EXCHANGE RATE ON eBAY FEES

[onecrazycanuck]

I was just going through my invoices and noticed that on Feb 14th I had a final value fee taken from one of my sold item's at an exchange rate of 1.24955 later the day I went into Paypal to withdraw from my account and the game me an exchange rate of 1.2149

Talk about double dipping!

Once what started for me as a whole lot of fun and a chance to make a few bucks has turned out now to be just a whole lot of work. With the rising costs of freight from Canada Post,Ebays new charges on listing,selling and store prices my business is getting smaller and smaller everyday. And they all seem to be getting richer and richer everyday. We collectively as s group need to do something. From what I have been seeing and reading of late all of our attempts seem to be falling on deft ears. We need to do something. Let's start putting our heads together people.

[recped]

If you don't like the exchange rates, sell only in Canadian Dollars.

If you don't like PayPal's exchange rates withdraw the money is US Dollars and do the exchange elsewhere.

Ben

[rd1000]

Charging in Canadian dollars won't help you with Paypal fees. They charge a higher percentage, and you are paying that percentage on a higher dollar value. It works out pretty much the same.

Rob

[unbeatableprice_2002]

double dipping! is too nice, almost triple dipping,
FIRST they charge for EBAY listing and FINAL VALUE FEES(which is normal) BUT THEN Paypal which is own by EBAY take like 4% everytime you receive a payment.(must remind that then if you buy from another seller ,when the seller receive your money they charge another 4% on that same amount you receive) Then the exchange rate which is a joke since they always buy at a rate that is too low. So for selling an item of 100 USD, you actually get like nothing.
I just see EBAY dying soon. they are many alternative auction site NOW.

[ospreylinks]

One of the things I have started doing is to charge Canadian buyers in Canadian dollars (and yes I list on the .com site in US$).

What I mean is that instead of sending an automatic electronic invoice in the listing currency, for Cdn buyers, I instead send them a request for money in Cdn funds equivilent. This means I get to use XE to calculate the conversion from US to Cdn, and it is normally 1.5% higher than the exchange rate offered by Paypal on US to Cdn.

Plus, with the explanation supplied, many Canadian buyers appreciate getting the invoice in the currency they use everyday with the hassel of exchange.

Jeff

[shoplineca]

I send my invoice to Canadian buyers in both US and Cdn funds. The reason is that I got into a debate 2 years ago with someone in Vancouver over the rate he could get from his bank compared to what I reflected so they get a choice.

So Mr. Cheapy ended up saving $1.43 on his $260 USD purchase.

Malcolm

[muminlaw]

Like Malcolm, I send my invoice to Canadian buyers in both currencies -- also invoices to UK, Australian & NZ buyers as my bank will accept cheques in any of those currencies with a very nominal charge (like .75c to $1).

I only accept PayPal in US dollars so I can transfer it, free of charge, to my US based bank and then write a cheque to transfer it to my Cdn based US$ account!

Glenda

[sunward-hobbies]

Glenda;

When you deposit a cheque from someone in UK, NZ, or AU, don't you get a strange look of horror from the teller? And a reminder you get a 2 month hold?

Angelo

[muminlaw]

Nope! They're well trained, they know what and how, and there's no 2-month hold. The longest part of the transaction is when they go to the head teller (or whoever) to get today's exchange rate. US is the slowest clearing, most others are very quick (as it should be in this day of instant communication!)

[discountlabelsupplies]

Yuck. I avoid this mess (I think!) by only listing in USD and only accepting USD as payment. All US paypal payments are deposited into my US account (in the U.S.) and then I "sell" my USD to a money trader to get the best rate or at least better than any Canadian Bank.

[dragons_horde]

Which US money trader do you use? Do you make all the arrnagements online? what sort of hassle goes into arranging the transaction?

I am considering the same thing.

[discountlabelsupplies]

I am in Vancouver and use Vancouver Bullion. From the outside it looks like one of those tourist money exchange places with all the exchanges lit up in red lights. I'm not certain if all money traders offer a better exchange than a bank would but Vancouver Bullion does. I'm sure you could do the same in your own city.


The process is like this.

1) Payment sent to my paypal account in U.S. dollars

2) Regular paypal transfers to my U.S. account with TDwaterhouse. (no longer allows Canadians but there are other options from what I hear). This is not to be confused with a USD account at a Canadian bank.


3) I go to Vancouver bullion and write a cheque from my U.S. account in exchange for a cheque in Canadian.


4) I take the Canadian cheque from Vancouver Bullion and deposit into my Canadian business account at the B.O.M.