Receiving C/Card Payments in USD

coupleuk

I need to find the lowest cost method of accepting c/cards on my website.

My customers will be paying in USD and the average sale will be $2,500USD

I then need this transfered to my UK business account where it will be converted into £GBP

I looked at PayPal as the easiest to set-up but Im not sure I understood their pricing;

It seems they will charge the initial %fee PLUS 1% to convert to GBP and further charges for paying into my bank.

Have I miss-read it? Can I accept in USD and get PayPal to pay it into my UK bank account in USD and let the bank convert it (at better rates than PP)?

Any suggestions other than PayPal - I dont really want monthly charges at this stage.

Thanks

terra_ferma

coupleuk wrote: »

I need to find the lowest cost method of accepting c/cards on my website.

My customers will be paying in USD and the average sale will be $2,500USD

I then need this transfered to my UK business account where it will be converted into £GBP

I looked at PayPal as the easiest to set-up but Im not sure I understood their pricing;

It seems they will charge the initial %fee PLUS 1% to convert to GBP and further charges for paying into my bank.

Have I miss-read it? Can I accept in USD and get PayPal to pay it into my UK bank account in USD and let the bank convert it (at better rates than PP)?

Any suggestions other than PayPal - I dont really want monthly charges at this stage.

Thanks

Paypal is one of the cheapest, at least when I did some research, for small amounts.
The disadvantage is that they business ethics and customer service are really poor and they can freeze/refund money or close your account as they please (maybe other merchant do the same.)

If you receive payments in dollars it will cost you:
- $0.30 per transaction
- UK standard fees (which will depend on your turnover, for example if you get at least £1500pm it will be 2.9%. +0.5% cross border fees)
- 2.5% commission added to the exchange rate (which you can avoid only if you purchase something in $ using paypal, you are not allowed to transfer currencies without exchanging them)- the only way to check the exchange rate, inclusive of commission, is by logging in, and you can do it only if you already have dollars in your account.

you don't get charged for transfers,only if you request same day.