Currency

[PixeletteStudio]

I have been looking everywhere for a solution and it seems like this problem has been ongoing for years and yet remains unresolved.

Currently,  Etsy is only able to deposit the currency of the country where you are located, but as most people know,  many of the expenses are in USD.  Even Chinese manufacturers charge in USD so it would only make sense to charge USD to minimize FX risk.  I am listing in USD and my bank account in is USD so technically, Etsy can just deposit USD into my USD bank account.  Very straightforward.  But I'm located in Canada so Etsy goes "Nope.  You are getting CAD.  I'll convert everything from USD to CAD, charge a 2.5% FX fee, and then deposit it into your USD bank account."  

From Etsy Support, the only way out is to change your country.  And of course you can't just change your country.  You have to open up a new shop.  Basically Etsy thinks you'll never ever move out to another country.

Etsy - When you increase fees, we expect your support to increase as well.  We expect this marketplace to be better and we expect you to be able to offer these changes.  

[Amaradorn]

Maybe I'm not understanding the problem properly but could you not just open a new bank account in Canada and use that? Is your bank account in USD because you moved from the US to Canada? 

[ArtDollsbyJD]

Is your bank a US bank that you use across the border?  Or is it just a US bank with international presence?   However that bank would still be considered Canadian where it is located.

This is a banking regulation that Etsy has to transfer funds in the country where you are located.  Etsy has not been willing to do the paperwork that requires them to be able to accept such.  I'm not sure what hoops they would have to jump through.  The only group they have been able to is the EU since the members use  Euros as common monetary.

Vancouver maybe different since it is a place of filming with a heavy US filming industry present.

Wouldn't it make sense really since Etsy is not going to budge on this it seems, to use a Canadian account that goes along with your location and price in CAD.  Yes I understand the exchange rate,  I know 1.00 US is $1.34 CAD and that many cities  (in my experience) accept US currency rather than having to exchange currency when visiting.  

Banking regulations are at the heart of this problem.  Etsy chooses what they wish to do based on their perceptions for the platform.  Perhaps pursuing such would lead to too many difficulties and requests from other sellers to do as you want to do.  I don't know.   

[VogueVixens]

I know of some Canadian shops that set their location and their Etsy account to the USA when they opened their shop but from what I understand it is tricky. It can't just be a US currency account, the account had to be from a bank in the USA. Thrn there's the credit card attached to your account...from what I understand it also had to be connected to a US address.

But I agree that it was great years ago when Etsy just had Paypal and we could accept USD into our Paypal accounts, and use that money to purchase supplies onlune in USD

You could choose to switch your currency to CAD, and pay 3-3.5% less in fees since your sales money wouldnt be exchanged.

Also some online suppliers will accept CAD payments, without it needing to be converted to USD or another currency.

[PixeletteStudio]

I think from the sound of it, Etsy has a lot of updating to do on their backend to get the platform back to year 2023.

[kkldesignsco]

Did you find a solution?  Im stuck on currency too.  I live in Australia and want to sell in Australia and USA.  However when I dup my Australian listing to then add a USA merchant so it ships within USA instead of coming from Australia, it still lists in AUD even when I say its shipping from USA.

Surely most people want to sell to other countries and want the merchant to be in that country instead of shipping all over the world.

Any ideas as I'm a newbie.

[CarpetCollectionAU]

@kkldesignsco Have you read my response in the other Thread you posted in today?

[kkldesignsco]

Thank you so much for your detailed response. I will follow your advice and keep in AUD and have 2 separate listing's!