Hi! I'm currently building my webstore but I am confused whether to accept only US dollars for all transactions or to accept other currencies. I am targeting international customers and initially, I will be using Paypal.
I am thinking that accepting multiple currencies may be disadvantageous because Paypal will first convert other currencies to US dollars with a lower conversion rate. I would then receive a lesser amount in US dollars. Then I have to withdraw the money from Paypal to my local bank account which again needs conversion to my local currency. On the other hand, receiving only in US dollars eliminates the need for conversion of other currencies to USD, thereby reducing the amount lost to exchange rates. However, I may lose customers from other countries who want to use their own currencies.
Are my statements above accurate? What other options should I consider?
I am thinking that accepting multiple currencies may be disadvantageous because Paypal will first convert other currencies to US dollars with a lower conversion rate. I would then receive a lesser amount in US dollars. Then I have to withdraw the money from Paypal to my local bank account which again needs conversion to my local currency. On the other hand, receiving only in US dollars eliminates the need for conversion of other currencies to USD, thereby reducing the amount lost to exchange rates. However, I may lose customers from other countries who want to use their own currencies.
Are my statements above accurate? What other options should I consider?
