PayPal foreign exchange rates
Like Tree14Likes

Thread: PayPal foreign exchange rates

Page 1 of 6 1 2 3 4 5 6 LastLast
Results 1 to 10 of 55
  1. #1
    Member CNC-Tech's Avatar
    Join Date
    Jun 2014
    Location
    Melbourne, AU
    Posts
    26

    Exclamation PayPal foreign exchange rates

    Just some advice for people buying from overseas through PayPal. As with most companies these days they try to scam as much money out of you as possible with their horrendous exchange rate being usually around 3c a dollar difference (AUD->USD) to their benefit. ($5000 = $150 to paypal plus other transaction fees)

    As you may or may not know, you are able to use your banks or your credit cards exchange rates to convert from foreign currency which should be WAY BETTER than PayPals.

    Anywho, they buried this setting pretty good so no one can find it but here is the process how turn their scam conversion off and set it to your own bank or CC:


    My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit


    Hope it helps a whole lot of you!

    Cheers.

    Last edited by CNC-Tech; July 7th, 2014 at 04:22.

  2. #2
    Member dainese's Avatar
    Join Date
    Dec 2012
    Location
    Sydney, Australia
    Posts
    637

    Re: PayPal foreign exchange rates

    Woah. Really? I BURN everytime I have to buy something of value. Kills the value of every single purchase!

    If this works I wish I knew this earlier!

    Thanks!

    Sent from my HTC One_M8 using Tapatalk

  3. #3
    Member dainese's Avatar
    Join Date
    Dec 2012
    Location
    Sydney, Australia
    Posts
    637

    Re: PayPal foreign exchange rates

    I presume our big 4 banks will also charge a fee for this conversion?

    Sent from my HTC One_M8 using Tapatalk

  4. Remove Advertisements
    WatchUSeek.com
    Advertisements
     

  5. #4
    Member CNC-Tech's Avatar
    Join Date
    Jun 2014
    Location
    Melbourne, AU
    Posts
    26

    Re: PayPal foreign exchange rates

    They will charge you a fee but it most certainly will be substantially less than what PayPal charge you.

  6. #5
    Member jsw41's Avatar
    Join Date
    Oct 2012
    Location
    Almonte, ON, CA
    Posts
    734

    Re: PayPal foreign exchange rates

    Just as with many things there is a 'buy' rate and a 'sell' rate; when converting Canadian dollars to Euros, for example, that is, buying Euros there is an official exchange rate for the day so the buy rate is exchange rate plus 4 cents on the dollar.

    John
    Does anyone really know what time it is?

    If you don't know where you're going; every road will get you there.

  7. #6
    lvt
    lvt is offline
    Member lvt's Avatar
    Join Date
    Sep 2009
    Location
    The dark side of the Moon
    Posts
    17,108

    Re: PayPal foreign exchange rates

    Whatever you do, they always are the winner.
    Ball - Casio (G-shock) - HMT - Longines - Parnis - Seagull - Steinhart - Tissot - Victorinox - Yema

  8. #7
    Member drunken monkey's Avatar
    Join Date
    Jun 2011
    Posts
    12,033

    Re: PayPal foreign exchange rates

    Quote Originally Posted by CNC-Tech View Post
    They will charge you a fee but it most certainly will be substantially less than what PayPal charge you.
    That sounds like "I dont know".


    Thoughts for the day:
    facts, experience, opinion - figure which yours is before you start typing
    DM's Ghetto Watch Polishing Guide

  9. #8
    Member CNC-Tech's Avatar
    Join Date
    Jun 2014
    Location
    Melbourne, AU
    Posts
    26

    Re: PayPal foreign exchange rates

    What part of "They will charge you a fee" don't you understand?

    To clarify further, in terms of AUD to USD Paypal typically charge 3.5 - 4% exchange rate spread deducted from your amount, minus some other transaction fees.
    Credit cards are around 2.5% Your bank should be lower again.

    If you really want to save on exchange rates you can get free quotes and transactions with specialist exchange brokers like Torfx and get as low as 1 - 1.5%

    Hope that helps.
    Last edited by CNC-Tech; July 4th, 2014 at 14:34.

  10. #9
    Moderator Public Forum John MS's Avatar
    Join Date
    Mar 2006
    Location
    Virginia, USA
    Posts
    21,073

    Re: PayPal foreign exchange rates

    Quote Originally Posted by CNC-Tech View Post
    What part of "They will charge you a fee" don't you understand?

    To clarify further, in terms of AUD to USD Paypal typically charge 3.5 - 4% exchange rate spread deducted from your amount, minus some other transaction fees.
    Credit cards are around 2.5% Your bank should be lower again.

    If you really want to save on exchange rates you can get free quotes and transactions with specialist exchange brokers like Torfx and get as low as 1 - 1.5%

    Hope that helps.
    Don't get wound up over small matters. Use a bank-to-bank wire transfer. Or pay directly with a credit card. Or purchase and mail a foreign currency draft. Or take a 2 week vacation to a country that sells the watches you are interested in and have fun while buying a few watches. Hope this helps.

  11. #10
    Member drunken monkey's Avatar
    Join Date
    Jun 2011
    Posts
    12,033

    Re: PayPal foreign exchange rates

    So what happened to "substantially less?"

    Foreign exchange incurs a fee, some higher than others. Singling out this as another way PayPal tries to scam you is BS.
    3% is in line with my experiences with currency exchange, both in and out of my home country and purchases of a similar nature as being an "average" rate.
    Credit card? How about the transaction fee that goes on top of any currency exchange that some retailers pass onto the customer? Not all credit cards are equal and for that matter, neither are all banks and accounts that they offer.

    That is also not to mention that ths specific thing you talk about isnt unique to PayPal.
    Google DCC.
    enkidu likes this.

Page 1 of 6 1 2 3 4 5 6 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

    Tags for this Thread

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •