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Pay Pal and foreign currency - how does that go?

AmadeusM

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If I want to pay for something in Euros, via PayPal, how do I do that?


Thanks.
 

Cougar Allen

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Log in to your paypal account.

Click on send money

Click on currency, and choose Euros.

The exchange rate is not usually as good as the current market rate.
 

Cougar Allen

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Is there a better way than Paypal? Can you explain it so dumb Murricans who've never done it before can do it? :cool:
 
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Hi There
Every transaction I make involves foreign currency, having tried every available method I have settled on two. Paypal works well, is not hugely expensive and handles the conversion process for me; the second method involves obtaining the correct currency from a local bank(for a fee), secureing it inside a greeting card(to defeat theives who hold such things up to the light) and airmailing it to the seller. This also works well but is slower than Paypal. Every other method when used from New Zealand is prohibitively expensive.YMMV
Phil
 
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For me it's the other way arround but I think the rule is the same.
When I pay in USD (my account is in Euro) they apply a worse exchange rate than the market and the fees look more like 4-5% rather than 3%
I still use it when I can't pay with Visa, it's way cheaper than Western Union and slighly cheaper than a bank transfer. I hope it helps :)
 
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Most of the knives I buy come from outside of Australia, and I’ve found paypal to be the simplest and most reliable method of paying people.

The fees are more affordable than international money orders, and there are less potential problems than direct money transfers.

As I understand it, the fee structure depends on where the money moves from/to, and the banking rules in those locations. For example, paypal Australia just sent out an e-mail explaining the new rules they have to abide by to have an Australian financial services license.
 
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The exchange rate is horrible and the fees are high...but it is the simple way to do the smaller transactions. When you have a very large transaction, there are other services where there are no fees and the trade is very close to the published rate for that moment....they make their profit on the small differential between the "buy" and "sell"....as they trade Forex themselves.
 
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