Sales and Covid-19

[rosscd57]

I was having my best four months ever (I only sell 5 months a year)  and it just quit.

Then the US woke up re: Covid-19 - not one sale in the last 2 weeks.

eBay thinks people staying at home will increase sales.

My wife thinks people just don't want to spend their money right now. (I think she's right)

Anyone else want to pitch in?

I transferred a large amount of money to my Bank Account from PayPal last week - wish I had waited. Then I thought - the dollar is low and lots of Canadians are going to suffer so.................. no grousing.

[jdj53]

I’m still buying during this time, mostly sterling silver flatware and hollowware. I’ve been finding some good deals, with many sellers offering to work out reasonable prices. I guess I’m like Warren Buffett, when everyone is selling, I’m buying. But, I do have two caveats at the moment. I am only buying from Canadian sellers, and only with sellers listing in Canadian dollars. I don’t feel like getting ripped off with the sinking dollar, and PayPal conversion fees.

[reallynicestamps]

Yes buying in Canadian dollars is makes a lot of sense right now.

In January the loonie was trading at 77 cents on the US dollar. Today it's at 70cents.

If I buy something in the thrift store (when they reopen) for a loonie, and sell it for $10USD - that's an improved markup of $1.27 if my always erratic arithmetic is correct.

Which pretty well covers my fees.

OTOH- all my sources are closed and I have to start into the boxes of less interesting stuff.

[dalo_3067]

I was wondering if it is still like this for you.

[espanada]

Thanks for this post! With time on my hands, I was planning to continue with downsizing and cleanup campaign. However this thread has convinced me to hold off on eBay for a while.

I noticed you move funds from US $ to Canadian $. My wife started teaching online and is accumulating funds in $US Dollars in PayPal Account. Being Canadian, she pays an exorbitant amount of her earning to PayPal if she withdraws her US funds to her Canadian bank account.

I was curious if you had a better strategy for this. Do you move funds within PayPal or outside PayPal? Thanks for any help you can offer.

I see also you are a stamp dealer on eBay. This has inspired me to discuss my father’s collection. He is in his 80s and I’ll likely have to deal with his collection anyway someday. Might be a good time for me to help get his collection ready for eBay.

Thanks for any help you can offer.

Bruce

[ricarmic]

Hi! 

I'm not sure what piece you are referring to whether it is in this thread or others.

If you've read some of the other threads more recently, I think it is safe to say that I was wrong, I should not have extended my "once a vacation" week to a month of shut down.

At this moment I have ZERO actual losses from the 170 items I shipped in March before I shut down. I do still have possible MIAs that haven't ever responded to me, but no cases either. The only one that did open a case received it and repaid me.

I reopened on April 17th and in my (stamp) world, it is very very busy. I had maybe the most items ever shipped on a Friday yesterday.

I use XE trade to move the $$$ across, it saves somewhere in the range of 2% or more over the best rate I was getting from my bank, and more than that from PAYPAL. In a minute I will see if I can refind the thread that has all the stuff on it. (Note though that XE requires a US$ bank account here or in the USA, you cannot move money from PAYPAL via XE, see the thread).

[ricarmic]

Here is the thread with the XE stuff. 

https://community.ebay.ca/t5/Seller-Central/How-to-avoid-PayPal-US-to-CAD-convertion-fees/td-p/43257...

[ricarmic]

I see I didn't mention the selling stamps part.

There are many many ways of selling stamps, my way is different from other sellers, we've all found our own way.

Its taken me over 42 years to figure out what I'm doing today, what I'm doing next month will likely change as the environment changes and collector tastes etc change.

That's the long way of saying there isn't an easy way for me to tell you what to do, it is best to see what other stamp sellers do and emulate the one(s) that you like or see doing the best. 

[ypdc_dennis]

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@espanada wrote:
... My wife started teaching online and is accumulating funds in $US Dollars in PayPal Account. Being Canadian, she pays an exorbitant amount of her earning to PayPal if she withdraws her US funds to her Canadian bank account.

---

PayPal allows you to keep money in different currencies.

First move the US$ to the Canadian balance. Then move the Canadian funds to a Canadian bank account. This saves some money on the paypal exchange fee.

-..-

[jt-libra]

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@ypdc_dennis wrote:

First move the US$ to the Canadian balance.

-..-

How exactly do you do that?  The instructions say: 

1. Go to Wallet.
2. Click Convert currency below the currency you want to convert.
3. Enter the amount you want to convert to and click Next.
4. Review the information and click Transfer.

Problem:  Step 2:  There is no "Convert Currency" option.

---

[reallynicestamps]

@espanada 

It might be worthwhile for your wife to enquire at the Royal or TD banks about setting up a RBCBank  or TDNorth account.

These are American banks affiliated with the Canadian banks. They are often used by Canadian businesses who sell in US dollars and by snowbirds (remember those?).

The idea is she puts her U$payments into the American bank, moves it to a US dollar account in the Canadian bank, and then moves the US dollars from her Canadian US dollar account to her Canadian Cdn dollar account.

This saves one set of foreign exchange fees, since the Royal Bank (and possibly the TDCanada Trust) does not change US dollars moving from the RBCBank to the Royal Bank of Canada if both accounts are in US dollars.

It's a little complicated.

I am going to lie down now with a cool cloth over my eyes.....

[ypdc_dennis]

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@jt-libra wrote:

---

@ypdc_dennis wrote:

First move the US$ to the Canadian balance.

-..-

How exactly do you do that?  The instructions say: 

1. Go to Wallet.
2. Click Convert currency below the currency you want to convert.
3. Enter the amount you want to convert to and click Next.
4. Review the information and click Transfer.

Problem:  Step 2:  There is no "Convert Currency" option.

---

Click on the the 3 vertical dots next to the currency (right side).

You may need to "Add a currency" first if you do not have Canadian and USA balances already set up.

Those instructions are for the old paypal screen layout.

[jt-libra]

Thanks very much.  The 3 dots, of course, I should know that by now.

Thanks again.

[haroldgauvin]

Hello,

my sales has dropped by 80% from mid-March to mid-April and an extra 10 % from mid-April to mid-May. 

HG