Starting on October 9, to increase the ease of conducting international transactions, PayPal will begin to support transactions in multiple currencies. The initial roll-out of Multiple Currencies will give PayPal account holders the option of sending and receiving their payments in Pounds Sterling or Euros, as well as U.S. Dollars.
Good news for those of us targetting the UK and Europe.
Side-by-side with World Pay and generic cc, PayPal wins in the market we are in about 6 to 1 (low dollar items - predominately US target market). When we removed the other CC's sales did not drop significantly. When we ran out the numbers, it was questionable whether the management overhead of the multiple systems was worth it.
Jake, I don't know if they did a press release or not. It was in a web sellers bulletin from PayPal as you logged in.
Be careful to not fall for the latest Paypal email scam:
A new round of attacks by online criminals is being directed at online payments service PayPal this week, including e-mails that inform account holders they need to re-enter their credit card data because "we had some trouble with one of our computer systems."
i think jtodds initial statement of 'Why do they waste their time? The US dollar runs the world!' was a little ignorant but it does seem to represent some us companies outlook to the rest of the world in the last few years
i for one think this is great news - people in the uk etc get ripped off big time on charges when it comes to paypal so i for one welcome this change
If the US currency rules the world, and the UK £ is equivalent to about $0.64, then why do I get charged £0.7174 per dollar on my credit card? I have to pay 12% more than a person holding a US bank account.
Another good reason for accepting other currencies. In fact, the ONLY American company that gets any of my money that charges in $ is Google. (Because 5c is cheaper than 5p!).
People like and people want to pay in their own currency. Currency conversion is not for the weak-hearted.