eBay will begin letting sellers in Canada receive payouts in US dollars. It’s a big deal, since many Canadian eBay sellers do a majority of their business on eBay.com. The change impacts sellers enrolled in Managed Payments.
“We are pleased to announce that this functionality is rolling out over the coming weeks,” eBay announced. “Starting May 4th, Canadian business sellers or sellers by invitation will be able to register for this program and choose the payout option that best suits the needs of their business.”
But sellers should put thought into their decision, since they won’t be able to change their payout currency after they register.
eBay advised sellers: “Keep in mind that if you select US dollar payouts and choose to list on eBay.ca, your items will be listed in Canadian dollars and may be subject to additional fees when converted to US dollars.”
Another caveat: “Make sure the account that you provide is denominated in the same currency as your selected payout currency.” eBay Canada explained, “If you link a bank account that is denominated in a different currency than your payout currency by mistake, you can use the back button to return to the previous page and edit your information.”
But, eBay continued, “If you choose to continue, you are responsible for any additional fees charged by your financial institution.”
The bottom line: you cannot accept Canadian and US dollars with the same eBay account. eBay explains, “If you want to accept both Canadian and US dollars, you will need to operate two separate accounts: one to list on eBay.ca to receive payouts in Canadian dollars; and another to list on eBay.com to receive payouts in US dollars.”
Canadian sellers should be aware that they need a US dollar denominated checking account from a Canadian bank if they wish to receive payouts in US dollars. (It’s advisable to check banking fees prior to making a decision.)
You can find the full post on the eBay Canada Announcement Board.