Comments on: What is the process to accept foreign currency if you are a US merchant ? http://www.myylt.com/2008/07/02/what-is-the-process-to-accept-foreign-currency-if-you-are-a-us-merchant/ Discussion of Forex Trading and Currency Trading Tue, 22 May 2012 03:44:32 +0000 http://wordpress.org/?v=2.3.3 By: Stuart http://www.myylt.com/2008/07/02/what-is-the-process-to-accept-foreign-currency-if-you-are-a-us-merchant/#comment-5109 Stuart Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2008/07/02/what-is-the-process-to-accept-foreign-currency-if-you-are-a-us-merchant/#comment-5109 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 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

]]> By: mobilemark http://www.myylt.com/2008/07/02/what-is-the-process-to-accept-foreign-currency-if-you-are-a-us-merchant/#comment-5110 mobilemark Tue, 30 Nov 1999 00:00:00 +0000 http://www.myylt.com/2008/07/02/what-is-the-process-to-accept-foreign-currency-if-you-are-a-us-merchant/#comment-5110 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) 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)

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