Managed payment,what currency will be deposited

[Jam918]

If I sell things in the UK,the income is in pounds.

I added a Canadian bank account, the currency is Canadian dollars，what currency will be deposited in my bank account.

[rsot]

Canadian dollars will be deposited if the account accepts foreign transfer (there will be a conversion)

[sqrl57]

I only list on ebay.com which lists in USD, would you recommend opening up a bank account that accepts USD. Not sure how the conversion will be if I choose CAD as my payout compared with PayPal with the conversion and additional fees listing in USD.

[rsot]

Originally Posted by Gill789

I only list on ebay.com which lists in USD, would you recommend opening up a bank account that accepts USD. Not sure how the conversion will be if I choose CAD as my payout compared with PayPal with the conversion and additional fees listing in USD.

Personally, I prefer that none of the net platforms (pp, eb, az, etc) do the currency conversion since they are never know to give decent conversion rate - I'd keep the money in the original currency funds to deposit whenever possible

[agent006140]

Originally Posted by rsot

Personally, I prefer that none of the net platforms (pp, eb, az, etc) do the currency conversion since they are never know to give decent conversion rate - I'd keep the money in the original currency funds to deposit whenever possible

does he have a choice-keeping the original currency?
MP is not like Paypal,it does not hold on to your fund until you wish to transfer.

[sqrl57]

Originally Posted by rsot

Personally, I prefer that none of the net platforms (pp, eb, az, etc) do the currency conversion since they are never know to give decent conversion rate - I'd keep the money in the original currency funds to deposit whenever possible

How does the micro deposit option work with ebay? Is it similar to paypal where they deposit money into your account to confirm with the code. Also, do you need an existing balance in the account?

Thanks

[rsot]

Originally Posted by Gill789

How does the micro deposit option work with ebay? Is it similar to paypal where they deposit money into your account to confirm with the code. Also, do you need an existing balance in the account?

Thanks

Similar from what I have had happen - yes. While you would NOT NEED an existing balance, it looks better to the bank optics side rather than having a zero account

[agent006140]

Originally Posted by Gill789

I only list on ebay.com which lists in USD, would you recommend opening up a bank account that accepts USD. Not sure how the conversion will be if I choose CAD as my payout compared with PayPal with the conversion and additional fees listing in USD.

if you have a BANK account in US $,and MP can deposit the fund into that account,then you have no conversion fee.
Can you open a Canadian bank account in US$?

[Amelia_holland]

Originally Posted by Jam918

If I sell things in the UK,the income is in pounds.

I added a Canadian bank account, the currency is Canadian dollars，what currency will be deposited in my bank account.

If your sales are in pounds but your bank account is in Canadian dollars, the payment will be converted from GBP to CAD before it’s deposited. The exchange rate and any conversion fees depend on your payment processor or bank.

[agent006140]

Can Canadians open a US $ ACCOUNT with his local Canadian bank?
In Hong Kong,you can open a bank account in Yen,Euro,US $ and HK $

[rsot]

Originally Posted by agent006140

Can Canadians open a US $ ACCOUNT with his local Canadian bank?
In Hong Kong,you can open a bank account in Yen,Euro,US $ and HK $

Just for you to understand - and not as as a reply to a 4 year old thread - Canadian banks do allow ppl to open accounts in numerous currencies - USD, Euro, and major currencies. I don't think all Canadian banks will let you open Yen and HK$ but some might.

However, the use of a different country-related currency-based bank account for MP might not be possible e.g. if your account is Canada-based, MP might only accept Canada-based bank to accept funds in CDN $.

Maybe other ppl have had other success...that'd be good to know.

[agent006140]

It may have t o do with central banks clearing with each other,if you said you are in CAnada,and you sell on Ebay USA,the sales venue /MP assumes you have a Canadian bank,so it sent your fund to our central bank which is the Fed,which sends to the Canadian central bank which then deposit the fund to your bank.
I am not aware a US bank can directly clear with a foreign bank?

[rsot]

Originally Posted by agent006140

It may have t o do with central banks clearing with each other,if you said you are in CAnada,and you sell on Ebay USA,the sales venue /MP assumes you have a Canadian bank,so it sent your fund to our central bank which is the Fed,which sends to the Canadian central bank which then deposit the fund to your bank.
I am not aware a US bank can directly clear with a foreign bank?

Central bank in Canada doesn't work like this - MP sends the money directly to the bank which operates the bank account. Incorrect idea on this agent, just to clarify.

[agent006140]

Originally Posted by rsot

Central bank in Canada doesn't work like this - MP sends the money directly to the bank which operates the bank account. Incorrect idea on this agent, just to clarify.

Before it can send the money to a Canadian bank,MP must have a US bank to receive the sales proceeds from either the buyer US bank account or US cc issuer in US dollars.
Then it sends it to its Canadian bank account where it would distribute the fund to different Canadian sellers bank accounts.
The conversion from US $ to Canadian Loonies,could take place in US or Canada.
I dont see how it can pass money from a US bank to a Canadian bank without a middleman,unless you are running a certain operation where you just carry bags of money and walk across the border!
There is something 'incestuous' between the Canadian Central Bank and our Fed Reserve bank,I have to read up on it,it is not something we share with say,Mexican Central Bank

[rsot]

Banks use networks - e.g. SWIFT, etc - meh, all about making things more complicated than need me in order for 1) monitoring and 2) ...of course...fees, making money off of business

[agent006140]

How do you think SWIFT work??
Also wire transfer is not free,there was a time Paypal was charging wiretransfer fee for transactions involving some countries!

[rsot]

I know how SWIFT and these other global payment systems work - it's interesting to read about but since I don't work "in those systems", it's not relevant for me to dive deeper and deeper. You should read about it

And yes wire transfer is not free - if you have good relation with your bank, they can waive fees but anyhow, it's all about relationships and your status as a client

[agent006140]

domestic wiretransfer could be free with certain accounts but not intl /
Come to think of it.an ex colleague of mine once told me clearing thru the FeD was then 15 or 10 cents per transaction,so several large banks in NYC -Citi,JP Morgan(now Chase),Chemical ( now no more),Dime Savings,Manufactuer Hanover (no more ) figure most of these checks are among themselves,so they form a company just to handle these transactions and it would only cost them a nickel.
So it is possible to clear without going thru the Fed.
I dont know what happens now,only 2 of the above 5 banks still exist.

[rsot]

Banks do make a killing profit charging the cost of wire transfer to the client - insane markup.