send you 500 and want you to wire back the difference and the cashier check turns out be fake guess who will be holding the bag for the negative amount at your bank) also you might want to look at finding a financal advisor as well (couldnt hurt)
