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PayPal For Dummies by Marsha Collier, Victoria Rosenborg

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Chapter 13

Accepting Payments in Multiple Currencies

In This Chapter

  • Understanding conversion rates
  • Selecting a currency
  • Managing currencies in your PayPal account
  • Organizing your currency conversions
  • Automating currency conversions
  • Transferring between currencies
  • Withdrawing from a currency account
  • Adding currency information to your Web site

Each year we go to England to visit my husband's relatives. After each trip, my daughter comes home with a couple of pounds (leftover pocket money she didn't spend). It's a small amount, so we don't bother converting the pounds back into dollars. The pounds get lost at the bottom of her dresser drawer, useless unless she remembers to look for them before our next trip to England.

When you get paid in a different currency, thanks to the PayPal currency conversion services your money can avoid my daughter's “dresser drawer” fate (and you don't need to drive to the bank to exchange the money!).

Picking a Currency

PayPal lets you pay, or accept payments, in U.S. dollars, Canadian dollars, pounds sterling, euros, and yen, making it easy to buy and sell globally. PayPal has plans to add more currencies, including Australian dollars, in the future. Depending on the settings in your PayPal profile, currency conversions are done automatically, or you can decide which currency to use at the time you're making a payment.

What's the current currency rate?

XE.com has a Universal Currency Converter tool which lets you see the midmarket exchange rate. ...

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