My Paypal Account...CAN / US ?

[towertreasuretrove]

I've had a Paypal account in US since I first started and I'm wondering if that is the right account to have if you are selling on both .CA and .COM. as I am now. I notice 2 amounts on the home page now..something like this....

$12.34

$56.78 CAD

I get that the amounts are the denominations I got paid in...and that the total above it is in $US but it's confusing. Is there something I need to know? Thanks in advance....

[ricarmic]

You can have several different currencies maintained in any PAYPAL account, so where it is located doesn't matter.

They will show you the various totals in the various currencies, and the grand total converted to US$ or $C depending on your site/default currency.

Moving money between currencies will cost you money so only move it when you need to.

I normally have balances in US$, $C and Euros because I use that to buy as well.

I'm not sure I caught your question, let me know if missed it....

[recped]

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@towertreasuretrove wrote:

I've had a Paypal account in US since I first started and I'm wondering if that is the right account to have if you are selling on both .CA and .COM. as I am now. I notice 2 amounts on the home page now..something like this....

$12.34

$56.78 CAD

I get that the amounts are the denominations I got paid in...and that the total above it is in $US but it's confusing. Is there something I need to know? Thanks in advance....

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It shows the total in US Dollars because that is what you have set as the "primary currency". If you change the Primary to CA$ then the total will show in CA Dollars.

Changing the primary currency doesn't affect your account, ability to receive payments or anything else. All it really means is if you receive a payment in a currency you have not set up to receive it will be converted automatically to your Primary Currency.

If you only sell in US or CA Dollars the only way to receive another currency is via Send Money.

I have a couple of UK Pounds showing in my account, it's because about 10 years ago a buyer sent me a bit of UK Sterling to cover a shipping add on.

I've just let it sit there in case I needed to send someone a couple of Pounds or until I get so desperate that I would need to convert it to CA Dollars. What may happen is eventually I'll donate it to Wikipedia as I did with a small amount of Euro's that I had in my PayPal account.

[ricarmic]

Regarding this:

Changing the primary currency doesn't affect your account, ability to receive payments or anything else. All it really means is if you receive a payment in a currency you have not set up to receive it will be converted automatically to your Primary Currency.

I initially missed the comment about setting up multiple currencies. Yes one has to do that first, once multiple currencies are set up:

If someone pays you in $C it stays in $C until you move it, if someone pays you in US$ it stays in US$ till you move it.

The "total" amount shows the total in the "primary" currency but it hasn't moved the money to that currency.

PS yes I too have 43.88 sterling pounds I got years ago, someday I should probably move it, of course 2 days after I do, I'll be wanting to buy something in pounds!

[ichopshop]

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@towertreasuretrove wrote:

I've had a Paypal account in US since I first started and I'm wondering if that is the right account to have if you are selling on both .CA and .COM. as I am now. I notice 2 amounts on the home page now..something like this....

$12.34

$56.78 CAD

I get that the amounts are the denominations I got paid in...and that the total above it is in $US but it's confusing. Is there something I need to know? Thanks in advance....

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No?

Ian

[femmefan1946]

Do you also have an account with a US bank?

Not a US dollar account with a Canadian bank, this has to be a US licensed bank.

If so, you can add that to your Paypal account and deposit all your US dollar payments there with no currency exchange fees.

If you use RBCBank (some sort of subsidiary of the Royal Bank of Canada) you can also move your RBCBank money into a Royal Bank US dollar account without currency exchange fees.

You will still get charged if you move from a US dollar account to a Canadian dollar account, but you skip the "US to Canadian back to US" folderol that you otherwise have to put up with.

[skylarstuff]

Just an FYI, everyone can have US dollars and other currencies in their account.  But in order to have a USA pay pal account you need to have a USA address and USA Bank.  Since pay pal no longer allows Canadian to have a Pay Pal debit card.  The big advantage of a USA pay pal account is that you can have a Pay Pal matercard debit card which can then be used in person or to shop online where pay pal is not accepted.  But mastercard is, which is the credit card used on pay pal cards.  Also a number of USA sellers will not accept payments from Canadian pay pal users, only USA based accounts.