Understanding Currency Conversion

is this an issue?

[mona]

I see US, UK, and Euro mostly. And everytime I see UK and Euro (being an American), I have to search for a conversion table.

Current example from the Highlighted Posts -
>They want EUR 40 for 1000 impressions
[webmasterworld.com ]

Do others have a hard time knowing right off hand how to convert this? Or is this just a personal(US-centric?) problem for me?

- If it's an issue for others, any suggestions on a solution? An easy accesible link to a conversion table maybe? Brett - thoughts?

[edited by: Marcia at 1:43 pm (utc) on April 18, 2003]
[edit reason] Member correspondence [/edit]

[Marcia]

Mona, it's probably a more common issue than we might realize, and probably goes beyond just currency conversion issues, though that can be a tough one. Even the times I've had to deal with Canadian transactions it's been a job to juggle the figures right.

I assume you're suggesting that it might be convenient for us to have a conversion tool here at the board or provide a resource with authoritative references. I'm not sure what we can do here, but thanks for bringing up a relevant topic.

Thinking further than the currency issue, now that you've brought it up it would be nice to have a comprehensive discussion here at the board about what it takes to do transactions or conduct business internationally, and what the steps and procedures need to be.

[mona]

>have a conversion tool here at the board or provide a resource with authoritative references

Yes, that's what I mean. Thanks for stating it more clearly:)

[Jenstar]

I have to do conversions a lot - I usually go to Yahoo and type in currency conversion, and it brings up their own tool. Has just about every currency under the sun and is up to date. It is easy to use, you just type in whatever amount and it will convert it for you into the currency you choose.

I have seen others that have been very complicated or out of date.

The key would be providing one that is constantly updated with the exchange rate fluctuations between all the different currencies.

[Marcia]

I believe American Express also has an online Currency Converter.

[JonnyWales]

Based in UK selling a business software product worldwide. Started off with prices in UK sterling but response was poor, converted to US dollars and noticed an immediate and significant improvement. Its not just Americans who don't know much about the £ or Euro but EVERYBODY knows about the dollar.

I use the converter at xe.com

[born2drv]

[kitco.com...]

... that's a really good website for currency, and also for monitoring gold/platinum, etc.

In the bottom of the webpage, is a table of conversion rates, just multiply by the number to get the other currency equivalent.

ie. $100 USD = 100 x 1.4506 = $145.06 CAD.

Of course I check it about 10x a day for the gold charts :) You can also get gold in $/kg or $/oz in any currency and view the charts.

[cornwall]

>>I use the converter at xe.com

That's what I do.

In the end you have to decide what currency you are selling in. For example, I do one web site for a B&B in France which is run by British people who sell mainly to Brits.

They have dual prices put on in January, and punters booked some in UK pounds some in Euros. Then the pound slides against the Euro and the two prices do not match, however if you alter one or other, then new punters will end up paying different prices come the summer.

In the end I think you quote in one currency and put the link to a comversion site on.

[Jenstar]

I also offer payments via PayPal in other currencies - but I don't list the prices in other currencies. Instead, I say "If you would prefer to pay in XYZ currency, please email me and I will send you an invoice in XYZ currency using the daily exxhange rate." This saves me the hassle of making sure that the rate hasn't fluctuated wildly.

[mona]

Thanks for the converter suggestions, they all look good:)