I supposed that you are referring to Paypal ? If you have a UK Bank account, all funds would be converted from the US$ (if that is the default currency on Paypal) to UK pounds when you do a withdrawal. In short, you will withdraw in your local currency.
But if you are not from the US then when you withdraw, it would need to be converted to your local currency. The only way to avoid it would be to currency exchange thereby currency fluctuation would be to spend the money online.
Sorry, yes it is paypal, silly of me to forget to mention that really. Well it's my dads account, he lets me put money in to and stuff because i'm not old enough (argh) to have a account myself. The default currency in his paypal is GBP, because obviously we live in England and he uses ebay and his paypal account quite alot. So if I wanted to withdraw USD in england, and get it transferred to his account, is it possible, and how would i do it?
How do i get my money then? Isn't there even a way paypal can exchange the dollars in to pounds? There should be.. As they do work in lots of different currencies.
Wait! Maybe we got our wires crossed. Even if you accept US$ with your Paypal account, you will still be withdrawing to your local bank in UK pounds through Paypal. They will do the conversion for you. When I mentioned local currency, it means in your case, you will get UK pounds in your bank account. Since your dad's account is defaulted as UK pounds, when you withdraw it will remain as UK pounds as the currency of withdrawal. You will not be able to withdraw as US$. When he accepts someone payment from someone who has US$ as their default currency, Paypal will convert it to UK pounds before the money is deposited to your dad's paypal account.
My dad said that it's staying as US$ and not changing to GBP.. He said he has both currencies in his account atm :S if i tried withdrawing this money, would it change then?
It would change as it was being transfered to the bank account. Keep in mind that you would also get hit with an exchange fee, either by Paypal or your bank. I'm not positive who would actually do the exchange, but there would have to be one.
Ah so he has two currency then of course if he received in US$, it will store as US$ in Paypal but if he withdrawl that portion, it would convert to GBP. Paypal's bank would do the conversion and pay you in local currency.
So say I wanted to withdraw all the money in the account, it would put all the different currencies into GBP then transfer to my bank.. correct? Thanks for the help by the way
yes, that is right. Withdrawal can only be done in your local currency. The only exception is that if you have a bank in the US.