Best currency for sales

[Former_Member]

I was wondering what currency does everyone prefer to shop with.
Being that Etsy is american, I'm guessing US Dollars are preferred, living in Sweden I'm wondering if listing in Euros would be better for me.

So what I would like to know is what currency do you prefer?

[Former_Member]

Um... I am from Greece but I am listing in dollars. Spending so much time on the internet shopping I learned to automatically almost estimate the price in euros as well as inches to cm :)

[Former_Member]

Yeah I do the same :)
Kind of why I was wondering how other people think.

[Former_Member]

I don't really think it matters what currency you list your items in. Each person has the option to view in whatever currency they prefer.

When I'm shopping for myself, I look at things in USD . However, if I'm shopping for a relative in another country, I'll use the currency of that country as I don't have to do the conversion myself.

[Studio11Charms]

I think the best way to consider what type of currency to run your shop in is to consider the following.

Even though Etsy have other currencies available, they tend to run their network on the US Dollar.

If you are a European seller, then first consider what the Etsy fees are in Euro and compare that the US fees. Make sure that you are NOT paying more in fees if you are operating your store in Euros.

Secondly, look at your customer base. If you have more European buyers, then you might want to run your shop using Euros as the currency. But if you have more buyers in North America, then you may want to use the US Dollar.

Another thing to consider right now as well is that there is a fluctuation in currency values all over the world. The US Dollar has lost a little bit of its value when compared with other nations' currencies, so it might be beneficial to list in US Dollars, as your goods may be priced more appealing to your buyers.
However, there is a downside to that as well, because even though you might be paying lower Etsy fees in US Dollars, and getting more sales, your goods might be priced too low or too high when compared to the US Dollar.

I live and operate my shop in US, so naturally, I have my shop set up to accept US Dollars. But I have noticed that when I purchase items from other European, Canadians, and Australian sellers, I am paying more (due to the value fluctuation).

Sorry, I didn't mean to ramble on about economic stuff, but my husband is a business man who tells me this stuff like 10 times a day.

[Former_Member]

Thanks for the feedback :)
Think I'll stick to US Dollars for now.

[MuseBelts]

I am looking into changing from the USD. I am in Peru and the currency is Soles. The ATM on dispenses either USD or Soles. The USD value has dropped significantly so when I go to the money changers I get LESS money. I have to end up raising my prices just to keep up with the drop in what I get at the register with my American customers. I may go to the Euro direct into a Peru account.

[Former_Member]

I am based in the UK and have mine all set to Pounds. Its much easier for me, plus etsy does all the conversion for you. I have had only one American say my prices are really high, then they realised I am based in UK and that actually my prices are reasonable - just the exchange rate makes my prices in dollars seem high. Having said that, it hasn't stopped Americans from buying from me, so far, 70% of my sales have been from America.

[Former_Member]

As a buyer and seller in the United States, it has never bothered me either way. It converts it to dollars, and sometimes I don't even notice it is in another currency.

[Spellbinderie]

Curious, if you set your currency to USD for your Etsy shop but live outside the US with a paypal account in your country's currency, then don't you also get hit with a currency conversion or end up with USD in your payapl account?

[Former_Member]

You get hit with a currency conversion. Which for me is pence.

[Former_Member]

I used to list in USD, then when I switched over to having a UK Paypal account, I switched to £s. Even though the currency conversion isn't huge, it adds up and eats in to my profit.

I've not found that I had a drop in business from doing so. I definitely had a drop in emails from US customers asking why, after 4 or 5 days, their item hadn't arrived, as they assumed I was in the US.

[MythOfTheWild]

I'm in the UK and almost all my sales come from the US.

I refuse to change my currency to dollars, though. I charge about £20 per necklace - that's not a little but neither is it as high as other pieces of jewellery on Etsy. If I still wanted to make the same profit and changed it to dollars, I'd be looking at numbers like $35 or something, which would just make me feel guilty towards customers and make me lower prices.

The biggest problem are gifting times. Those typical 25 or under things. We work with the same £25 or under here in the UK, but the thing in the US is that $25 or under only covers a couple of my pieces. In that way It might be beneficial for me to change my currency, but those big numbers wouldn't sit well with me.

Either way, most people have Etsy set to show only one currency anyway. When I see something to the whole pound, I know they're from my country, and that generally makes me more likely to check out their shop. If I see a strange number like £17.37, then I know they're from somewhere else, and so I view those listings EXPECTING a higher shipping price, and slower shipping time. Going by that logic, I would think changing your currency could be bad and misleading to local buyers.

xD I just convinced myself that sticking to GBP is the best thing to do.

Do what feels right to you, but these are the reasons I prefer to stick to my own currency. Not to mention the fact that then I KNOW what money I'll make from a sale. Conversion rates change all the time, and the bigger the price, the bigger the difference. Losting 1p isn't as bad as losting £10. I work in GBP every single day, barring the couple of weeks a year that I'm in The Netherlands, and it's not failed me once.

[Spellbinderie]

I am asking because I have a rather unique situation. I'm American, living in France, have both french and US paypal accounts. I have my US paypal account & bank associated with my shop. My customers are primarily American, then UK. I currently take out my "salary" from an ATM (sister bank, meaning no transaction fees) and manually move it to my French account. Luckily everything is close to my home and convenient but still, not really ideal.

Trying to decide whether to stick with this current situation or change my shop to my French paypal & French bank. I am not the best with financial decisions though! I just wondered how much the conversions were affecting shops. I still get hit by removing my US dollars as Euros at the ATM and guess I'd need to see who's offering the best conversion rate. Makes me want to cry though....

MONEY! back to bookbinding now, much easier and more relaxing...

ETA: Kim, I often wonder if I'd get more buyers in France if I listed in Euros but I honestly feel my product sells best outside of France. Due to the nature of my product and listings, my buyers know they are buying from France and not locally, despite the currency.

[TerraRhapsody]

I've recently made the change from USD to GBP mainly because USD was making my accounts something of a nightmare. I've not seen any major changes in buyers. Sales are low at the moment as it's after Christmas and it's usually quite quiet at this time, so I'll see later on in the year if it's had a detrimental effect.
As a buyer, I don't mind what the currency is listed as because etsy adds and estimated conversion anyway.

[Former_Member]

I had everything listed in American (I live in Canada) but right now the Canadian Dollar is worth more than the American so I switched to Canadian

[Former_Member]

I am based in UK and I list in GBP. It is easier for me overall, regardless of the USD to GBP exchange rate, I know exactly what I will get from a purchase (with no additional conversion rates). Exchange rates can vary, and I wouldn't know exactly the amount I would be paid should I make a sale (unless I checked the exchange rates frequently).

As Etsy shows the items in any currency you like, I don't think it really makes much difference what you list your products in sales wise. Just pick whichever is easiest for you.