• Argentina Peso (ARS)
• Brazilian Real (BRL)
• Indian Rupee (INR)
• Mexican Peso (MXN)
• South African Rand (ZAR)

Starting today, the following currencies will be available for customers to choose from and for vendors to select as default currencies within the purchase routine:

These recent additions boost 2Checkout’s available international purchase currencies to 17. Click here for 2CO’s complete list of currencies.

South Africans will be happy to note that the Rand (ZAR) has additionally been added as a remittance currency, making it possible for South African vendors utilizing 2Checkout to be paid in ZAR by wire transfer, raising 2CO’s overall payout currencies to 25. Click here for a complete list of 2CO payout currencies.

Definitions

• EFT — Electronic Funds Transfer is the quickest method of money transfer and they do not cost anything through 2Checkout. Vendors are able to transfer very small amounts (minimum of $10 USD) from their 2Checkout account to their bank, hence enabling vendors to potentially be paid every week without the penalty of transfer fees. It is recommended by the banking systems for the safety of the vendors that no more than $10,000 USD be transferred per payment for vendors who can receive EFTs, as they are rescindable. Although EFTs are not available in all countries, vendors always have the option of signing up for a Payoneer card to enable their ability receive EFTs.
• Payoneer — The 2Checkout.com-branded Re-Loadable MasterCard® (powered by Payoneer) is the solution for vendors who wish to be able to accept EFTs in countries that do not offer the EFT service. The opportunity to receive EFTs in a country that does not support them is accompanied by the inherent benefit of being able to receive payments from your 2Checkout account with only a $20 USD minimum payment and no 2Checkout transfer fees (although, Payoneer does charge nominal fees for transferring money to your card). Additionally, it is very handy for those who wish to have direct ATM access to the funds transferred from their 2Checkout account into the Payoneer card. Click on the following link if you would like to sign up for the 2Checkout.com-branded Re-Loadable MasterCard®.
• Wire Transfer — Monetary wires are not as quick as EFTs, although they are typically suggested for payments greater than $10,000 USD. Wire transfers give you the assurance that your check-in-hand is as good as cash and no charge-backs can take place against that amount unlike EFTs, which are rescindable.
• Paper Check — Checks are manually printed from our 3rd-party processor and then mailed out to the address you specify within the Banking Wizard.

Payments within the United States

• EFT (ACH)
  Transfer: 2-3 business days
  Fee: NONE
  Release Level: $10
• Payoneer
  Transfer: 2-3 business days
  Fee: Varies (no 2Checkout fee)
  Release Level: $20
• Paper Check
  Transfer: Standard First Class mail
  Fee: $4 USD
  Release Level: $100

Payments Outside the United States

• EFT (DEFT, AEFT, BACS, other) — Click here to learn about foreign ACH transactions.
  Transfer: 2-3 business days
  Fee: NONE
  Release Level: $10
• Payoneer
  Transfer: 2-3 business days
  Fee: Varies (no 2Checkout fee)
  Release Level: $20
• Wire Transfer (in local currency)
  Transfer: 14-21 business days
  Fee: $6 USD
  Release Level: $300
• Wire Transfer (In USD to destination bank based in a supported foreign currency country)
  Transfer: 14-21 business days
  Fee: $15 USD
  Release Level: $300
• Wire Transfer (In USD to destination bank based in an un-supported foreign currency country)
  Transfer: 14-21 business days
  Fee: $10 USD
  Release Level: $300
• Paper Check
  Transfer: Standard Air Mail
  Fee: $4 USD
  Release Level: $100

Supported Foreign Currencies — for ACH Transactions

• AUD – Australian Dollars
• CAD – Canadian Dollars
• EUR – Euros
• MXN – Mexican New Peso
• NZD – New Zealand Dollar
• CHF – Swiss Franc
• GBP – Great Britain Pound Sterling

Supported Foreign Currencies — for Wire Transfers

• AUD – Australian Dollars
• CAD – Canadian Dollars
• EUR – Euros
• HKD – Hong Kong Dollars
• INR – Indian Rupee
• JPY – Japanese Yen
• MXN – Mexican New Peso
• NZD – New Zealand Dollar
• NOK – Norwegian Kroner
• ZAR – South African Rand
• SGD – Singapore Dollar
• SEK – Swedish Kroner
• CHF – Swiss Franc
• TRY – Turkish Lira
• GBP – Great Britain Pound Sterling
• CZK – Czech Republic Koruny
• DKK – Denmark Kroner
• HUF – Hungary Forint
• ILS – Israel New Shekel
• KWD – Kuwait Dinars
• PHP – Philippine Pesos
• PLN – Poland Zlotych
• SAR – Saudi Arabia Riyals
• AED – United Arab Emirates Dirhams

To set your payment preferences, use the Banking Wizard within your 2Checkout account.

Related Articles:

• Payment Countries

UPDATE (12/20): Due to the New Year Holiday, payments issued on December 27, 2007 to Cyprus must be in Euro. Please make the necessary changes to your Bank Wizard to prevent delays in receiving future payments.

Please let us know if you have any questions.

More information about this change:

• Central Bank of Cyprus: Euro Introduction
• National Website for the euro

CHF or Swiss Franks
EURO
MXM or Mexican Peso
NZD or New Zealand Dollar

When you are entering your bank information into the Banking Wizard, you will be required to enter your IRC (International Routing Code). This can sometimes be confusing due to different countries referring to it by different names. The following information will help you determine what your IRC is.

AUD: If you are in Australia and you would like to receive an FCEFT (AEFT) in AUD, you will use your BSB (Bank, State, Branch) number for the IRC. The BSB is a six-digit number consisting of a two-digit bank number, a one-digit state number, and a three-digit branch number.

You can find this number at the bottom of your checks, it is the second set of numbers. You should also contact the banking institution where the account is held to obtain this information.

CAD: If you are in Canada and you would like to receive an FCEFT (DEFT) in CAD, your IRC will consist of 9 numeric numbers and include the following. A four-digit institution number and a five-digit branch transit number.

When you go to enter this number into the Banking Wizard, you will notice that the leading zero is built in for you, so you will drop the first zero and only enter the last eight numbers.

Example: Enter 00410202 consisting of eight-digits instead of 000410202 that consist of nine-digits.

You can find this number at the bottom of your checks; it is the second and third set of numbers. You should also contact the banking institution where the account is held to obtain this information.

GBP: If you are in Great Britain and you would like to receive an FCEFT (BACS) in GBP, you will use your sort code or branch number that will consist of 6 numeric numbers. This will be the second group of numbers located on the bottom of your checks. You should also contact the banking instituting where the account is held to obtain this information.

(Please be advised that your IBAN number will not be required, only your account number)

CHF: If you are in Switzerland and you would like to receive an FCEFT in CHF,you will have to contact the financial institution where the account is held to obtain the IRC. The IRC is a five-digit numeric number commonly referred to as the SIC. number

(Please be advised that your IBAN number will not be required, only your account number)

MXM: If you are in Mexico and you would like to receive an FCEFT in MXM, you will not have an IRC and so you will leave the field for the IRC blank .

NZD: If you are in New Zealand and you would like to receive an FCEFT in NZD, you will use the bank/branch code or BSB number for the IRC. You will locate this number at the bottom of your checks. It will be the second set of numbers and will consist of a numeric six-digit number. You should also contact the banking institution where the account is held to obtain this information.

Euro: Since the Euro is used in a number of counties, different numbers will be used for the IRC.

(Please be advised that your IBAN number will not be required, only your account number)

The Netherlands: If you are in the Netherlands and you would like to receive an FCEFT in Euros, you will not have to enter an IRC number because the IRC is contained in the account number. You should contact the banking institution where the account is held to obtain this information.

Ireland: If you are in Ireland and you would like to receive a FCEFT in Euros, you will use the six-digit numeric sort code for the IRC number. You will have to contact the financial institution where the account is held to obtain this information.

Spain: If you are in Spain and you would like to receive an FCEFT in Euros, your IRC will consist of a nine-digit numeric number consisting of bank and branch codes. You will have to contact the financial institution where the account is held to obtain this information.

Austria: If you are in Austria and you would like to receive an FCEFT in Euros, your IRC will consist of a five-digit numeric number consisting of the bank and branch codes. To obtain your IRC, you will have to contact the financial institution where the account is held.

Belgium: If you are in Belgium and you would like to receive an FCEFT in Euros, you will leave the IRC field blank because the IRC is contained in the account number. To obtain your account number, you will have to contact the financial institution where the account is held.

France: If you are in France and you would like to receive an FCEFT in Euros, you will use your RIB number for your IRC. The RIB number is a ten-digit numeric number that consists of your bank and branch codes. Your RIB number is located at the bottom of your checks. It is the first two groups of numbers. You should also contact your banking institution to obtain this information.

Germany: If you are in Germany and you would like to receive an FCEFT in Euros, you will have to contact your banking institution to obtain your BLZ. The BLZ will be numeric and eight characters in length.

The new Payment methods are currently available to all vendors through the new Vendor Admin area. You will need to log into your account via the new vendor area here and Click the Account tab and then the Bank Account tab to access the account details and run the banking wizard.

Updated Feb. 20, 2008.
Updated Dec. 13, 2007.
Updated Nov. 15, 2007.
Originally posted Nov. 9, 2007.

From an e-commerce perspective, the low dollar presents an unprecedented opportunity for online merchants to venture into the international marketplace. US based sellers can offer a significant price advantage – often totaling more than 40% – over the local choices available to shoppers in Canada, the UK and most of Europe. This price advantage is maintained even when taking into account any extra shipping costs, taxes, duties, etc. a cross border sale may entail.

Why is the dollar falling relative to these currencies? The answer is simple supply and demand.

Demand for US dollars has been decreasing steadily for the past few years, primarily due to low interest rates in the US. As US rates fell, investors chose to put their money in higher yielding securities in other countries. This had the effect of decreasing demand for US dollars while simultaneously increasing demand for other currencies.

While there is disagreement among economists as to other factors that may be driving the dollar lower (inflation fears, uncertainty about the US economy, the Iraq war), most agree there is no reason to suspect this trend will reverse itself anytime within the next few years.

The impact on the US consumer has been subtle. Certain imports (e.g. European cars and luxury goods) have clearly gone up in price. The lower dollar is one of the reasons for the recent run up in the price of imported oil. However many of the day to day items we use come in from countries that have pegged the value of their currency to the US dollar (e.g. China, Latin America) thus mitigating many of the inflationary effects we would expect from higher import prices.

While there are some challenges to expanding internationally, gaining access to more than 500 million highly qualified shoppers makes it well worth the effort. Several organizations (including 2Checkout and E4X) offer a range of services to make the process easier, more cost effective, and much faster to deploy. The key to success is to focus on making international shoppers feel welcome and making it easy for them to buy your products.

While the relative value of currencies may vary over time, the size and breadth of the US market offers a huge range of products and services of substantial interest to international consumers. The weak dollar makes this an excellent time to consider extending your sales and marketing efforts beyond the US borders. At some point in the future the dollar probably will strengthen again, but by that time you’ll have built a base of loyal and valuable international customers.

Michael DeSimone is the Chief Executive Officer of E4X, Inc.

With the constant fluctuation of the currency exchange rate, no telling how long this will last. As a 2Checkout.com supplier, you are able to embrace this opportunity.

The New York Times weighs in with more on this subject: Canadian Dollar Aiding Online Retailers

A more applicable comparison is with currency exchange rates and fees used by credit card companies and Issuing banks which average from 2-8% over the standard Inter-bank rate. The prices available for customers through our service will be the same (or lower) than the price they would pay when purchasing in USD.

The important difference is that with our service global customers know the final price up front and are therefore much more inclined to complete the purchase.