paypal primary currency

philstar

Hello..

Im new to paypal, and im just wondering which currency should be set as my primary currency??

I mean when it comes to the exchange rate is there any advantage of having it set at US dollars or euro??

Thanks Phil.

Vikings

Depends on what currency you do most business in, for example if you buy from ebay.co.uk most then go with GBP, it you however use ebay.com more then you should use USD. You can have as many different currency balances as you want though.

philstar

well most of the stuff i buy on ebay would be from the uk...

but from to time to time i sell items the buyers would be from either uk or ireland

so having it set for GBP when i transfer my funds from paypal to my bank account will it be to my gain??

philstar

has anyone got an answer to my above question??..please

Vikings

You kinda answered it yourself... if most of your transactions are in GBP it makes sense to make that your primary balance. You are going to be stung with conversion fee's etc every time you change from one currecny to another so it is best to minimise how many times you have to do that.

philstar

so does that mean i should be selling in GBP on ebay to make maximum benifit of the conversion rates??

and even though im a resident of the irish republic am i allowed??

Vikings

Yeah there is nothing stopping you, you can have Japanese Yen as your primary currency if you want.

If you sell mostly to UK buyers then yes by all means sell in GBP as you will not be converting funds after every purchase.

The less conversions made the better it is for you, so use whatever currency you do most business in.

philstar

Mustangs wrote:

The less conversions made the better it is for you, so use whatever currency you do most business in.

now i don't mean to be flogging a dead horse about this...

ive set my primary currency to GBP

so seeing that the exchange rate favours the pound over euro...when i do a credit transfer from my paypal account to my bank account i will gain the difference...yes??...or do paypal take a slice of that??

Vikings

Well when you need to withdraw to an Irish bank account it will have to be done in Euro, so whatever balance is in your account will be transferred to Euro then and sent to your bank.

The exchange rate will be whatever the PayPal exchange rate is on the day you withdraw. I can not say for certain what it will be or how much of an advantage you will gain by doing it that way but the less conversions you make, the less chance you have of losing out on anything.

philstar

thank you mustangs, yr advice is appreciated