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If you buy from Europe, let it charge you Euro not $, Paypal conversion rate is too high.
Samuel8
Posts: 378 ✭✭✭
credit card is 1.025, Paypal is about 1.05.
0
Samuel8
Posts: 378 ✭✭✭
Samuel8
Posts: 378 ✭✭✭
Samuel8
Posts: 378 ✭✭✭
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Paypals conversion rates are atrocious.
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The best collecting goals lie right on the border between the possible and the impossible. - Andy Lustig, "MrEureka"
That’s generally good advice when paying direct by credit card too.
Yes, PayPal gives borderline crooked rates. I've paid European eBay, etc. purchases through PayPal for years in Euros using a CapOne card, which charges no fees for such "overseas" purchases and converts at very close to the actual exchange rate. Typically saves about $4 per 100 Euros sent.
Never a problem with eBay, but if buying from individual dealers/auction houses, best to call an acct rep beforehand to give a heads up as they tend to be a little trigger-happy on flagging overseas transactions and freezing accts.
Bad times to buy from USA too euro and dollar are same.
It was good 2006-2014 when usd-eur rate was like 0.65 - 0.7.
Prices were 30-35% lower back then.
I felt I should mention as an ebay seller, It's the seller that eats the exchange fees, not the buyer.
Good advice in general. Same goes for paying in £ in the UK. My daughter went to grad school in Edinburgh for a year, and it was over $1,000 less to pay directly in £ vs. their $ rate.
Not sure exactly what you're referring to... If a seller in France lists an item in Euros, I the BUYER have to send him Euros. PayPal, of course, will do this for me, but at their (rather inflated) USD to EUR exchange rate.
Right this second, if I buy something from France on eBay and have pay the seller exactly 100 Euros, PayPal will send Jacques those Euros for $106.68. The current spot exchange is $101.44.
Hmmm, I know I get charged a higher fee on international transactions. Maybe they are double dipping?
That's right. roughly 5% difference.
I just add Euro/GBP in my Paypal account, let it charge me in Euro/GBP to my linked credit card.
If you use Discover card, the current quarter, you will get 5% cashback.
I recall from some years back when I knew these things... when they used to charge 30c + 2.9%, payments received from overseas were a somewhat higher fee - something like 3.5% or even 3.9%?? But that was AFTER PayPal changed the buyer's currency to the seller's.
FYI, cashback for the 5% quarterly promo is capped at $75.
As far as I can tell PayPal charges 5% for international transactions in addition too whatever their exchange rate is. Because of the disadvantaged rate, it's 7-8% more to pay via PayPal. Plus, some AHs will add additional fees to pay via PP which makes it more like 10% disadvantaged.
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If you need to send euros from the USA, the best I've found is the Wise app. It doesn't mark up the exchange rate and does ach wires in minutes for like .2-.3%
My son, Finance Professor and international traveler, told me always pay in local currency.
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