Microstock Photography Forum - General > Paypal
Avoid Paypal currency exchange fees?? (dollar -> euro)
ccbcc:
Does anyone have a method of avoiding the appalling Paypal currency exchange rates? Some of my earnings from stock sales is in dollars, and Paypal will only let me withdraw in euros. And thus forcing me to accept the exchange rate from Paypal that is much worse than just about anywhere else.
It costs me hundreds of euros each year.
increasingdifficulty:
Haven't found a way other than opening a US bank account, but then you would have to pay US tax.
I hear Payoneer might be slightly better.
dpimborough:
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
increasingdifficulty:
--- 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
--- End quote ---
Then you should probably switch banks. 2.5% is really high.
My bank has a reasonable 0.5% currency conversion fee. If they could only be sent dollars from PayPal I would save many, many monies. :)
2.5% can make sense if you're sending $100, but when the numbers go up to $10,000+, the fees become ridiculous. $50 should be the maximum fee at 2.5% and then 0.5% on top of that.
obj owl:
--- Quote from: increasingdifficulty on January 26, 2017, 16:21 ---
--- 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
--- End quote ---
Then you should probably switch banks. 2.5% is really high.
My bank has a reasonable 0.5% currency conversion fee. If they could only be sent dollars from PayPal I would save many, many monies. :)
2.5% can make sense if you're sending $100, but when the numbers go up to $10,000+, the fees become ridiculous. $50 should be the maximum fee at 2.5% and then 0.5% on top of that.
--- End quote ---
Some banks make money twice, the currency conversion fee and again on a lousy tourist conversion rate.
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