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Author Topic: PayPal UK not converting individual payments?  (Read 5171 times)

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ShadySue

  • There is a crack in everything
« on: June 03, 2013, 19:20 »
0
I get my iStock payments via PayPal.
I hadn't noticed, but things have changed there since the last time I looked.
It used to be that my payments came in as:
Payment $XXX USD, currency conversion, YYY GBP.
This made it easy enough to co my tax return, even though I take weekly payouts.

But suddenly a few weeks ago, without me noticing, it now only says:
"Payment from iStockphoto $XXX, no conversion, but there's a notice above that saying,
"Total balance (all currencies, available and pending) converted to GBP: YYY GBP"
But that's pretty useless for completing tax returns, because obviously the conversion rate is different from week to week, and my total balance includes outs and ins from various sources.

Anyone noticed this? What's the UK plan for using the info to fill in tax return?
The first date I can see the change is 21st May 2013. The previous week, the conversion was made as normal.

Thanks for any UK-specific info.


« Reply #1 on: June 04, 2013, 00:34 »
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Yes, I saw this start a couple of weeks ago, I don't see it as being a problem though, it still shows the amount you are being paid in dollars, then, when you select that amount to be paid into your bank account, it shows the sterling conversion and the amount in sterling, it's just that the information is in a different place to where it was previously. Is not the important info how much you receive in sterling per week from iStock? That is still there. The conversion rate has always changed week on week, or am I misunderstanding your point?

« Reply #2 on: June 04, 2013, 01:51 »
0
You can do the balance conversion yourself within PayPal if you want - click on the "Currency Converter" link, then on the right hand side select "Balance Conversion" from the drop down and go from $$s to s, and it will appear in your sterling account as before.

But I don't see it as necessary, unless you want to speculate on currency rates - all I do is transfer directly to my UK bank account and let it deal with the conversion, then your income for tax purposes will be whatever winds up in your account.
« Last Edit: June 04, 2013, 01:53 by Gannet77 »

« Reply #3 on: June 04, 2013, 02:04 »
0
I only noticed it by chance too, it's a subtle change.

It does mean you have to request your funds in US$ in the withdrawal box, but presumably you could wait to see if the exchange rate goes in your favour which you couldn't before since it was converted to Sterling on arrival at PP.

« Reply #4 on: June 04, 2013, 03:22 »
+1
I get my iStock payments via PayPal.
I hadn't noticed, but things have changed there since the last time I looked.
It used to be that my payments came in as:
Payment $XXX USD, currency conversion, YYY GBP.
This made it easy enough to co my tax return, even though I take weekly payouts.

But suddenly a few weeks ago, without me noticing, it now only says:
"Payment from iStockphoto $XXX, no conversion, but there's a notice above that saying,
"Total balance (all currencies, available and pending) converted to GBP: YYY GBP"
But that's pretty useless for completing tax returns, because obviously the conversion rate is different from week to week, and my total balance includes outs and ins from various sources.

Anyone noticed this? What's the UK plan for using the info to fill in tax return?
The first date I can see the change is 21st May 2013. The previous week, the conversion was made as normal.

Thanks for any UK-specific info.

This surprised me. PayPal have never automatically converted currencies for me. I've always had to convert them myself (thankfully) at the time of my own choosing.

I've just been into my account and, as expected, I had balances in GBP, USD and EUR from recent payments. I don't see any changes.

« Reply #5 on: June 04, 2013, 04:04 »
0
I think it depends on whether or not you had already created balances in different currencies - sounds like that was what you'd done.

I only ever had a sterling balance, so it always did the conversion on receipt, and my guess is that was how Sue had it set up too.  Then a couple of weeks ago, as she says, they made this change.  Seems now that if a payment arrives in another currency, it stays in that currency until converted manually or withdrawn.

ShadySue

  • There is a crack in everything
« Reply #6 on: June 04, 2013, 05:29 »
0
I'm clearly missing something.

This is not a 'pro' paid for account: I didn't need that, and don't want any more unnecessary expenses.

But actually, the last time I went to request a transfer to my bank account, a couple of weeks ago, PayPal had 'lost' my bank details and I had to input them again.

I use the same PayPal account for occasional purchases from eBay, most but not all of which are photo related, so the 'total balance', which is given in pounds, does not account for the outgoings.
I surely need to account for all of the income, then need to extract the photo-related outgoings. The balance when I come to transfer to my bank account will not be a full account for tax purposes.

Presumably I set it up in a particular way. I didn't have PayPal before iStock, but it seemed to be the better way for me to get my iStock payments at the time, and I can't remember whether I chose any currency conversion options, though presumaby I did, since most of you have accounts which are set up differently.

Anyway, like I said, it worked for me the way I did it. I made a list of all my income, converted into UKP, then I could look at my payments out of PP and list those which were photo related and ignore outgoings which were not stock related, e.g. gifts etc.

To just use the total balance, you'd need to have an account which you were not using also to finance non-related purchases. Do all of you have separate accounts? Or just never have cause to use PayPal to purchase anything (non stock-releated)?

Or, like I said, am I missing something?

Sorry to be dim.  :-[

« Reply #7 on: June 04, 2013, 05:50 »
0
Well, yes, it is true mine was created just for business purposes, though not a "pro" account in any way - and yes, I do use a separate one for personal stuff, eBay and the like, just to keep things simple - but it doesn't cost any extra AFAIK, I think it's just so they can comply with UK tax regulations.  Have they not asked you if it was a business account?  I thought they did that for all accounts that reach a certain figure in receipts.

I can't tell if yours works the same way of course, but by the sound of it you should still have the ability to transfer a USD balance to a sterling one, I can't see how it could work otherwise.  But that would mean an extra step, which is a nuisance I guess.

Any transfer out though, either for purchases or withdrawal, will still have to be converted to sterling so you could use that figure, just as before;  unless perhaps you buy something priced in dollars of course.  That would be a bit of a pain...  you could end up doing two currency transfers and losing out.  But that's what would have happened before as well, it would just have been hidden.

Do you not have the "Currency Converter" link on your overview page?  At the right hand side of the line that says "PayPal Balance"?


Poncke v2

« Reply #8 on: June 04, 2013, 07:39 »
0
You can set it up in your PP account how you will be paid. You can add and delete currencies. And you can set it yo ask you if you want to receive a currency if its not one of your chosen currencies. You can set it all up as you please in your PP account.

I receive USD and EU currency separately and only convert it when I want.

https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

« Reply #9 on: June 04, 2013, 08:59 »
0
Quote
Or, like I said, am I missing something?

Is there a reason you can't just write down your IS amount each week as you get paid into PayPal? With the new arrangement you have to choose the dollar payment from IS and ask PayPal to convert it into sterling, and at that point PP tell you how much the stirling amount is. Therefore you know what your weekly payment from IS is, in pounds. Make a note each week and add it up at the end of the year, or am I missing something?

« Reply #10 on: June 04, 2013, 13:35 »
0
Hi ShadySue

Same experience here. As of the last 5 days as far as I'm aware, automatic currency conversions have stopped. I'm not actually sure how it was set up in the first place, but you're not going mad.

Oldhand

ShadySue

  • There is a crack in everything
« Reply #11 on: June 04, 2013, 13:43 »
0
I'm now wondering if there's been a blip with my account,  because I've had no email telling me of any changes and there was the oddness of my account 'losing' my associated bank details.
I'll fiddle around and see if I can make the changes suggested above (I've tried some and they seem not to be available to me, hence the glitch suspicion, and if not, I'll get on to them. Luckily I haven't made any purchases anywhere via PayPal in the current tax year, so I'm fine. I'll just tell them I'll need to stop paying for non-tax-declarable items via PP, then the 'total balance' thing will work out just fine.

Thanks for all the suggestions. I still have some more to try.

« Reply #12 on: June 04, 2013, 14:31 »
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I didn't get an email either, looks to be a policy change from PayPal. Don't think it makes any difference to anything though.

« Reply #13 on: June 04, 2013, 14:47 »
0
Same here. Changed a couple of weeks back. Nothing I did (because I hadn't changed anything) It shows the balance in as well, I assume that's because that's my default currency, but requires me to actually convert the $$ amount to .
Looks like a policy change to me. Makes no real difference as far as I can see. 

ShadySue

  • There is a crack in everything
« Reply #14 on: June 04, 2013, 15:16 »
0
OK, I'm being really dim, sorry.
My default currency is GBP, and the home page shows my PayPal Balance as a GBP amount.
Underneath that, it says:
    Available balance in GBP (primary): YY GBP
    Total balance (all currencies, available and pending) converted to GBP: YYY GBP

But I can't see how to convert each individual iStockm $$ payment into , which is what I need.
Where do I do that?
It used to be when I clicked on an individual payment's 'details' that that would tell me the $$ and the conversion.
Now when I click on details, it just gives me the $$ amount in a more wordy format.
I don't see where I can get the $$ - conversion for one individual payment, which is what I want.
Can someone please point the better class of idiot in the right direction?
Tx again.

PS, did everyone else have to re-enter their bank details?

« Reply #15 on: June 04, 2013, 15:26 »
0
Mine now asks me to put the balance in US$ to withdraw and it gets converted to the UK amount it says its worth. Tricked me the first time because I was so used to entering the amount. Check the currency symbol to the right of the window you enter your withdrawal figure in.

I didn't have to re-enter any bank details.

« Reply #16 on: June 04, 2013, 15:31 »
0
If you click on 'Currency Converter', then perform an exchange of USD into GBP using the drop-down menus, then that particular transaction will be recorded in your account History.

It's listed twice, firstly as "Transfer (debit) From US Dollar Balance" and then again as "Transfer (credit) To British Pound Balance".

ShadySue

  • There is a crack in everything
« Reply #17 on: June 04, 2013, 15:56 »
0
If you click on 'Currency Converter', then perform an exchange of USD into GBP using the drop-down menus, then that particular transaction will be recorded in your account History.

It's listed twice, firstly as "Transfer (debit) From US Dollar Balance" and then again as "Transfer (credit) To British Pound Balance".

Right. Tx. It must be a problem with my account.
What you're describing is what used to happen and is still showing on all my payments until 13 May. After that, I don't seem to have the ability to do that. Unless I can't see what's staring me in the place.
Last try before contacting their support.
@Gostwyk: can you please tell me in words of one syllable which "drop down menus" you're referring to?

Thanks again all.

Poncke v2

« Reply #18 on: June 04, 2013, 16:40 »
0
Next to your balance it says currency converter

https://www.paypal.com/ie/cgi-bin/webscr?cmd=_profile-currencies

ShadySue

  • There is a crack in everything
« Reply #19 on: June 04, 2013, 17:01 »
0
Oh, right, I get it now.
It used to be automatic, but now I have to do it manually - and need to do it on the day.
What a PITA. That's going to add more time to the process, but at least it's doable.
I wonder why they stopped a system which worked perfectly.
I think I will definitely need to stop buying non-photo things from eBay, that will make everything much simpler.
Thanks for your patience everyone.

« Reply #20 on: June 05, 2013, 11:10 »
0
You can have more than one PayPal account too, then keep work and pleasure stuff separate.

Poncke v2

« Reply #21 on: June 05, 2013, 11:23 »
0
You need a bank account or credit card for each PayPal account.


 

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