Author Topic: Avoid Paypal currency exchange fees?? (dollar -> euro) (Read 30714 times)

Hi Cliff(s)! · « **Reply #50 on:** February 02, 2017, 13:01 »

Quote from: Sammy the Cat on January 26, 2017, 14:36

Appalling?? It's only 2.5% no worse than banks or anyother financial outfit.

They have to make some money in order to offer a great service like that

yes, indeed, appalling -- in most of Europe, you get REAL forex rates for your foreign currency payments (Den Danske Bank, Creditanstalt Austria, Svenska Handelsbanken, Deutsche Postbank, Credit Agricole -- just to name a few). The typically anglo-saxon approach of greed and of ripping off the little guy makes Paypal seem "like other banks" in some places (UK, U. S. where no one has even heard about foreign currencies existing, pun intended)...

And what's that "great service" Paypal are providing, again?

In this time and age of Bitcoin, Litecoin, other Crypto currencies offering INSTANTENOUS and next-to-no-cost payments wordwide, who really needs Western Union, Paypal, or even the -- in fact -- slightly better Payoneer services?

It is easy to convert Paypal dollar (or any other) balances to bitcoins and on to a local currency using the right Bitcoin Exchange in your local country (local currency, bank account). You may even sell bitcoins over-the-counter and without needing wallet software when using localbitcoins.com in face-to-face transactions available in most cities that have Starbucks or Burger King. All of these options will save you all those -- truly -- annoying fees. (Feel free to PM me if you need URLs for a local exchange in certain countries, too wide a subject to include it here.)

Better still would be some stock agency actually offering Bitcoin payments in the first places. Curious to see when that will finally happen.

Bitcoin, Be Your Own Bank -- in case you guys still haven't heard about it...!

outoftheblue · « **Reply #51 on:** February 02, 2017, 13:19 »

Quote from: Hi Cliff(s)! on February 02, 2017, 13:01

You may even sell bitcoins over-the-counter and without needing wallet software when using localbitcoins.com in face-to-face transactions available in most cities that have Starbucks or Burger King. All of these options will save you all those -- truly -- annoying fees. (Feel free to PM me if you need URLs for a local exchange in certain countries, too wide a subject to include it here.)

paypal rates are a bit high, but it could be worse; most banks are not better; skrill is worse

May I say that I find meeting some stranger nerds in a starbucks more appalling and annoying (in a freetard way) than paying a commission?
If I have free time to spend, I'd rather meet friends at the pub than wasting my time that way.

Pauws99 · « **Reply #52 on:** February 02, 2017, 14:53 »

It seems people are confusing Paypal with a charity get real.

r2d2 · « **Reply #53 on:** February 02, 2017, 16:17 »

Quote from: Microstockphoto on January 27, 2017, 16:31

Quote from: increasingdifficulty on January 27, 2017, 04:43
The important thing is: When you can use the money, like buy milk, what currency is it in? The conversion happens somewhere and remember that the PayPal fees are HIDDEN, it doesn't say: look, here's the fee, they just give you a bad exchange rate.

PayPal fees are not hidden at all. ALL fees are in the T and C you signed for when opening your account. don't blame PayPal for your ignorance

And where can you see the recipe for the single transactions? There is no recipe. Its totally intransparent like Istock.

Do you ever try to deduct the pp fees from tax?

superdone · « **Reply #54 on:** February 02, 2017, 17:10 »

At the moment there is no way to escape from PAYPAL (USD->EUR) that will continue to get fatter and fatter through out our hard works.

The big problem is that there is no alternatives so IT RULES as IT LIKES...it can get our money as it likes.

Pauws99 · « **Reply #55 on:** February 02, 2017, 17:39 »

Quote from: Hi Cliff(s)! on February 02, 2017, 13:01

Quote from: Sammy the Cat on January 26, 2017, 14:36
Appalling?? It's only 2.5% no worse than banks or anyother financial outfit.

They have to make some money in order to offer a great service like that

yes, indeed, appalling -- in most of Europe, you get REAL forex rates for your foreign currency payments (Den Danske Bank, Creditanstalt Austria, Svenska Handelsbanken, Deutsche Postbank, Credit Agricole -- just to name a few). The typically anglo-saxon approach of greed and of ripping off the little guy makes Paypal seem "like other banks" in some places (UK, U. S. where no one has even heard about foreign currencies existing, pun intended)...

And what's that "great service" Paypal are providing, again?

In this time and age of Bitcoin, Litecoin, other Crypto currencies offering INSTANTENOUS and next-to-no-cost payments wordwide, who really needs Western Union, Paypal, or even the -- in fact -- slightly better Payoneer services?

It is easy to convert Paypal dollar (or any other) balances to bitcoins and on to a local currency using the right Bitcoin Exchange in your local country (local currency, bank account). You may even sell bitcoins over-the-counter and without needing wallet software when using localbitcoins.com in face-to-face transactions available in most cities that have Starbucks or Burger King. All of these options will save you all those -- truly -- annoying fees. (Feel free to PM me if you need URLs for a local exchange in certain countries, too wide a subject to include it here.)

Better still would be some stock agency actually offering Bitcoin payments in the first places. Curious to see when that will finally happen.

Bitcoin, Be Your Own Bank -- in case you guys still haven't heard about it...!

That sounds time consuming and risky to me I can't really get my head around it so I will stick to old fashioned currency. An article in the Financial Times says this "As a phenomenon bitcoin has all the attributes of a pyramid scheme, requiring a constant influx of converts to push up the price, based on the promise of its use by future converts. So the ultimate value for bitcoin will be the same as all pyramid schemes: zero."

ranplett · « **Reply #56 on:** February 02, 2017, 18:18 »

I loathe paypal for their exorbitant fees.

They seem to charge exactly 3.6% to convert USD > CAD. Someone mentioned they aren't adjusting their rates in real time, so yeah, you could get a slightly better rate. I believe their 3.6% is to compensate for that difference.

No financial institution wouldn't charge a currency conversion rate. If you are getting 2.5%, I'd be happy with that. Credit cards usually charge 3%.

If you are converting USD > CAD at 3.6% and then CAD > USD at 3%, like if you are visiting USA or driving through south to Mexico, you're literally losing 6.6% on the exchange rate. Brutal. I've had it where I get paid in USD > CAD at 3.6%, convert that to Kenyan Schillings (KES), for example, and there they want KES > USD, so you're looking at 9.6%. Brutal. I know there are options out there, but these things take a lot of effort to set up.

On the other hand, if I can get a cheque, the bank gives me a 2% rate, so a lot better. Say you earned $100k / year, you could save $1500 that way.

Also, not sure about your individual countries, but you should be able to writeoff the conversion loss as 'banking fees' or something to that effect. Mind you, I'm no accountant, so don't take my word for it.

nadalbg · « **Reply #57 on:** February 02, 2017, 23:34 »

Quote from: Hi Cliff(s)! on February 02, 2017, 13:01

Quote from: Sammy the Cat on January 26, 2017, 14:36
Appalling?? It's only 2.5% no worse than banks or anyother financial outfit.

They have to make some money in order to offer a great service like that

yes, indeed, appalling -- in most of Europe, you get REAL forex rates for your foreign currency payments (Den Danske Bank, Creditanstalt Austria, Svenska Handelsbanken, Deutsche Postbank, Credit Agricole -- just to name a few). The typically anglo-saxon approach of greed and of ripping off the little guy makes Paypal seem "like other banks" in some places (UK, U. S. where no one has even heard about foreign currencies existing, pun intended)...

And what's that "great service" Paypal are providing, again?

In this time and age of Bitcoin, Litecoin, other Crypto currencies offering INSTANTENOUS and next-to-no-cost payments wordwide, who really needs Western Union, Paypal, or even the -- in fact -- slightly better Payoneer services?

It is easy to convert Paypal dollar (or any other) balances to bitcoins and on to a local currency using the right Bitcoin Exchange in your local country (local currency, bank account). You may even sell bitcoins over-the-counter and without needing wallet software when using localbitcoins.com in face-to-face transactions available in most cities that have Starbucks or Burger King. All of these options will save you all those -- truly -- annoying fees. (Feel free to PM me if you need URLs for a local exchange in certain countries, too wide a subject to include it here.)

Better still would be some stock agency actually offering Bitcoin payments in the first places. Curious to see when that will finally happen.

Bitcoin, Be Your Own Bank -- in case you guys still haven't heard about it...!

Bitcoin price can be up and down, even for one day something like 100$ per bitcoin, I dont know if its positive or negative, but sometimes I receive money and I want to withdraw them instantly but its already less since the rate of btc has gone down

. It's probably good for investors who want to wait and see and sell their btc when its up.

SpaceStockFootage · « **Reply #58 on:** February 03, 2017, 04:43 »

Yeah, you make however much money during one month, and then when you get your bitcoin payment you might have lost 10% (which you're not going to like)... or you might have gained 10% (which Shutterstock isn't going to like).

increasingdifficulty · « **Reply #59 on:** February 03, 2017, 09:13 »

Yes, the Bitcoin currency is way too volatile to be used as anything but instant payment. Monthly payments would have to go, and you would have to be paid directly for each image sale.

Agencies don't like that as holding on to millions of dollars each month before payment is financially rewarding.

kingjon · « **Reply #60 on:** February 03, 2017, 12:53 »

I'm in Canada and have a US bank account in the US. I'm not active in microctock anymore but if you are still making a decent income it would be worth having. I pay 3$ fee per month (it might get waived for a certain balance). The account was set up while I was with RBC Canada a few years ago (I did not physically go to the US). The Paypal dollars stay in US dollars and I use them when I go to the US.

YadaYadaYada · « **Reply #61 on:** February 03, 2017, 13:49 »

Quote from: kingjon on February 03, 2017, 12:53

I'm in Canada and have a US bank account in the US. I'm not active in microctock anymore but if you are still making a decent income it would be worth having. I pay 3$ fee per month (it might get waived for a certain balance). The account was set up while I was with RBC Canada a few years ago (I did not physically go to the US). The Paypal dollars stay in US dollars and I use them when I go to the US.

Interesting for people who can benefit from that.

I used to get paid from a Canadian source and it took weeks for a check to clear. Might just have been my dumb bank. Canadian source said, oh no problem I'll send you Paypal instead. Never paid a fee of any sort.

US / Canada have some benefits that the OP and others don't. I wouldn't trust going to a Starbucks to sell Bitcoins as a good plan to avoid a tiny fee for conversion.

People who pay do have my sympathy, the UK charges me 20% taxes for receiving money in the US from a payment source. Haven't filled out the more than complicated forms that prove I'm already paying taxes here. That gets me angry and it's 20%!

Microstockphoto · « **Reply #62 on:** February 03, 2017, 22:57 »

Quote from: r2d2 on February 02, 2017, 16:17

Quote from: Microstockphoto on January 27, 2017, 16:31
Quote from: increasingdifficulty on January 27, 2017, 04:43
The important thing is: When you can use the money, like buy milk, what currency is it in? The conversion happens somewhere and remember that the PayPal fees are HIDDEN, it doesn't say: look, here's the fee, they just give you a bad exchange rate.

PayPal fees are not hidden at all. ALL fees are in the T and C you signed for when opening your account. don't blame PayPal for your ignorance

And where can you see the recipe for the single transactions? There is no recipe. Its totally intransparent like Istock.

Do you ever try to deduct the pp fees from tax?

again people spouting stuff because they dont know how to use paypal. first of all, you need a paypal business account, because you are a business. and if you already have one, you have many options for reporting, including transaction reports, which will show you line for line everything that happened for each transaction, including your fees.

people just like to rant, leaving out all the facts

and yes, i have deducted my fees, its simple as 123 with paypal transaction reports.

Microstockphoto · « **Reply #63 on:** February 03, 2017, 23:00 »

ranplett, just close your paypal account and see how you get on getting paid online, surely there are many options to get paid at lower fees using only one payment processor for all your income streams. right?

or is paypal holding you hostage and forces you to use their product?

ranplett · « **Reply #64 on:** February 03, 2017, 23:39 »

Quote from: Microstockphoto on February 03, 2017, 23:00

ranplett, just close your paypal account and see how you get on getting paid online, surely there are many options to get paid at lower fees using only one payment processor for all your income streams. right?

or is paypal holding you hostage and forces you to use their product?

Why would I close my Paypal account?

I can set up cheque payments with my three income generating accounts, but they take time to release the cheque.

I've only recently set myself up financially to be able to not get paid for the two months so I can wait for a cheque to arrive and save about 1.6%. That's a $1600 savings for every $100k earned. This is during an era where Getty Images had deferred payments by 7 weeks.

Mind you, in Canada, if one were in such a tax bracket, they'd pay about $640 back to the gov't in tax, but I'd rather have that option, or be able to reinvest it then giving it to Paypal.

If it was only 3%, I probably wouldn't care, but since they squeeze just a little more, I don't mind messing up my whole accounting system as a matter of principle.

Microstockphoto · « **Reply #65 on:** February 04, 2017, 00:17 »

you get paid 2 months late every time, missing out on interest, plus you have to cash the checks as well, costing you time and probably petrol, plus you have to invest time to manage multiple payment streams, you will have more layers in your administration, all adding cost, which you dont consider.

i think if you properly calculate all the cost of receiving checks, you will probably find that the cost are higher than using paypal,

not sure how that works for your principals, you want to incur higher cost, because paypal is too expensive, doesnt make sense. you cut of your nose to spite your face. paypal is a widely accepted payment processor, making my life and business so much easier,

quick calculation shows you would probably lose out on 0.25% interest alone over your 100K, and surely you can deduct the paypal fees from your earnings in canada as well.

Pauws99 · « **Reply #66 on:** February 04, 2017, 08:05 »

Quote from: Microstockphoto on February 04, 2017, 00:17

you get paid 2 months late every time, missing out on interest, plus you have to cash the checks as well, costing you time and probably petrol, plus you have to invest time to manage multiple payment streams, you will have more layers in your administration, all adding cost, which you dont consider.

i think if you properly calculate all the cost of receiving checks, you will probably find that the cost are higher than using paypal,

not sure how that works for your principals, you want to incur higher cost, because paypal is too expensive, doesnt make sense. you cut of your nose to spite your face. paypal is a widely accepted payment processor, making my life and business so much easier,

quick calculation shows you would probably lose out on 0.25% interest alone over your 100K, and surely you can deduct the paypal fees from your earnings in canada as well.

Yep I find PP hugely convenient and has always worked well for me for that level of service I think they "charge" a fair amount. Getting paid via PP is probably the least irksome thing in all this "industry"

ccbcc · « **Reply #67 on:** February 06, 2017, 03:03 »

I don't think many hundreds of dollars is a fair fee for a bank. My regular bank accounts are much less expensive.

Pauws99 · « **Reply #68 on:** February 06, 2017, 03:18 »

Quote from: ccbcc on February 06, 2017, 03:03

I don't think many hundreds of dollars is a fair fee for a bank. My regular bank accounts are much less expensive.

Clearly you earn far more than me

SpaceStockFootage · « **Reply #69 on:** February 06, 2017, 03:57 »

Quote from: ccbcc on February 06, 2017, 03:03

My regular bank accounts are much less expensive.

How much though? 'Much' less expensive on 2.5% would be pretty much close to zero.

Pauws99 · « **Reply #70 on:** February 06, 2017, 04:15 »

Quote from: SpaceStockFootage on February 06, 2017, 03:57

Quote from: ccbcc on February 06, 2017, 03:03
My regular bank accounts are much less expensive.

How much though? 'Much' less expensive on 2.5% would be pretty much close to zero.

I suppose it depends on 2.5% of how much.....I guess PP is geared more to small players like me. If you are earning many thousands a month its a different equation. If I were in that happy position I guess I might look more closely.

SpaceStockFootage · « **Reply #71 on:** February 06, 2017, 04:44 »

Fair point. I've not checked for a while but I'm pretty sure the difference between my bank and PayPal was pretty minimal.

ccbcc · « **Reply #72 on:** February 06, 2017, 06:08 »

Quote from: Pauws99 on February 06, 2017, 03:18

Quote from: ccbcc on February 06, 2017, 03:03
I don't think many hundreds of dollars is a fair fee for a bank. My regular bank accounts are much less expensive.
Clearly you earn far more than me

I'm talking per year, not per month.

But most of my income is in dollars, that I have to convert to euros.

SpaceStockFootage · « **Reply #73 on:** February 06, 2017, 06:23 »

Well if you're losing hundreds from the 2.5%, you're gaining thousands from the Euro being 1.05 to the Dollar rather than 1.25... swings and roundabouts!

ccbcc · « **Reply #74 on:** February 06, 2017, 06:41 »

Quote from: SpaceStockFootage on February 06, 2017, 06:23

Well if you're losing hundreds from the 2.5%, you're gaining thousands from the Euro being 1.05 to the Dollar rather than 1.25... swings and roundabouts!

For each $10k it costs $250 in conversion fees. I think that is expensive. My regular bank takes 1%, or $100. Big difference. It's huge. Bad.

But I agree, the exchange rates have had a big (positive) impact on my earnings. €1 euro is $1.07 today but it was $1.31 five years ago.

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Author Topic: Avoid Paypal currency exchange fees?? (dollar -> euro) (Read 30714 times)

Hi Cliff(s)!

outoftheblue

Pauws99

r2d2

superdone

Pauws99

ranplett

nadalbg

SpaceStockFootage

increasingdifficulty

kingjon

YadaYadaYada

Microstockphoto

Microstockphoto

ranplett

Microstockphoto

Pauws99

ccbcc

Pauws99

SpaceStockFootage

Pauws99

SpaceStockFootage

ccbcc

SpaceStockFootage

ccbcc

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