Author Topic: conversion euros dollars with paypal (Read 6169 times)

jackboy · « **on:** March 08, 2016, 05:44 »

Hello,
I noticed that the exchange rate applied by Paypal is still my disfavour compared to the official rate, for example today the official rate on different sites is € 0.907 for $ 1 at paypal is 0.874 € for 1 $. After having contacted the Paypal services they provide no explanation while recognizing that the rate that applied can vary in one way or another relative at the official rate ... Curiously it's never in my favor.
There may be another solution?

MichaelJayFoto · « **Reply #1 on:** March 08, 2016, 05:50 »

Quote from: jackboy on March 08, 2016, 05:44

Hello,
I noticed that the exchange rate applied by Paypal is still my disfavour compared to the official rate, for example today the official rate on different sites is € 0.907 for $ 1 at paypal is 0.874 € for 1 $. After having contacted the Paypal services they provide no explanation while recognizing that the rate that applied can vary in one way or another relative at the official rate ... Curiously it's never in my favor.
There may be another solution?

When you use banks, you pay fees. It's rather simple.

Steveball · « **Reply #2 on:** March 08, 2016, 05:51 »

Paypal get paid even when some transactions are 'free'!

Chichikov · « **Reply #3 on:** March 08, 2016, 08:40 »

Quote from: Steveball on March 08, 2016, 05:51

Paypal get paid even when some transactions are 'free'!

In fact we live in a world where when they say us that something is "free" we have to pay for it…

Belish · « **Reply #4 on:** March 08, 2016, 12:47 »

Do not convert at PayPal. What I did is opening an USD account in a bank in my country so I withdraw without converting. Now I'm keeping an eye on the USD/EURO rates and convert my $ when I'm satisfied.
Or you can just tranfer them to your bank and they (the bank) will convert them at their rates.

Copidosoma · « **Reply #5 on:** March 08, 2016, 12:51 »

Quote from: Cylonphoto on March 08, 2016, 12:47

Do not convert at PayPal. What I did is opening an USD account in a bank in my country so I withdraw without converting. Now I'm keeping an eye on the USD/EURO rates and convert my $ when I'm satisfied.
Or you can just tranfer them to your bank and they (the bank) will convert them at their rates.

And those rates that you convert them will never be at the posted conversion rate. It doesn't matter if you use paypal conversions or your banks, you will NOT receive the "official" conversion rate. PP or your bank or some dude on the street will ALWAYS charge you something for the service of converting your currency.

Nikovsk · « **Reply #6 on:** March 10, 2016, 06:37 »

Spend directly in dollars when you can, otherwise send the money to be converted in the bank account.
If I'm not mistaken, it should be around 2% conversion fee - better than ~3,5% at paypal.

I just keep dollars in paypal and when USD is favorable against my currency, I send it to the bank.

OM · « **Reply #7 on:** March 10, 2016, 06:57 »

As Nikovsk said, currency conversions with Paypal from Eur to dollar and vice versa cost around you 3.5%. That's how they make their money. When I convert, usually USD to euro, if I don't need the money I leave it on Paypal and try to wait for a better rate on the foreign exchange markets (forex).

I usually try to wait until the EUR:USD on forex is below 1.10, then Paypal rate is ~ 1.14. If you're converting from EUR to USD, rates have been much better @ $1.40/EUR back in early 2014 but have come down a lot since then.