• Resolved mmk175

    (@mmk175)


    Hi there,

    I need some help regarding payments from Sterling Customers and Euro Customers and making sure those two payments go to two different bank accounts.

    It relates to avoiding loss in profits due to exchange rates.

    Can this be done?

    The page I need help with: [log in to see the link]

Viewing 5 replies - 1 through 5 (of 5 total)
  • ?? hi there @mmk175

    Thanks for reaching out about this; happy to help!

    Our?deposit currencies page?explains how to receive deposits in more than one currency by adding multiple bank accounts, if your business is located in a country that can do so. This can help you avoid currency exchange fees.

    I hope this is helpful! Please let us know if you have any further questions or concerns.
    We will be happy to help you further.

    Thread Starter mmk175

    (@mmk175)

    Hi @anastas10s

    Thanks for getting back to me. I think the document is basically telling me that I can have two bank accounts because I am in the UK.

    However,

    It says at the beginning of that document “However, when the customer currency is different from your account’s deposit currency,”

    Does this mean I would only after to worry about currency exchange issues if I displayed my products in different currencies?

    It was my intention to have the products prices display in sterling and allow people from UK and Ireland (Euro) to make purchases. I assume the customer from Ireland would pay from their Euro account but at our sterling price right?

    Hey, @mmk175!

    It was my intention to have the products prices display in sterling and allow people from UK and Ireland (Euro) to make purchases. I assume the customer from Ireland would pay from their Euro account but at our sterling price right?

    To clarify, you are not planning to have a multi-currency website, right?

    You would only show the prices in sterling. But would set up to allow customers from UK and Ireland to also purchase on your website, while customers from other countries would not be able to do so. Did I understood correctly?

    It says at the beginning of that document “However, when the customer currency is different from your account’s deposit currency,”

    Does this mean I would only after to worry about currency exchange issues if I displayed my products in different currencies?

    If your deposit account is in the same currency as your website’s default currency (in your case sterling) then, yes. Here’s what our documentation states:

    The customer currency is the currency displayed to a customer while they’re browsing your store and the currency the customer is charged in when they pay for their order. 
    By default, the customer currency will be the same as your store currency above.
    The customer currency (but not the store currency) can be changed by using WooPayments’ built-in multi-currency functions.

    So the customer currency will only be different from the website’s currency if you set up the multi-currency feature.

    Without multi-currency, customers in the UK and Ireland will still be able to purchase the products, but they will see the prices in sterling and be charged in sterling.

    I hope this was clarifying. If you face any issues or have any questions, please let us know so we can assist you further.

    Have a wonderful day!

    Thread Starter mmk175

    (@mmk175)

    Hi @carolm29

    Thanks for clarifying this for me.

    Hey, @mmk175!

    I’m glad we were able to help! If you have a few minutes, we’d love if you could leave us a review: https://www.ads-software.com/support/plugin/woocommerce/reviews/

    I’ll mark this as solved now, okay?

    Please let us know if there’s anything else we can do to help or if you have any questions.

    Have a wonderful day!

Viewing 5 replies - 1 through 5 (of 5 total)
  • The topic ‘Two Bank Accounts (Euro/Srerling)’ is closed to new replies.