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Avoid the Great Paypal Exchange Rate Rip Off

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Paying for anything with Paypal in anything but your own currency will incur a Paypal exchange rate fee through their poor exchange rate. This isn't shown at checkout anywhere as Paypal just do the co… Read More
dancedar Avatar
3y, 9m agoPosted 3 years, 9 months ago
Paying for anything with Paypal in anything but your own currency will incur a Paypal exchange rate fee through their poor exchange rate. This isn't shown at checkout anywhere as Paypal just do the conversion and take a cut - about 3% - from any transaction payment conversion they do. Visa's exchange rate fee is 0- likely your bank's thus is BUT DO CHECK!

The trick is to make Paypal bill you in the original sale's currency and let your bank handle the conversion at market rate. To do this, go to https://www.paypal.com/uk/cgi-bin/webscr?cmd=_profile-merchant-pull-funding&buyer_hub and click 'Conversion Options' next to your funding source. On the next page, change the selected option to 'Bill me in the currency listed on the seller's invoice' - don't worry about Paypal's scaremongering text about this, your bank/credit card likely handles this at market rates and doesn't add a further few percent for profit. Then just make your purchases knowing you'll be getting billed the exact market rate and not lining Paypal's pockets. Do make sure to check your bank's rate if any above the daily date.

Found via http://lifehacker.com/5957808/avoid-paypals-high-international-currency-exchange-rates-by-switching-one-little-option

Visa exchange rate: "Currencies fluctuate every day. The rate shown applies to transactions processed by Visa Europe on 31 August 2013 with a currency conversion fee of 0.00%."

***Do check your bank's fees*** (and post here so OP can be updated)


Visa Exchange Rate = zero additional fee

Banks:

HSBC
2.99%

Nationwide
Credit cards = 0%
Debit cards = 2%

Halifax
Credit cards: 2.95% transaction fee
Debit cards: 2.75% transaction fee
Other Links From Paypal:
dancedar Avatar
3y, 9m agoPosted 3 years, 9 months ago
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(22) Jump to unreadLocked
Comments/page:
#1
Thanks for this op, will help a lot of people. Should be in freebies though.
1 Like #2
It probably means that your bank will make the profit, instead of Paypal.
#3
Inactive
It probably means that your bank will make the profit, instead of Paypal.
Most banks I've checked do it at market rate. My Nationwide credit card does. Paypal's exchange rates are usually much worse than your banks, but DO check your own account. Once set, if you're fee-free, you don't get nickel and dimed for any future Paypal purchases (eBay included I think.)
#4
Thanks
#5
dancedar
Inactive
It probably means that your bank will make the profit, instead of Paypal.

Most banks I've checked do it at market rate. My Nationwide credit card does. Paypal's exchange rates are usually much worse than your banks, but DO check your own account. Once set, if you're fee-free, you don't get nickel and dimed for any future Paypal purchases (eBay included I think.)


Not so with HSBC, from their web site;

Exchange Rate Adjustment


2.99% added to the Visa Exchange Rate


:(
#6
Inactive

Not so with HSBC, from their web site;
Exchange Rate Adjustment

2.99% added to the Visa Exchange Rate

:(

I assumed HSBC would, they're rubbish at everything for high street banking imo :/
#7
thanks!
#8
Great
#9
I often send a different currency from my bank abroad or from paypal abroad.

Paypal actually works out cheaper. Surprisingly.
#10
Thanks for this OP
#11
SEPA may be a cheaper easy to make payments in Euro of your bank supports it.
#12
Thanks
1 Like #13
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.
banned#14
Good stuff
#15
Depends on your bank account type.
#16
MadeDixonsCry
Depends on your bank account type.


Current
#17
dontasciime
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.

That makes zero sense. You should investigate this - nothing should happen to your account until you next make a purchase.
#18
dancedar
dontasciime
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.


That makes zero sense. You should investigate this - nothing should happen to your account until you next make a purchase.


I don't mean the simple act of changing it. I mean then continuing to purchase in the $ amount being converted by bank instead of paypal.

Edited By: dontasciime on Sep 02, 2013 11:39
#19
dontasciime
dancedar
dontasciime
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.

That makes zero sense. You should investigate this - nothing should happen to your account until you next make a purchase.

I don't mean the simple act of changing it. I mean then continuing to purchase in the $ amount being converted by bank instead of paypal.

Annoying. I've looked on the Halifax page and can't find any details - if you can link to their info I'll update the banks in the op
#20
dancedar
dontasciime
dancedar
dontasciime
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.


That makes zero sense. You should investigate this - nothing should happen to your account until you next make a purchase.


I don't mean the simple act of changing it. I mean then continuing to purchase in the $ amount being converted by bank instead of paypal.


Annoying. I've looked on the Halifax page and can't find any details - if you can link to their info I'll update the banks in the op

http://www.halifax.co.uk/travel/help-guidance/using-debit-credit-cards-abroad/

I'm not saying the above is absolute even though lol it is when based on the info presented above . What I do know is that when I've changed that option in paypal in the past I've incurred a charge.


Edited By: dontasciime on Sep 02, 2013 12:20
#21
dontasciime
dancedar
dontasciime
dancedar
dontasciime
Sure Halifax[Visa Debit] Charge me £1.50 each time I've changed Paypal conversion options.

That makes zero sense. You should investigate this - nothing should happen to your account until you next make a purchase.

I don't mean the simple act of changing it. I mean then continuing to purchase in the $ amount being converted by bank instead of paypal.

Annoying. I've looked on the Halifax page and can't find any details - if you can link to their info I'll update the banks in the op
http://www.halifax.co.uk/travel/help-guidance/using-debit-credit-cards-abroad/

I'm not saying the above is absolute even though lol it is when based on the info presented above . What I do know is that when I've changed that option in paypal in the past I've incurred a charge.


Thanks! Wow, I never realised how terrible Halifax were!
#22
Thank you

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