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How to change currency without lose money ?

Discussion in 'PayPal' started by n0br4n, Sep 15, 2018.

  1. #1
    Hello ,
    I'm using Paypal with GBP currency since my bank account has GBP currency only. But i receive payments from peoples and companies as USD. I lose money when i want to withdraw money everytime cos I have to change USD to GBP for withdraw that money to my bank account.
    I just looking a way to withdraw my paypal balance without lose any money cos of converting currency.
    SEMrush
     
    n0br4n, Sep 15, 2018 IP
    SEMrush
  2. mmerlinn

    mmerlinn Notable Member

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    #2
    You are not likely to find anyone who will work for free. Bottom line is that SOMEONE must feed the currency exchangers' kids, and that will ALWAYS be YOU.
     
    mmerlinn, Sep 15, 2018 IP
    sarahk likes this.
  3. n0br4n

    n0br4n Active Member

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    #3
    Well , looks as you're the negative guy here.
     
    n0br4n, Sep 16, 2018 IP
  4. mmerlinn

    mmerlinn Notable Member

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    #4
    Better to be negatively correct than positively wrong.
     
    mmerlinn, Sep 17, 2018 IP
  5. dcristo

    dcristo Illustrious Member

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    #5
    And you're the naive guy that thinks there is such thing as a free lunch haha
     
    dcristo, Sep 17, 2018 IP
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  6. n0br4n

    n0br4n Active Member

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    #6
    I just don't like pay fees :D
     
    n0br4n, Sep 18, 2018 IP
  7. dcristo

    dcristo Illustrious Member

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    #7
    There is always the middleman who is collecting :)
     
    dcristo, Sep 18, 2018 IP
  8. mmerlinn

    mmerlinn Notable Member

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    #8
    So, that means that you do not charge fees. Correct? And you work for your boss without getting paid, too. Correct?
     
    mmerlinn, Sep 18, 2018 IP
  9. phptechie

    phptechie Well-Known Member

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    #9
    @n0br4n
    I too have been using Paypal since 2006 & have paid lot as fees as currency conversion charges.
    When you receive payments , you lose 5% as paypal fee & when you convert it to other currency , then you lost currency conversion charges as well (which is roughly about 2 - 2.5%) , I don't see any way to reduce this.
    I use Paypal for smaller payments which is less than $500 , so I lose little.
    For bigger projects , I request the client to send WIRE TRANSFER directly to bank which works out very cheap , as the charges for the transaction will be around $20 - $50 depending on the amount you transfer.
    So request your clients to send funds to your bank a/c directly.
    If you find an alternate method to reduce fees in Paypal , feel free to share it with me too.
    Hope this helps.
     
    phptechie, Sep 23, 2018 IP
  10. Mehta

    Mehta Member

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    #10
    Irrespective of whether you use PayPal's own currency conversion or that of your card issuer, some sort of fee will always apply. Refer this (for PayPal India) https://www.paypal.com/in/webapps/mpp/ua/useragreement-full#exhibit_A
     
    Mehta, Oct 11, 2018 IP