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Author Topic: how to reduce money loss in you peyouts with dollar/euro exchange and paypal?  (Read 8110 times)

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« on: May 14, 2009, 09:40 »
0
Hello:
I am from spais so my earnings in USD has to be converted in euros at some time.
This is often sad since all the work put in my portafolio to increase my earnings month after month, gets often buried by the Dollar/Euro change price.
For example, last month i made the exchange at 1.29 (1 euro=1.29 dollar) so for example for 1000 USD that would be 775 Euros. But right now the price is like 1.35, that means for the same case 1000USD= 740. Seeng this i started to look for information and found a helpfull page where you can find the variation expresedd in a simple graphic, this is the link (in spanish sorry):
http://www.abanfin.com/modules.php?name=Abanfin&fid=gdbbdaa
Right now i decided to wait a litle to pull out the money from Paypal, and hope the price of dollar will rise again in the next days.
Do you european people check these numbers often to figure out the best moment? or maybe know some page where we could chek for a futuristic especulation on this tendencies?

Also i found that Paypal retain the 2.5% of the money for their services, Is there another way cheeper to get the payouts?
Im thinking That Yuri Arcurs for example can loose a lot of money if he dont look close to thise things, so maybe allready is an optimized way to do this testes for you guys?

Hope i made myself clear enough.
Cheers


« Reply #1 on: May 14, 2009, 09:46 »
0
I don't know anyone who can predict the future exchange rate with any accuracy.  I use moneybookers, the exchange rate was much better than paypal when I last checked.  They convert straight to my currency, so I don't have to spend time doing that.  There is a small withdrawal fee but I only do it once or twice a month and it still beats paypal.

« Reply #2 on: May 14, 2009, 10:05 »
0
I don't know anyone who can predict the future exchange rate with any accuracy. 

If someone knew how to predict exchange rates accurately he would be rich (and he wouldn't tell anybody how to do it :))

My solution has been to take my stock mone now and then, that makes the exchange rate "average".

The paypal percentage annoys me, I hope at least the european sites (fotolia?) would start using bank transfers.

tan510jomast

« Reply #3 on: May 14, 2009, 11:04 »
0
i usually like to spend the money i make from one artform (music, writing, photography) to buy more equipment,etc. so instead of transferring into my account at home, i was going to let it accumulate than purchase something via the web in the same currency. this way i don't lose on exchange.
perharps it would work for you too. unless you're using the money for something else, then it won't work .

« Reply #4 on: May 14, 2009, 11:28 »
0
Hello:
I am from spais so my earnings in USD has to be converted in euros at some time.
This is often sad since all the work put in my portafolio to increase my earnings month after month, gets often buried by the Dollar/Euro change price.
For example, last month i made the exchange at 1.29 (1 euro=1.29 dollar) so for example for 1000 USD that would be 775 Euros. But right now the price is like 1.35, that means for the same case 1000USD= 740. Seeng this i started to look for information and found a helpfull page where you can find the variation expresedd in a simple graphic, this is the link (in spanish sorry):
http://www.abanfin.com/modules.php?name=Abanfin&fid=gdbbdaa
Right now i decided to wait a litle to pull out the money from Paypal, and hope the price of dollar will rise again in the next days.
Do you european people check these numbers often to figure out the best moment? or maybe know some page where we could chek for a futuristic especulation on this tendencies?

Also i found that Paypal retain the 2.5% of the money for their services, Is there another way cheeper to get the payouts?
Im thinking That Yuri Arcurs for example can loose a lot of money if he dont look close to thise things, so maybe allready is an optimized way to do this testes for you guys?

Hope i made myself clear enough.
Cheers



I am using Moneybookers. They have better exchange rate. But I think you can withdraw your earnings in Dollars, and than you can exchange them for Euros in your bank. This way you can avoid PayPal exchange rate if your bank has better rate.

« Reply #5 on: May 14, 2009, 13:36 »
0
You may open a bank account in USD currency at your bank, transfer your earnings from PayPal to this account and then wait until the exchange rate is interesting to transfer the money to your regular account.

« Reply #6 on: May 14, 2009, 14:07 »
0
araminta and Whitechild.
Are you sure of this? because what i read in the paypal page is that when you withdraw the money it gets translated to you local coin.
Anyway, i have just send paypal an email asking just that.
Cheers

« Reply #7 on: May 14, 2009, 14:13 »
0
You may open a bank account in USD currency at your bank, transfer your earnings from PayPal to this account and then wait until the exchange rate is interesting to transfer the money to your regular account.
Not all banks support accounts in US dollars. In Canada I know they do, but not sure about European countries?

« Reply #8 on: May 14, 2009, 15:40 »
0
Not all banks support accounts in US dollars. In Canada I know they do, but not sure about European countries?
In Switzerland, they do too... but I indeed don't know for other countries.

« Reply #9 on: May 14, 2009, 15:42 »
0
araminta and Whitechild.
Are you sure of this?
No, I'm not sure  ;)

« Reply #10 on: May 14, 2009, 15:44 »
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Not all banks support accounts in US dollars. In Canada I know they do, but not sure about European countries?
In Switzerland, they do too... but I indeed don't know for other countries.

In Norway I couldn't open a US currency account.

« Reply #11 on: May 14, 2009, 15:54 »
0
You may open a bank account in USD currency at your bank, transfer your earnings from PayPal to this account and then wait until the exchange rate is interesting to transfer the money to your regular account.

Not all banks support accounts in US dollars. In Canada I know they do, but not sure about European countries?


You can't in Brazil either, at least not a personal account (maybe businesses can do that, but I can't tell).

To follow the exchange rate variation, I use this: http://www.x-rates.com/

Of course, it can not predict the future.   :D

« Reply #12 on: May 14, 2009, 16:23 »
0
Not all banks support accounts in US dollars. In Canada I know they do, but not sure about European countries?

you are right goldenangel. but here's the irony. Most Canadians who travel already  have a US$ account to avoid exchange differences. But  Ppal will not transfer to that . It only transfers to Canadian to a C$ account, which requires foreign exchange.


« Last Edit: May 14, 2009, 16:25 by Perseus »

« Reply #13 on: May 14, 2009, 17:01 »
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Unfortunately I am not sure arquiplay77. In my country you can open account for foreign currencies. Moneybookers works with both currencies (dollars and euros).

« Reply #14 on: May 14, 2009, 18:54 »
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and hope the price of dollar will rise again in the next days.


Don't hope on that!

The US$ is more likely to keep falling against the Euro, than rise.
They keep printing money in the US, much much faster than they do in Europe
(It's called "quantitative easing").

Look at the graph in the following blog post, especially the blue line in the top right corner
http://www.bloodhoundrealty.com/BloodhoundBlog/?p=7563



« Reply #15 on: May 15, 2009, 06:25 »
0
well when i say hope the dollar rise, im talking about the fluctuations that can be seen in the past weeks, it vary from 1.29 to 1.36, of course im not waiting it to be 1=1 as it was years ago.
BTW, i am considering the switch to MB since it looks cheaper than PP, here in the forum i found the comparison fees:
Quote
Reply #4 on: September 02, 2007, 13:09
   
Click to mark this post as useful Reply with quote
This might be the reason why I make more money with moneybookers than with paypal.

From the paypal site:-

If your transaction involves a currency conversion, it will be completed at a retail foreign exchange rate determined by PayPal, which is adjusted regularly based on market conditions. This exchange rate includes a 2.5% spread above the wholesale exchange rate at which PayPal obtains foreign currency, and the spread is retained by PayPal. The specific exchange rate that applies to your multiple currency transaction will be displayed at the time of the transaction.

http://www.paypal.com/cgi-bin/webscr?cmd=p/gen/fees-outside

From the moneybookers site:-

For transactions involving a currency conversion, we use the daily reference rates as published by the European Central Bank. However, 0.95% will be added to the interbank rate wherever there is an exchange of currency between EUR, USD or GBP. For transactions involving exchange of any other currency, we add 1.3%. This is not a hidden charge but a protection against the volatility and risk associated with FX markets.

http://www.moneybookers.com/app/faq.pl?gid=2&qid=718


Just to clarify this and see the actual difference, could someone make a simulation on translating 1.000 dollars to Euros, right now in PP this exchange would be 1.000=718,00 (0.718005) It would be nice if someone could test this in MB

The only reason holding me back to switch is that i thought the payment with MB was somehow slow and/or conflictive, but this might due to some topics i read with personal experiencies, maybe nothing to worry about in general.
So is your experience with MB good?
Im still waiting the answer from PP about the possibility to be paid in dollars, but i think this cant be made.
Thank you for you time.
Cheers.

« Reply #16 on: May 15, 2009, 09:13 »
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The difference looks to be 1.2% for currencies other than US, EUR GBP. 

Which on $1000 is $12, which is significant if you are making any amount over that much each month * 12 months.

$5000 is $60/month * 12 months is $720/year which makes it well worth switched to money bookers it seems.  I haven't tried them though, I am still using paypal :(


« Reply #17 on: May 15, 2009, 10:19 »
0
Dosnt it say that the 1.3% rate is for OTHER CURRENCIES, apart from US, EUR and GBP??
I dont know for sure, its a bit confusing as it says that 0.95% will be added to the interbank rate.
Well im not and aconomist and that text is not written in my lenguage, so dont really understand it, thats why i was asking for a particular example.
Cheers

« Reply #18 on: June 14, 2009, 09:11 »
0
Im resurrecting this post because i have made the test this month.
I changed the payout method from some sites to moneybookers so i could compare at real time between the two on witch one geve me more money for the same amount of dollars and i found that they are practically the same. Even if paypal charges a bigger percentage, it seems they can obtain a cheaper mayorist price for the money, because its almost the same as MB charging less percentage.
On the other hand i found the payout more slow, i guess most agencies (0r at least the ones iv tried, SS, IS, XP) pay before to paypal than others.
But the most significant think i found out is that MB automatically changes to EUROS when the money is recieved, so i didnt have the chance to wait for the best moment to make the exchange, wich is the main reason why ive decided to stay with paypal.
Just my experience at this matter.
Cheers.

« Reply #19 on: June 14, 2009, 15:18 »
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Something I really don't like with MB is it was impossible to contact them by phone, when it was impossible to get my money, due to a technical problem on their plateform. The contact via mail was quite evasive.


 

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