Hi guys! I need some guidance in this subject because I don't think I've been doing this in an optimal way since I started.
I'm dropshipping in the big 5 countries from Spain. The bank account I use is N26 in EUR but I sell in USD so I get conversion fees from $ to EUR every time Shopify pays me. FB ads are setup in $ and my supplier gets paid in $ too. All this is paid with my main EUR account and only pay in $ when I have enough funds on Paypal as they keep holding large amounts of money since I started recently.
I know this might be the most stupid way to do things because I have conversions every time I pay or get paid to that account. Well, I'm a noob and still learning and I had bad experiences with payment processors and Paypal in the past, so since this is still running without issues at the moment I don't want to mess up anything but I'd like to know how could I optimize all this.
I mean, the optimal way to do it would be as far as I know to have everything in USD and only get conversion once I pay myself directly for the profits but how can I do that at this point? I've been reading about using transferwise or stripe but how would I change to those payment processors? I don't have a business setup yet, will they ask for business info? Am I risking getting my funds hold or problems with Shopify payments if I change something now?
I'm planning on opening a new store on the side and for this one I want to set up everything properly from the beginning, so I'd highly appreciate any tips on how to save more on conversions.
I'm dropshipping in the big 5 countries from Spain. The bank account I use is N26 in EUR but I sell in USD so I get conversion fees from $ to EUR every time Shopify pays me. FB ads are setup in $ and my supplier gets paid in $ too. All this is paid with my main EUR account and only pay in $ when I have enough funds on Paypal as they keep holding large amounts of money since I started recently.
I know this might be the most stupid way to do things because I have conversions every time I pay or get paid to that account. Well, I'm a noob and still learning and I had bad experiences with payment processors and Paypal in the past, so since this is still running without issues at the moment I don't want to mess up anything but I'd like to know how could I optimize all this.
I mean, the optimal way to do it would be as far as I know to have everything in USD and only get conversion once I pay myself directly for the profits but how can I do that at this point? I've been reading about using transferwise or stripe but how would I change to those payment processors? I don't have a business setup yet, will they ask for business info? Am I risking getting my funds hold or problems with Shopify payments if I change something now?
I'm planning on opening a new store on the side and for this one I want to set up everything properly from the beginning, so I'd highly appreciate any tips on how to save more on conversions.