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  • #990816
    Ray53
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    I want to extend my business to the rest of the world. Is there a simple way to receive payments in foreign currencies, and keep the amounts in the currencies in which it was paid.

    #1178698
    Past-Member
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    In PayPal you have options to have different currencies. You will require their Business Account.
    eg if paid in USD it goes into a USD section. If paid in AUS it goes to the Australian section.

    Note that according to the ATO you have to convert monies at the same time consistently when declaring income to them. PayPal provides a conversion (or value too).

    I don’t know much about it. I just know that this is how it works in simple terms.

    Someone else may be able to clarify more.

    #1178699
    Ray53
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    I can not use Paypal

    #1178700
    LucasArthur
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    Ray53, post: 208205 wrote:
    I can not use Paypal

    If you can not use paypal i think you may encounter a tough time, well its not going to be as easy as using paypal i mean. Not advocating paypal, just they have the online side of things and international stitched up pretty well.

    There are some online payment teams, who have posted in this forum before, that do online payments although i am unsure as to how international currencies would factor into this…

    Curious as to why you cant use paypal though?

    Cheers
    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1178701
    Ray53
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    I had a Paypal account in the past and for some unstated reason they limited my account (which they do) and blocked my funds with out explanation (which they do). I fought to get my money back and won. They closed my account and wont do business with me again. Apparently they like to take someones money and they don’t like it when the person fights back

    #1178702
    LucasArthur
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    Ray53, post: 208214 wrote:
    I had a Paypal account in the past and for some unstated reason they limited my account (which they do) and blocked my funds with out explanation (which they do). I fought to get my money back and won. They closed my account and wont do business with me again. Apparently they like to take someones money and they don’t like it when the person fights back

    Ah, ok..

    I see said the blind man to the deaf woman :)

    Yeah can be a little frustrating, depending on industry and how set up, if this occurs.. I recall we were locked out for a few days due to an oversight from PayPal and couldnt access our funds either, although was resolved rather quickly and explained correctly so i was ok with it.

    Have found in the past that a fair bit of the issues are from how the accounts are set up :( and Australian Regulations for anti laundering (behind the scenes as this is never actually explained – eg you deposit $10k into a bank here in Aus a report is provided to the govt/bank internal to track)…

    Sorry to hear this is not a solution for you though, hopefully another merchant facility will be recommended.

    Jason

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1178703
    arrowwise
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    Ray do you have a merchant account with your bank?

    If you do you can connect it to a payment gateway that supports different currencies. In may cases for example, a customer paying in USD will pay the converted amount in Australian dollars in order to settle into your account like a local payment.

    Why isn’t paypal an option? and how critical is it that the customer is charged the exact amount versus a closely converted AUD price.

    #1178704
    iWin
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    Ray53, post: 208182 wrote:
    I want to extend my business to the rest of the world. Is there a simple way to receive payments in foreign currencies, and keep the amounts in the currencies in which it was paid.

    If you know in advance which currencies you need to support, then yes.

    Simply open accounts with your bank denominated in those currencies. Any reasonably international bank will be able to do so easily. I use HSBC, but a quick check of Comm. Bank’s website shows they have “Foreign Currency Accounts” too in 15 different currencies.

    I use a global bank because they have local payment gateways all over the place, so there’s no need to do international transfers to pay/receive using the foreign currency (e.g. I can use Fedwire in the USA which is the USA’s national inter-bank payments network, without paying the $25 international transaction fee for using the SWIFT network).

    edit: I’m guessing you already know this given your question – having foreign currency accounts allows you to hedge against the risk of currency fluctuations. If you think the AUD will fall more, keeping the foreign currency rather than exchanging it will also increase your profits. Of course, if the AUD rises, the inverse is true.

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