Managed Payment - How to get CAD currency?

[arteis]

Hi, I am on Managed Payments and ebay wrote to me:

Register to receive payouts in US dollars

Hi arteis,

Thank you for registering for eBay to manage your payments. In the coming weeks, we will be launching the ability for sellers to get paid in US dollars. This is a useful tool for Canadian sellers who do most of their business on eBay.com. Learn more about getting paid in US dollars. If you would like to take advantage of this option, please complete this registration form by May 18th. Should you want to receive payments in Canadian dollars, you do not need to take further action. Any seller who doesn’t complete their registration form by May 18th will continue to receive their payouts in Canadian dollars.

I didn't want the MP (exchange fee) so I never register.

I did not took further action so my payout currency should be CAD.

Now I got registered with USD as my payout currency by Ebay itself!

Note that my original account is .com as .ca didn't exist back then. My store is also on Ebay.com. But I am Canadian with only a Canadian Credit Union account.

I never did this: https://pages.ebay.ca/seller-centre/fees-payments/usd-payouts.html

So when it says "If you link a bank account that is denominated in a different currency than your payout currency by mistake, you can use the back button to return to the previous page and edit your information." I have no idea wich "back button" it is are talking about.

So now my USD funds are accumulating, no payout can be done as it's USD and my bank account is CAD.

I tried support and explain the same to 5 differents workers (even though they are suposed to read the previous part of the conversation), none knew what I was talking about. All they do is going through Ebay's pages as if I didn't do that already!

So I guess the option is let that funds accumulate in between... I know theses funds can be used to refund but I do not believe they can be used to buy, it would be too great,like a new Paypal within Ebay.

Keven Noel

[byto253]

That is truly bizarre.  Have you been able to get in touch with a Managed Payments specialist?  From what I understand there are the regular phone reps and there are specific ones for Managed Payments.  

At the bottom of the Managed Payment registration information page there is a link to contact them with any questions, which is a call back request button (link below).  If you have not, try contacting them that way as you should get an MP person vs. a general rep.   Best of luck. 

https://www.ebay.ca/help/selling/getting-paid/introducing-managed-payments-ebay?id=4795&st=3&pos=1&q...

[arteis]

First person:

I will have to let the specialized team handle this one Keven.

Second:

I will need to transfer you to the specialized team, experts on this matter, since we want to proper assist you with your issue. It won’t take more than 2 minutes in line. Is this okay for you? Thanks for contacting eBay and have a great rest of your day. I will transfer you now to manage payments department.

Third: 

Keven the billing team would be able to change the currency on your account, I could transfer you now so they can look into it for you, is that ok?

Fourth:

Please stay connected while I transfer you to my colleague who will assist you further. This may take a few moments, thank you for your patience.

I didn't logged anything from #5 and gave up when she wanted to transfer me to #6.

I will try the method you gave me, thanks for answering so quickly,

Keven Noel

[reallynicestamps]

So now my USD funds are accumulating, no payout can be done as it's USD and my bank account is CAD.

Why are they accumulating and where?

If you gave a Canadian bank account in USD, you can move money from that to your CAD account, paying currency exchange.  Some banks may also have a fee (Royal Bank /RBCBank does not.)

If you gave a US bank in USD, you can get the money the same way you did with your PP account.

If you gave a Canadian bank in CAD, MP will do the currency exchange before depositing. I understand they will also charge 3% of the payment for this.

[arteis]

You are right, getting support from that link gave me access to a better support person.

He still could not help me but I could see that he knew what my problem was and he knew what he was talking about and mostly he DID read the transcript and didn't ask the same questions!

[arteis]

It accumulate in the 'Processing' account.

It's been 5 days that I'm with MP and not a cent got deposited in my bank account... Maybe it's a matter of time, we will see.

After you sell, you have few days to partly refund (for shipping adjustement for example) using the funds not being processed yet. Which is great, I wouldn't want my buyers to wait for more than a week (time for funds to be withdraw from bank account) for a small shipping cost adjustement.

Keven Noel

[arteis]

I gave a Canadian bank in CAD but the payout is setup to USD. So when a sales happen in Ebay.ca, the system change it to USD (3%) and when the payout will happen (if it happen) the system will change it back to CAD (3%). Good way for them to flip my money and grab 6% of it. Ebay became like banks, capable of making money out of thin air!

Keven Noel

[hlmacdon]

Everything I've read they refuse to change the payout currency once you are setup and direct you to open a new selling account instead. Sounds like your best bet would be to open a USD checking account with a Canadian bank and then direct payments to that. My bigger concern here is that they have put you under the US managed payments system meaning your account will never pass verification and your funds will be stuck in limbo. Seems to be a lot of with older ebay accounts that have our country of registration set as US as we setup our accounts on .com before .ca was a thing and they are trying to pull us into the US managed payment system. What a mess.

[blackranda2]

I have been following many of these comunity boards about managed payments and am appalled by how many problems members are having trying to sign up for it.  And also about how many problems members have had even after they have signed up.  It appeared they had signed up successfully and then the glitches started happening.  Yes there have been some who have signed up and all has gone okay but seems for every member who has done it successfully without any issues there are about 10 more who are having issues. Now this may well be that the ones who are having problems are on the boards more often because they have had problems and want someone, anyone to help them fix it since eBay doesn't seem to be much help. Which leads me to believe there are a lot more problems out there than those that have been posted and they, eBay are overwhelmed. 

So eBay if you are wondering why I haven't signed up yet it is because all the uncertainity about this new systems scares the **bleep** out of me!! The big problem is once you are opted in you can't go back. There is little, if any consistent information about how it in reaity actually works.  I  didn't get to where I am in life by blindly doing everything I am asked to without questioning everything about it first.  So if that is not good enough for you and you remove all my listings so be it.  My life will go on without you and yours will go on without me.  And no doubt many others as well.

[ssales12]

Just another example of Ebay's fantastic support for the sellers (customers? -maybe one day) that generate revenue for Ebay.  This is a disgraceful organization that should be disrupted right out of business.  Screwing your customers is a business model that should fail miserably, and this one is the prime example.

[musicyouneed]

I originally though that ebay would pay out in both currencies with MP when I registed and they put me on USD.  Now I am stuck with with USD payouts.  If I would have known I couldn't have both I would have changed it to Canadian payouts.  I have another account which I will use for my Canadian $ listing.  What a mess. 

[blackranda2]

The beat goes on. More and more members every day having major issues with this setup. Time to wake up and smell the coffee!

[arteis]

Unfortunately it looks like you are right, still haven't received a cent from my sales after 11 days!

On a positive note, Ebay paid itself the monthly fee using these funds! Even when they say that the held fund cannot be used to buy on Ebay. It feel good to ONLY lost 3% for the portion used to pay the monthly store subscription fee (versus loosing 6% as I do not need to reconvert that portion to CAD)

As I mention, I am ready to leave the money accumulate there untill I open a US bank acount for 1 month once per year to transfer the year worth of selling at the right moment (USD high) but the balance of held fund doesn't show up under "Held" or "Processing" tab of the transaction page anymore, it all shows up under Available but without a balance showing, I have to manually add each amount to know how much I have there. I sold for about 220USD but 91USD to pay the monthly fee.

On a side note, my monthly fee shows as two seperate payments, one of 22.24USD for June 6th - July 15th and one of 68.94USD for June 16th to July 16th, does anyone know why?

Keep posted for update next week,

Keven Noel

[lotzofuniquegoodies]

@musicyouneed 

If you want to get paid in 2 currencies currently the only way is 2 distinct stores with 2 store fees and 2 sets of varying FVF's and then forfeit any feedback you had built up opening that new store. Music'd if you do and Music'd if you don't!!

-Lotz

[arteis]

I finally stumble into "Your Financial Summary" page that show me the balance of my available funds.

I could also see that in the 'payouts setting' that my bank is not setup which exmplain with my funds is stuck.

But when I try to add a checking account the Update button is grayed out so my only option is to click Cancel.

It's strange because when I go to 'payment' from the 'account' link, I can see my bank setup properly to be use for payouts.

Keeping on searching a way out of this mess,

Keven Noel

[marnotom!]

I think you’re going to have to call again and ask the Managed Payments customer service rep to either re-enter your bank account information on their end, or clear the bank account information eBay has so you can re-enter it yourself.

For some reason, bank account information doesn’t always “take” the first time it’s entered.

[arteis]

I did re-enter my original (Canadian fund) account and it did trigger Ebay to send payouts.

But as the payouts are in USD and the bank account in CAD, the payouts bounce back with a message about trying it again later. At that point I already had an appointment to get a USD account. Eventually the payouts bounced a second time and are now blocked. I got my USD bank account setup today as it seems it's the only way to get my money from Ebay. To me that is borderline illegal, unless it is written somewhere in small character that Ebay have the ownership of the money we make untill it is given to us. Hopefully it's not the case, Ebay could decide to keep my $700.

I wonder what would happen if I would hold it until Ebay owes me $20 000, enough to sue them.

I whish someone would try it,

Keven Noel

[marnotom!]

If your payouts are now being made but are bouncing and now blocked, this sounds more an issue with your bank that it does an issue with eBay.  Another user posted here today saying that they've had no problems with having their USD payouts converted for depositing into a Canadian dollar account.