Choosing your marketplace currency is important as this will determine the currency your buyers and sellers will buy/sell in. You are only allowed to select a single currency at this present moment, and we do not allow the usage of multiple currency at the moment.
Here is a video link to assist you in the setup of your marketplace.
We would highly recommend you to set your marketplace default currency to be the official currency of the country your marketplace is in. This is because firstly, you need to choose a currency that is supported in your country by Paypal and/or Stripe.
We would also suggest you to set the currency of your linked bank account to be the default marketplace currency. This is to avoid you and merchants from incurring additional charges from the exchange differences between the foreign currencies. Stripe & Paypal automatically converts the charges from your marketplace default currency to your default bank account currency using the exchange rates provided by its banking partners.
Example: If your bank’s default currency is SGD, your marketplace default currency should be set to SGD so you can receive payments without incurring currency conversion fees.
For more information about the currencies that Stripe & PayPal support for each country, click here:
For more information about conversion fees that Stripe & PayPal has for each country, click here:
- PayPal: https://www.paypal.com/sg/webapps/mpp/paypal-fees
Do not worry if you would like to change this down the line, simply drop us an email at [email protected] with your marketplace URL and admin login email address to make changes to your marketplace currency.