Managing multiple currencies in Paypal

How to manage payouts for your international currency donations in PayPal.

PayPal gives you a lot of flexibility when it comes to your international currency donations. We recommend Option A from the 3 options below:

Option A: Auto Accept Payments

This option will work like your Stripe account. When a donation comes in as a foreign currency, it is automatically deposited into your account as US dollars. In other words, the exchange rate you get is based on the rate at that moment which is calculated twice daily by PayPal.

Option B: Manually Accept Payments

When a donation comes in as a foreign currency, it is automatically deposited into a PayPal account for you in that currency. You then can manually decide when you want to convert the currency to your US dollar account. With this option; you could also choose to have all your international donations converted to euros. While maintaining your domestic donations in US dollars.

Option C: Manage Multiple Currency Accounts.

Like in Option B your donation is kept for you in the original currency. You can manage multiple currency accounts and leave them as such.

We recommend option A as it will require the least amount of administrative resources on your end, both in converting and in maintaining multiple international PayPal accounts.

HOW TO SET UP YOUR ACCOUNTS

Option A: Auto Accepting Payments

This feature allows you to set up a default action to convert your international donations into a new currency (presumably US dollars).

Step 1. Go to your account on PayPal.

Step 2. Click the gear icon at the top of the page and then select Seller Tools.

Step 3. Scroll down and to the section on Getting paid and click on Update for “Payment receiving preferences” section.

Step 4. Select the first variant “Yes, accept and convert them to U.S. Dollars” (there may be another default currency in your account).

Congratulations! Now all your payments in other currencies will automatically be converted to your default currency (presumably US dollars).

Option B: Manually Accept Payments

The second solution is to decide what to do with the payment in the new currency every time.

Step 1. Go to your account on PayPal.

Step 2. Click the gear icon at the top of the page and then select Seller Tools.

Step 3. Scroll down and to the section on Getting paid and click on Update for “Payment receiving preferences” section.

Step 4. Select the third option “Ask me whether to accept or deny each individual payment”.

NOTE: Once you have selected this option, all payments in other currencies will display “Unclaimed” status until and when you convert them manually.

To Claim a payment

Click on a payment with “Unclaimed” status.

Screen Shot 2018-09-04 at 15.10.03

Find and click on the “Accept | Decline” buttons in Transaction details (see red box below):

Screen Shot 2018-09-04 at 15.12.11

PayPal will prompt you to choose how you would like to handle the donation (payment). Select “Accept this payment and convert it...” and it will convert it to your default currency and the transaction is then complete.

3