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Currency conversion rates paypal,currency exchange traded funds,euro dollar exchange rate dec 31 2014 - .>

By default, Paypal really wants to do the foreign exchange for you because they make a few percent off your purchase like most other banks and credit cards. These bastards screwed me with double convertion fee where my card was in USD and invoice in USD but thanks to PayMore my USD invoice was converted to national currency and then taken from USD card where it took another fee.
Every since I wrote this post [Tutorial] Link Maybank Visa Debit Card with Paypal in this blog and also posted on Lowyat Forum, I’ve been getting a lot of questions about what is the currency rate for Paypal, especially for US Dollar (USD) to Malaysian Ringgit (MYR) or vice versa. So here is another tutorial on how to find out what is the currency exchange rate for Paypal from USD to other currencies. A window will pop up with the currency converter and you can change US Dollar to any currency you want by clicking the dropdown menu. Keep in mind that some of the rates quoted in the media are the inter-bank rates that are available only to the largest international banks, which purchase currencies in quantities of US $1,000,000 or more.
And if you run a small business, especially online, you’re going to at least consider using it to process payments because PayPal’s fees seem very reasonable.
But, if you look closely, and if you tally up the hidden fees, the real PayPal fees aren’t as favorable as they seem on the surface. Transferring money to your personal or business bank account by withdrawing from your PayPal account should be free—at least it’s marked as “free” everywhere you’re likely to look. When you make a withdrawal from one currency to another (in this example from USD to EUR), PayPal uses “the most current exchange rate” to make the conversion.
I can understand the difference if they were just a little late with the exchange (a few hours maybe), since rates can fluctuate rapidly. But okay, it’s there, and when I set up my PayPal account, maybe I ticked the box indicating I accepted the agreement. After 14 emails and a phone call, a PayPal service rep told me, “We don’t provide receipts or anything else you could use in accounting for those charges. Here you can see that the fee for the withdrawal is 0€ (which equals $0 no matter the exchange rate). And because of that, PayPal is literally stealing from everyone who uses their services when currency conversion is involved.
My idea was to open a currency account in your bank for each currency you handle through PayPal and withdraw the funds to those currency accounts without a conversion.
One of the basic features of PayPal is the ability to accept and move any currency you want all around the world. But I know many of my clients use PayPal and are probably facing the same situation that I have dealt with. Being a Canada-based merchant taking orders in USD, I guess Paypal is stealing from me, too.
Actually, I’m a Canadian and I used to share your belief that Paypal was ripping me off. My point is simply that if they charge a currency conversion fee (or any other fee), they should provide a receipt of it.


The way to handle this in your accounting is to use the same mechanism – make a note of the exchange rate offered.
I especially checked with my bank that there is only the withdrawal fee (1.9€) and no currency conversion fees. I have had this discussion with Paypal before and it works a bit differently to what you said. If you are not in the US, then Paypal will only transfer your account balance in the national currency to your bank account.
Never send money to a USD account in your home country, because your bank does not get USD, Paypal still sends the home currency.
The only way to avoid having paying for a conversion is to actually have a USD account in the USA. These transfers come from Paypal in Singapore and they totally disregard the currency of your bank account and just send the local currency.
If you do not have enough funds in your Paypal account in your local currency, Paypal will convert.
The end effect is that Paypal has installed currency trading booths at the borders of all countries if you are receiving funds that are not in your local currency. If you are normally resident in Finland, you can forget about circumventing this conversion by using an offshore account, since they will only transfer to a US-registered bank in your name, apart from your local currency. Out of curiosity, however, currency exchange rates in the trading market often differ from what banks (or payment processors) use most of the time, regardless of country. I mean, if we walk into a bank or a money changer, their rates are often 2-4% less favourable than the trading price. Your client can still choose to pay in USD, but if he pays you in EUR *he* will get the benefit of a somewhat lower price and *you* will get the benefit of not having to pay the rip-off PayPal exchange rate.
I immediately assumed that the client is paying for the conversion when he or she pays me with USD. Below I explain the steps required to avoid these fees.  In summary, it involves you signing up for a credit card with little to no forex fees, and following some steps to make sure that when you add a credit card to your Paypal account, you are being charged in the seller's currency, not your local currency converted by Paypal at a fee. The problem is that such cards tend to have relatively hefty yearly fees which can easily surpass whatever little difference PayPal’s forex markup might be. If you only make a the occasional small purchase on eBay or something, then you are probably better off just letting your card company do it’s normal bank-customer forex rate (either way, it’s the same result since PayPal’s rate is usually higher than the bank’s). As you can see from the screenshot, the exchange rate as of 9 September 2011 is 1 USD = 2.93351 MYR. A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops. PayPal is clear that “withdrawing from your PayPal balance to your bank account” is free on their side.
But I’ll bet very few PayPal users ever notice it because it’s buried in the 23,000-word legalese-laden user agreement.


As if I can’t calculate 2.5% of the sum or compare the real exchange rate to the one they use. I’d be more likely to trust a drunk proclaiming he’s got the solution for world peace than PayPal doing something about this problem in any timely manner.
But it turns out PayPal has blocked the way to bypass the currency conversion fee—even when there’s absolutely no reason to make a currency conversion.
Everywhere there is an opportunity for currency conversion there is a margin and spread between the current market exchange rate and the net exchange rate.
Now your bank will convert the EUR they received from Paypal to USD, using their conversion rate. But as far as I understand, PayPal is currently stealing because they don’t provide those receipts. I’ve never seen a mention of conversion fees (it must be in the fine print somewhere).
PayPal was doing this hidden for our business for a while now, but we had to take their merchant services due to other service provider transaction price. But you’ve done an awesome job of explaining and making it clear that the word needs to be spread about Paypal’s blatant theft! I’ve also considered just adding a cost to paying via PayPal at all (for bigger clients at least). We then add a 2.5% spread above this rate to determine the retail foreign exchange rate that is applied to transactions involving a currency conversion. From that point, I started withdrawing my Paypal funds directly into my US account, then making the transfer to my account in Canada—still in US dollars. From that point, I would convert the funds, so it was my own bank doing the currency exchange.
All of them simply tell you what exchange rate they are offering, the amount in and the amount out but that’s all. And guess what: The fees were HIGHER than what Paypal had previously been charging to convert my money.
To get the currency into that of the seller, in the next window click "Other Conversion Options" as shown:8. So their claim that “The total cost through PayPal [for currency conversion] is usually less than many international multi-currency bank transfers” is actually true, my friend.
My bank is taking more money from me, and they are NOT explaining the rate discrepancy either.
Fortunately, this bug doesn’t come into effect when PayPal performs the actual currency conversion but you may still want to confirm that.



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11.11.2014 | Author: admin



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