Tech Update: List Items and Receive Payments in Your Currency

matt

Story by matt

Published on Nov 23, 2010 in Etsy News

Photo by Industrialrelic

Hello friends, have you heard? Etsy is a global marketplace! Last August, we made it possible to see prices in currencies other than the U.S. Dollar. Now we’ve taken another step on the road to more fully supporting our members outside of the United States. We are very pleased to announce that you may now list items and exchange payments in 21 different currencies. Shoppers can find the details in the Help section.

For sellers, the choice to switch your currency setting is entirely yours, though we do see many potential benefits to doing so:

  • Ease of accounting and bookkeeping. The payments you receive from your customers are now  in the currency of your choice. You can say goodbye to obsessively watching the exchange rates and editing your listings again and again.
  • Ease of marketing locally. Now, as you hand your business card to a potential customer at a craft fair, you can point out that they can buy from your online shop in your country’s currency.
  • Attract shoppers who are browsing by location. Soon, Etsy members will be able to filter search results by location, and seeing items in a familiar currency may give your shoppers confidence. Hint: Make sure your location is set correctly! While editing your profile, double-check that the map pin is on the correct city.
  • Encourage customers outside the U.S. There’s no risk to your buyers in the U.S., because your items’ prices are also displayed in the shopper’s desired currency, based on their settings.

That said, we understand that changing currencies from U.S. Dollars is a business decision that will vary from seller to seller. You may want to look at your records to see who has bought the most from your shop in the past, or take into account your marketing goals for the coming year. (Are you pitching to local press or advertising regionally?) If you do make the switch, be sure to watch your shop’s Google Analytics and track the effect, if any.

To get started, follow the instructions in the Help section and check out the FAQ below. If you still have a few questions, you may find answers in this forum post or this handy guide about selling in Europe. We also invite you to join us live in the Virtual Labs for a no-holds-barred discussion about Etsy overseas and the pros and cons of currency conversion! We’ll be there on Monday, Nov. 29 at 12:00 p.m. ET, 18:00 CET.

Q. How does it work?

In the Shipping & Payment section of Shop Settings in Your Etsy, there’s a tab for Shop Currency. Select the one in which you want buyers in your Etsy shop to pay. We will then convert your listing and shipping profile prices to the new currency using the most recent exchange rate from PayPal. You have the option to have us automatically round each price after the conversion so your prices don’t look strange after the conversion. This may take up to an hour, so please sit tight. We will send you an email when your shop currency change is complete. Please note your listings are visible to shoppers and can be purchased while the conversion is taking place. However, you can’t edit listings or shipping profiles while we convert your prices.

Q. Do I have to do this?

YES! Just kidding. Listing currency is a shop level setting and is totally optional.

Q. How are the conversion rates calculated?

A. Paypal calculates the conversion based on real time exchange rates. There are no conversion fees from Etsy. The approximate price Etsy shows buyers on listing pages and through checkout will be within a few cents of what they pay at PayPal. So, no surprises. PLUS, as a seller, you will no longer incur exchange rate fees from PayPal if buyers are buying in the same currency in which you are selling. Yay!

Q. If my shop is in one currency and a shopper has their shopping currency set to another, what happens?

If a shopper’s currency preference does not match your shop currency, on your listing pages and through Checkout, the shopper will see a price in your shop currency AND an approximate price in their currency. If a shopper’s currency preference matches your shop currency, the shopper will only see prices in your shop currency. Smoooooth.

Q. Ok, but in what currency are people actually paying?

Shoppers pay in the shop currency you have selected.  It’s worth noting, all bills from Etsy are still in U.S. Dollars.

Q. How often are rates updated?

PayPal updates their exchange rate every hours or so. When the transaction goes through, we grab the most recent exchange rate from them.

Q. What currencies do you currently support?

Australian Dollars (AUD); British Pounds (GBP); Canadian Dollars (CAD); Czech Koruny (CZK); Danish Krone (DKK); Euros (EUR); Hong Kong Dollars (HKD); Hungarian Forints (HUF); Israeli Shekels (ILS); Japanese Yen (JPY); Mexican Pesos (MXN); New Zealand Dollars (NZD); Norwegian Kroner (NOK); Philippine Pesos (PHP); Polish Zloty (PLN); Singapore Dollars (SGD); Swedish Krona (SEK); Swiss Francs (CHF); Taiwan New Dollars (TWD); Thai Baht (THB); U.S. Dollars (USD).

Q. What currency will be displayed in my EtsyMini?

Javascript EtsyMinis have been updated to display prices in the currency of your choice. The Flash-based EtsyMinis still display items only in U.S. Dollars, but at the correct rate.

Love,

Matt and Anda (with lots of help from Eric Stephens, Liz Wald, and Danielle Maveal)

Discuss: 52 comments

52 comments

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  • TwinkleStarCrafts

    TwinkleStarCrafts says:

    Great info. Thank you!

    1 year ago

  • Earleyimages

    Earleyimages says:

    Important tool. Thank you!

    1 year ago

  • myvintagecrush

    myvintagecrush says:

    Good idea...not sure about implementing yet... I'm going to keep an eye on this for the near future though. Thanks!

    1 year ago

  • paulofnavarone

    paulofnavarone says:

    ah! cool! this is goood! the more choice the better, it saves pointless conversion for local sales... which then get converted back into local currency.

    1 year ago

  • JulienDenoyer

    JulienDenoyer says:

    THis is interesting. IN a way this could be beneficial, as the Euro/dollar rate is killing me (I live in Europe). Buying is great and I'm taking advantage, but selling isn't great. I'll study this and decide at a later date. Good initiative thought!

    1 year ago

  • boutiqueseragun

    boutiqueseragun says:

    Thanks for info..

    1 year ago

  • VivaGailBeads

    VivaGailBeads says:

    thank you!

    1 year ago

  • TheCakeStandBoutique

    TheCakeStandBoutique says:

    Good to know, thanks!

    1 year ago

  • Nikifashion

    Nikifashion says:

    Thank you for information!

    1 year ago

  • mazedasastoat

    mazedasastoat says:

    I think the fluctuating prices shown might be confusing, but I'll keep an eye on it & see how it goes.

    1 year ago

  • MarKhed

    MarKhed says:

    this is AWESOME! Thank you!

    1 year ago

  • AmandaSainsbury

    AmandaSainsbury says:

    Thanks for the update! Very interesting :)

    1 year ago

  • ikabags

    ikabags says:

    Thank you for information and update ! Thanks for your time Cheers from Paris Happy mother ika :))

    1 year ago

  • PetitsPixels

    PetitsPixels says:

    Great idea ! Thanks \(^0^)/

    1 year ago

  • QueenofCuffs

    QueenofCuffs says:

    Many thanks etsy. Could be the very thing to get me my first sale!!!

    1 year ago

  • Mclovebuddy

    Mclovebuddy says:

    yay! :)

    1 year ago

  • rozzie

    rozzie says:

    Thank you Etsy team for always making improvements to the site!

    1 year ago

  • HappyTownUSA

    HappyTownUSA says:

    I think this will make more sense when I read it in the morning after a cup of coffee. Thank you for doing this; Etsy just keeps getting better and better!

    1 year ago

  • SavoyFaire

    SavoyFaire says:

    Fantastic! Really fun to see other currencies than my own!

    1 year ago

  • Jusadreamin

    Jusadreamin says:

    Thanks for helping

    1 year ago

  • opendoorstudio

    opendoorstudio says:

    Thanks for the info! continuous improvement!

    1 year ago

  • Japonpon

    Japonpon says:

    It's useful to have this option. Also the proposed location filter is a great idea. I don't know if I'll be listing in yen unless I start to get many local customers, but I am happy to have this currency option.

    1 year ago

  • VerreEncore

    VerreEncore says:

    i'm going to spend some time getting to know this better. love my international customers!

    1 year ago

  • Mclovebuddy

    Mclovebuddy says:

    ... also, just checked out the new Etsy "Buy" page for shoppers. So nice.

    1 year ago

  • BlueTerracotta

    BlueTerracotta says:

    This would make bookkeeping easier, but as an American in Europe, I like buying and selling in US dollars.

    1 year ago

  • AdeloCreations

    AdeloCreations says:

    Really interesting the evolution in paying on ETSY. Thank you for the constant research on new ways of transaction

    1 year ago

  • houseofistria

    houseofistria says:

    im so unsure! im UK based but all of my customers are US based! But then maybe I would attract more UK custom if my prices were in GBP... hmm what should I do... :) great to have the option though, thanks etsy House of Istria x

    1 year ago

  • LittleWrenPottery

    LittleWrenPottery says:

    Great development, thanks so much! Theres been so many great changes to Etsy lately : )

    1 year ago

  • alembyc

    alembyc says:

    No Korean won option? ;) That's ok - it would be for my shopping more than my selling anyhow....

    1 year ago

  • redemptionart

    redemptionart says:

    I also need to educate myself regarding the accomodation of international customers, I have had all wonderful experiences internationally, but I still am at a learning curve, even with shipping...getting there, though, and so grateful for etsy's support...

    1 year ago

  • Fibrillaria

    Fibrillaria says:

    Also on the unsure side of things. Could be a great tool, but I haven't had a sale from my own country, so for now I stick to the USD.

    1 year ago

  • sweetjane

    sweetjane says:

    As I seller, I am so appreciative of the constant improvements you guys are working on...thanks SO MUCH!

    1 year ago

  • kimmchi

    kimmchi says:

    so awesome for our international sellers!!

    1 year ago

  • Chameleonite

    Chameleonite says:

    I think this is a brilliant idea, thanks Etsy! I'm in the UK and switched to GBP immediately. I love the familiar feel when I enter my shop. It will also make my accounting so much easier. I love my international customers, but I'm also hoping it will attract more UK buyers because I know some were put off seeing everything in USD. Having my prices in GBP doesn't appear to have put off my US customers either, as I made a sale within a couple of hours of the switch over. Will keep my eye on things, but it looks great so far! :)

    1 year ago

  • Gynx

    Gynx says:

    Cool!

    1 year ago

  • Patriacontemporary

    Patriacontemporary says:

    Thanks!!!

    1 year ago

  • malam

    malam says:

    just awesome news :)

    1 year ago

  • therainbowroom

    therainbowroom says:

    Thanks Etsy - this explains it a whole lot more : )

    1 year ago

  • beliz82

    beliz82 says:

    This great !!! Wish you will add Turkish Lira too someday :)

    1 year ago

  • SeamlesslyYours

    SeamlesslyYours says:

    This is great! A lot easier to price items when I don't have to calculate the exchange rate! ;-) Thanks Etsy!

    1 year ago

  • RavensLane

    RavensLane says:

    Hurrah! This will save me a big accounting headache. Thank you!

    1 year ago

  • AvianInspirations

    AvianInspirations says:

    Thank you SO much Etsy!

    1 year ago

  • AquaLunaArts

    AquaLunaArts says:

    Thank you so much for the continued improvements to Etsy and for explaining things so clearly!

    1 year ago

  • AKjapan

    AKjapan says:

    I'm trying it out, and it makes it much easier for pricing my items. ETSY has been making many good changes lately.

    1 year ago

  • areathriftyone

    areathriftyone says:

    Etsy, I love you! Thank you so much - this is the final tiny piece that makes etsy the best site in the whole world! x

    1 year ago

  • mgjewellery

    mgjewellery says:

    This is excellent. Thank you!

    1 year ago

  • pamwares

    pamwares says:

    Well done!

    1 year ago

  • sarahscreationsetsy

    sarahscreationsetsy says:

    Thank you!

    1 year ago

  • sistersilver

    sistersilver says:

    I can see athis could help shoppers know what they are actually paying if they are shopping with another currency. Thank you for doing this for us!

    1 year ago

  • DychePhotography

    DychePhotography says:

    Great news, thank you.

    1 year ago

  • SweetLinda

    SweetLinda says:

    cool!!:)

    1 year ago