I already noticed this last week but didn’t post about it because I thought it was an old feature that I only recently noticed. Paypal sent in a press release today confirming that transactions can now be made in Philippine Peso.
“PayPal’s goal is to provide our members with a secure, fast and convenient way to pay and get paid online,†said Mario Shiliashki, General Manager of PayPal Southeast Asia and India. “The introduction of the Philippine Peso will make domestic ecommerce easier and more convenient for buyers and sellers in the Philippines and is well timed for the holiday season!â€
Good news to a lot of merchants that make local transactions in peso. This skips the usual issue with US dollar exchange rates when sending or receiving payments.
Paypal still uses its own foreign exchange rate schedule which is a little lower than the going rate (my last check, it was around 2% difference). In a way, that standardizes the forex rates for Paypal transactions that the buyer and merchant can stick with.
We tried receiving in Peso but it entailed some charges on our part. I think there is a fee you to be able to receive in Peso. I think paying in dollars is not really a problem for our customers. For now, we will just accept payments in US dollars.
i have balance in paypal which is in peso. how can i change it to dollar? anyone knows?
I had that press release also. And for peaople who are using paypal in the Philippines benefit on this. Great great news!
We’ve been using Paypal since last year and it’s integrated into our shopping cart software but only today that we know about this. Great news indeed.
Haven’t known this till now. This is good to know. Hopefully GCash or Smart Money can tie up with PayPal.
nice!
great news !