Problems with Online Payment Services
Thread poster: Paul Tomkins
Paul Tomkins
Korean to English
+ ...
Apr 25, 2003

I am looking into online payment services but have found a major limitation with them.



I receive and make payments in multiple currencies. If I have an account denominated in one particular currency, say US dollars, then I have to perform a currency conversion every time I receive or make a payment in a another currency. Also, I would prefer to leave my money in a particular currency and convert currency when the exchange rate is high or when I actually need to convert currency, rather than being forced to convert currency at the time of the transaction. If I convert currencty at the time of the transaction, the exchange rate could be unfavourable.



Having multiple accounts denominated in multiple currencies would get around the problem but all the companies seem to restrict individuals and companies to single accounts denominated in a single currency.



For example, let\'s say I have an account denominated in US dollars and make the following transactions.



1. Receive payment in Euros.

2. Make payment in Euros at a later date.

3. Receive payment in British pounds.

4. Make payment in British pounds at a later date.



I have to convert Euros to US dollars in transaction 1, convert US dollars to Euros in transaction 2, convert Bristish pounds to US dollars in transaction 3 and convert US dollars to British pounds in transaction 4. That is absolutely ridiculous! I should be able to use the funds I have received in one currency to make a payment in that currency without having to convert to another currency when I receive payment and back to that currency when I want to make payment.



Banks allow me to have multiple accounts and accounts in multiple currencies but online payment services don\'t seem to allow me to do this.



What I want is a service that allows me to have multiple accounts or one account that allows me to maintain separate balances in each currency and therefore avoid having to make unnecessary currency conversions.



Can someone suggest an online payment service that will allow me to overcome this limitation. Alternatively, I would be grateful if people could suggest alternatives to the large American online payment company that people know so well so I can investigate them myself.



Thanks.


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Paul Tomkins
Korean to English
+ ...
TOPIC STARTER
Please disregard above post - author Apr 25, 2003

I am the author of the above post. I have solved my problem. It is entirely possible to do what I want to do. The post is now irrelevant. Please disregard it.



I initially searched the site extensively but was unsuccessful in finding the answer to my question. I e-mailed the company but the reply was not helpful. Finally, after some more digging I managed to find the answer I was looking for on their site.


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Ralf Lemster  Identity Verified
Germany
Local time: 03:48
English to German
+ ...
Care to share your solution? Apr 25, 2003

Hi Paul,

Glad to hear that you managed to find a solution - maybe you can post a summary here, for the benefit of others who might be faced with the same issue?



Thanks in advance.



Best regards, Ralf


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Problems with Online Payment Services

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