 HK Company/HK Company Bank Acct
Hey guys,
I have a Hong Kong company and a Hong Kong HSBC bank account. I'm going to be starting business soon; I haven't opened my Paypal and have some questions if you could kindly advise me, please!
The main thing I'm looking to do is avoid massive fees. My customers are almost all US/Europe, and, naturally, cannot pay in HKD without converting first.
So, what is my plan of action here to get the lowest fees possible?
1. Should I denominate in HKD or USD (or Euros for that matter)?
1b. If I pick a "main" currency when I sign up, can I switch it later, and what are the implications of picking the currency?
2. Even though I can get a bank account that's denominated in USD in Hong Kong, Paypal has told me countless times that if I withdraw to a US bank *outside the US,* I will have to pay all those nonsense conversion/international/etc fees regardless. Is there a cost-effective way around this?
3. What do "international" sellers -- let's say anywhere not based in a USD/Euro country -- whose primary market is USD/Euro-denominated Paypal customers, do to avoid cross-border fees, international fees, conversion fees, Paypal-can-suck-my-ballpoint-pen fees, etc.?
3b. What are the "bare" fees in my situation (i.e., conversion fees are unavoidable, put perhaps cross-border fee can be avoided by X, Y, or Z)?
3c. If these fees are unavoidable, what is the accepted "etiquette" for conversion fees, making the customer pay the conversion at checkout, eating it yourself somehow?
4. Kinda unrelated, but out of curiosity, do you guys have your customers pay Paypal fees or do you? I'm kinda thinking I will, just cuz no one likes to see a listed price and pay something different,
5. Any other experience you guys have with this currency exchange rate stuff that might help me or anyone who comes across this.
Thank you!
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