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Apr. 14th, 2010

I"m not too sure if this is the right place to ask, but thought I'd try ^^

I"ve been asking this a few times by commissioners. Do i use CAD or USD? I'm Canadian, so, I use CAD, but have always accepted USD since most furs use it and it's easy to convert on paypal.

But I kinda started thinking, most artists use the currancy they use where they live, despite easy to convert, right?

Do you loose money doing what I'm doing? Any reasons why it's not a good idea? Any advice on this would be helpful ^^

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( 26 comments — Leave a comment )
Apr. 14th, 2010 11:28 pm (UTC)
I use GBP!

I'd go for your own currency, unless you are doing lots of furry commission stuff, when it could be a lot easier to bite the bullet and use USD to save confusion.

(Not that I'm saying furries have trouble with currency! Just can make things a lot clearer and avoid messiness from reading comprehension fails ;) )
Apr. 14th, 2010 11:30 pm (UTC)
Ya, pretty much all I do at the momment is furry commission work.

So guess I'm ok doing it the way I was this whole time huh? lol
Apr. 14th, 2010 11:34 pm (UTC)
Uh, well, giving that CAD and USD are pretty even, I say don't worry about it. If it was USD vs NZD, then yeah, maybe you should think about changing the price.
(Deleted comment)
Apr. 15th, 2010 03:11 am (UTC)
I found that out the hard way today. xD Someone donated $1.00 MXN (pesos, IIRC) which came out to $0.01 USD. This was just a donation for a free icon day so I didn't sweat it, but eeehhh. xD Good mental note!
Apr. 15th, 2010 11:16 pm (UTC)
That sounds like a joke...I would have been offended.
Apr. 14th, 2010 11:42 pm (UTC)
It really depends on a) who your client base is, and b) the conversion rates.

It seems to be the case that many art sites are predominantly American or geared towards Americans. It can be a good idea to price things by USD, at least in addition to a different currency, since it provides a simple way for a curious possible customer to price things out given the odds that they'll belong to that majority. Similarly, non-Americans are more likely familiar with USD than CAD.

What can be even MORE IMPORTANT are the conversion rates. Our (I'm also Canadian) dollar has been doing really well lately, so if you're not careful and price yourself at a lower USD, thinking that the conversion will bring it up, you might be pricing yourself out of a percentage of payment. To avoid this, it might be wise to check how the CAD is doing every month or so and adjust your prices accordingly (put something in your ToS about prices being subject to change based on fluctuations of the market) and make sure that the customer understands EXACTLY how much their commission will be, since the market can change from the day they order to the day they pay.
Apr. 14th, 2010 11:50 pm (UTC)
That's very helpful, thank you ^^

I've never checked things like seeing how much CAD is worth. Where would be a good place to check?
Apr. 15th, 2010 01:39 am (UTC)

This is a great bunch of graphs for tracking the change over time.
Apr. 15th, 2010 12:05 am (UTC)
You can check exchange rates any time here: http://www.xe.com/
Apr. 15th, 2010 12:09 am (UTC)
Thank you ^^
Apr. 15th, 2010 12:24 am (UTC)
Doesn't paypal charge a fee to convert funds? I always take my payments in USD (my currency). I once had someone pay me in AUS, and with the conversion, I'd have been shorted around $20.
Apr. 15th, 2010 12:28 am (UTC)
I don't think it charges a fee....If it does, it will be better to use CAD though.
Apr. 15th, 2010 12:58 am (UTC)
It does, so regardless of which currency you use, if you take commissions from anyone outside Canada, someone's getting charged.
Apr. 15th, 2010 01:45 am (UTC)
It's a 2.5 % charge to convert via paypal. So if the CAD is 0.99 then when you transfer USD over to your bank account, you will be doing it at a 101.5 rate

($100 USD will end up being $98.50 CAD) If my math is right anyhow.

As I am Canadian but all my prices are in USD, this is a fact I am currently wrestling with. Essentially, my cost of living just took a jump >

Edited at 2010-04-15 01:45 am (UTC)
Apr. 15th, 2010 12:57 am (UTC)
I use USD despite being Canadian because I've found that it's a fairly well understood currency for people to convert, unlike Canadian which is less familiar. I think it's good to go with what people are familiar with.
Apr. 15th, 2010 12:59 am (UTC)
I use whatever exchange rate is higher.
Apr. 15th, 2010 12:59 am (UTC)
Between the two, btw. I don't ship outside of Canada/US.
Apr. 15th, 2010 12:59 am (UTC)
How much CANADIAN do you want for your commission at the end of the day? I think that's a good way to look at it. They don't have to do conversion to send you money via Paypal. I've paid lots of American prices in Paypal over the years and it does the conversion and removes that much from my bank account on its own, no help needed.

I think you need to concern yourself with how much Canadian money you want at the end of the day since you are Canadian. That way, you don't have to worry about whether you end up with less in Canadian after converting American over when our dollar is worth more now.

You can just smack a big fat "CAD" at the end of any numbers on your thing. I pin that on when I'm talking to friends from foreign countries, too. It just clarifies when there is more than one country which uses a dollar currency.
Apr. 15th, 2010 03:15 am (UTC)
Personally, I like to pay artists in their currency, but there are some who ether have no idea what they're doing or think it doesn't matter. I say, if you're accepting commissions mostly from FA, list your prices in USD to make sure you get paid enough. Though do also list that you are in Canada for some that might ask if you prefer CAD. Paypal makes it very easy to convert ether way.
Apr. 15th, 2010 05:07 am (UTC)
I figure either would be fine, really. I'd probably go CAD just so I know the amount I'm getting wouldn't change based on exchange rates.

Since paypal conveniently just does all the conversion all it takes is an extra click for someone to send CAD instead of USD.
Apr. 15th, 2010 05:46 am (UTC)
I'd say if you are willing to deal with the possible hassle of explaining things Other Than USD to people, it's worth using CAD because you'll save on conversion fees.

I would start by putting a note at the top of the page that this is not US dollars/here are PayPal's exchange rates. If my experiences with people on model forums listing things priced in SGD are any indication, some people will not read any farther than "I see dollars, it must be USD!" unless you make it clear, and if exchange rates change that could get annoying.
Apr. 15th, 2010 05:58 pm (UTC)
I'm Canadian but just state $XX.xx as my price, and everyone assumes it's USD, which is fine with me. :P Even the single repeat Canadian customer I've had assumes I'm talking USD, knowing I'm Canadian, and pays me the correct converted rate in CDN, which until just recently means that I would get a bit more than if he paid in straight CDN. (Fruman is a truly stellar commissioner, incidentally...)

If the exchange rate right now is making this much of a difference to your bottom line, you might need to raise your prices! :) I charge a bit more than the average furry artist of my skill level, so when the rate wibbles a bit, I can just eat the cost as part of doing business, the same as I would if postage cost a buck or two more than what I'm used to. I'm not saying you should operate the same way, but I do find it nice to have one less thing to worry about.
Apr. 15th, 2010 06:21 pm (UTC)

I personally prefer GBP but due to my clients I also accept USD of course that means my prices look more expensive when converted into USD.
Apr. 18th, 2010 12:55 am (UTC)
I once lost $150 in fursuit commission due to "CAD" and "USD" I told the buyer I'd make them a fursuit for $800 which converted to CAD was something like $650 plus paypal fees.

I was like WTF?!?
then on top of it I had to pay ANOTHER $100 for customs. (I sure as hell wasnt going to let that box go without being insured!)

lesson? write "USD" in the quoted price and charge canadians an extra $150 for shipping and customs.
Apr. 21st, 2010 02:28 am (UTC)
I live in Canada, but prefer being paid in USD, since I only use my paypal account to buy gifts I end up spending in USD as well.
( 26 comments — Leave a comment )


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