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Webshop and bank account for sterling?

  • 15-10-2009 4:05pm
    #1
    iddy
    Closed Accounts Posts: 41 ✭


    Hi
    I was thinking of setting up 2 webshops - 1 priced in euro for Ireland and the other priced in sterling for the UK. Does anybody have any experience of something like this? legalities or otherwise?
    I remember somebody telling me that its possible to open a sterling bank account, anybody have any idea of the charges etc associated with this? (My suppliers are all UK based so I'm trying to avoid getting hit twice with exchange rates)
    I have a limited company registered in the Republic of Ireland but not yet registered for vat.
    Thanks


Comments

  • #2
    TheWaterboy
    Registered Users, Registered Users 2 Posts: 379 ✭✭TheWaterboy


    You dont need to open a UK bank account. Your payments provider (Realex, WorldPay) etc can provide you with multi currency payments so it allows you accept euro or sterling on your website. It will then be transferred into your account in Euros.


  • #3
    podgeen
    Registered Users, Registered Users 2 Posts: 1,176 ✭✭✭podgeen


    TheWaterboy wrote: »
    You dont need to open a UK bank account. Your payments provider (Realex, WorldPay) etc can provide you with multi currency payments so it allows you accept euro or sterling on your website. It will then be transferred into your account in Euros.
    This is not quite correct. Typically your payments service provider can process payments in any currency once it is supported by your acquiring bank where you have your merchant services agreement with (also referred to as an Internet Merchant Account).
    If you are applying for a new Internet Merchant Account then you can select both EUR and GBP as the currencies you wish to support. If you already have a Internet Merchant Account for Euro transactions then you can get GBP added to it. You will be issued with a merchant ID for each currency you want to support. You will also be required to create a hold account with your bank for each foreign currency.

    Do you already have a merchant services agreement?

    Dave


  • #4
    iddy
    Closed Accounts Posts: 41 ✭iddy


    podgeen wrote: »
    Do you already have a merchant services agreement?


    I was planning on using paypal for the moment. i'm just trying to figure out the best way to set this all up. if i buy stock in sterling and pay for it in euro i have to pay exchange rates. i'm just trying to see if i can cut down on charges for example if someone buys in sterling.

    am i explaining this clear enough? or am i totally on wrong track?


  • #5
    MOH
    Registered Users, Registered Users 2 Posts: 6,465 ✭✭✭MOH


    Helpfully, PayPal's multiple currencies FAQ page is broken.
    These two pages might help a bit.

    It looks liek you can maintain balances in multiple currencies - it's not clear though whether you can do anything with them apart from converting them into your primary currency, though at a guess I'd say you might be able to use funds from a GBP balance to make a GBP Paypal purchase.


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