Accept foreign currency so when converted I receive the amount I am charging.

[TT7051]

Is there a way to accept foreign currency, charging the customer their currency amount so when converted, the payment received on my end is approximate to the US dollar amount I am charging. In some countries, their exchange rate is quite a bit different. When converted, the US dollar amount I receive after conversion is much lower than the US dollar amount I am charging. Thanks for any assistance.

[PayPal_Olivia]

Hi @TT7051,

Thank you for your post! If you would like to accept payments in currencies other than the default currency in your country, you can manage currencies in your account and add other currency balances. Each balance is managed separately. If, for instance, you accept a payment in Euros and have a Euro balance, you could make a payment in Euros and it would draw from that balance. If you made a payment is USD, it would not draw from that balance. If you opt to withdraw the funds, they would have to be converted to the local currency during withdrawal.

To do this, click to view the details of your balance, and then click to manage the currencies.

I hope this helps!

Olivia

[TT7051]

I appreciate your suggestion. My issue is that if I am receiving payment from another country that might have an exchange rate of say 75%. I charge $50USD for an item. When their payment comes through after the foreign country exchange rate, I only receive roughly $37USD, not the $50USD I would receive if someone were buying in US dollars. Is there a way that PayPal can charge them their currency equivalent so that I receive $50 USD upon payment? Thank You.

[PayPal_Olivia · Accepted solution]

Hi @TT7051.

Great question! When you set a price of $50 and they pay that price, the currency exchange is happening on their end at their expense, if there is one. The only fees that you should be charged in that payment would be the transaction fee and the cross border fee. If they're sending a payment in a different currency and then you're accepting that payment and approving a currency exchange, then you would be paying the currency exchange as well. 

The solution here is that the sender should only be sending you USD payments. If you're sending an invoice or money request or using a button, you have control over this and can specify a USD amount. If they're originating the payment on their end by putting in the amount to be sent, they have control over this and are likely putting it in with the currency they use instead.

I hope this helps!

Olivia

[TT7051]

Thank you for this added explanation. That really helps and knowing that the foreign buyer has the option to pay in the currency requested by the seller is good to know.