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    Quick currency exchange question

    Hi Gang
    It's a stupid question but I'm having trouble with it

    I have a balance in my PayPal account in USD ( US dollars). When is the best time to ask PayPal to convert to gbp

    Is it when the dollar is weak such as now or wait for it to strengthen? I'm not sure what will get me more pounds when converted

    Hope that made sense

    Thanks in advance

    13 Comments

    Weak dollar will get you more pounds obviously.

    Paypal gives you awful rates anyway. Just leave it in dollars.

    p_ist_a

    Weak dollar will get you more pounds obviously.



    As OP is converting dollars to pounds then strong dollar will give you more pounds not weak.

    wait for the dollar to strengthen

    Yes, you have to wait for USD to strengthen, your best time to convert was before the high court decision on Brexit

    Original Poster

    Great. Thanks guys that clears it ups. I think I'll listen to the coolguy as PayPal do have rubbish rates

    I've only got a usd balance and i use PayPal regularly. It naturally takes the payments from the usd balance

    Am I losing out (slightly) every time I make a purchase and PayPal work out how many dollars to deduct?

    sydney871

    As OP is converting dollars to pounds then strong dollar will give you … As OP is converting dollars to pounds then strong dollar will give you more pounds not weak.


    I'm sure he meant that but the terminology may have thrown him.

    Pops

    Can you transfer it to a cash card in Dollars that will convert it to GBP free of charge like-

    news.iceplc.com/_ac…940.

    bandit17

    Yes, you have to wait for USD to strengthen, your best time to convert … Yes, you have to wait for USD to strengthen, your best time to convert was before the high court decision on Brexit



    Your totally wrong.
    if he had $100 dollars to sell on the 23rd june it would have been worth £67.57.
    Today that $100 converting to £ would get £80.50
    I used bank rates

    Original Poster

    This is interesting. The first answers were logical and most likely correct
    However, I've read up on it and it says the pound is the weakest it's been against the dollar for 31 years

    Surely if I have dollars, I should do it when the pound is weakest against the dollar i.e. Now according to google

    Am I making a mountain out a molehill? The PayPal issue balance is only $700

    Basically, focus on the maths of it. If the pound is worth more to the dollar today than it was yesterday then you can get more pounds for your dollar on exchange now. When you use language such as a currency being stronger/weaker than the other then it is a subjective expression when comparing to a range of currencies.

    The people above are all saying the same thing (their maths is correct) but have been caught out in language.

    Pops
    Edited by: "popolou" 10th Nov 2016

    $700 at 1.23 is £560 at 1.33 its £526 since its around 1.23 at the moment now has never been a better time to exchange it. A few years back we got $2 to the pound, everything over there was dirt cheap, not any more.
    Edited by: "eslick" 10th Nov 2016

    Original Poster

    Right got it finally
    Thanks all much appreciated.
    I'll exchange it now thanks to Donald trump
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