UK Business selling to US customers - Advice please

[Dannyeo]

Hi there

I'm after some advice on using Paypal Payments Standard for my UK based business that sells to US customers in $US, particularly in withdrawing funds from Paypal into my sterling business account.

From what I can ascertain I will have to pay exchange rate conversion fees of around 3% to withdraw funds from Paypal into my UK sterling account.

Given that I have already paid a 3.4% Paypal commission charge, I'm then faced with another 3% exchange rate conversion fee, which comes to a wopping 6.4% of my revenue.

Has anyone got any advice on how best to proceed? (Surely I'm not the only UK business out there using Paypal trading to the US in US$?)

I've thought about opening a UK based US$ account with my bank but I'm told that won't make a difference and I'll still be charged the extra 3% exchange rate conversion charge.

I'm also looking at opening a US bank account in the USA (with HSBC) which I hope may help things? (anyone wth any advice on this and wether it solves the issues I'm facing)?

Thanks very much

DY

[atifdarr]

Hi

I am in the same situation and opened up a UK based US$ account to resolve the issue, but as far as I can tell Paypal still wants to convert the US$ funds to GBP if the account is UK based.

Did you find a resolution to this? 

Did you open up a US Based account?

Do you also deal in Euros?

[atifdarr]

I have had a good look through the forums and I beleive paypal place restrictions on allowing members to withraw funds in the originating currency. 

I think the best solution is to watch the markets and use your US$ or Euros to buy Sterling when it is cheap!

What do you think?