Recently I had a customer pay me for something via Paypal and send the money in £ British Pounds.
On my Paypal I have a US Dollar and a Euro partition, but not one for British Pounds. And so when I received the money I was given a few options by Paypal:
- Accept the payment and convert it to Euros (EUR is what I have as main balance on Paypal)
- Accept the payment in British Pounds and create a balance in this currency
- Deny the payment and return the money to the sender
Here’s the page on Paypal:
I wrote this post to show you what happens when you receive money on Paypal in a currency for which you don’t have a balance opened.
I’ve been doing business online for a few years now and I always received money in US Dollars or Euros, never in any other currency. So when this payment in British Pounds arrived and I was given these options, I was suspicious initially. But it turns out it’s all good and Paypal even gives you a number of options on how you want to proceed.
I converted the money to EUR, if you were wondering ;)