paypal and conversion fees

Bhavana

What is the deal with paypal charging extra on conversion rates? I've been looking at prices, seeing how much more it is to order decks outside of the US - I understand that euros are different than dollars - but if I want to order something that costs a certain amount of euros with shipping, I do the conversion - but am seeing that paypal tacks another several dollars to the cost. Has anyone else noticed this? Is it better that if in the future if I were to order outside the country that I just use a credit card instead of paypal?
 

AJ

PayPal serves a purpose, but I don't use it if the seller takes a credit card.

We've changed money in a number of different countries and there has always been a fee for the service, in banks, money exchanges, and worst, the store you are shopping in ;)

We ordered 1K Canadian from our own bank and were charged 5 bucks for the service.
Nothing is free...

Recently I purchased something and the seller requires a certain way of doing it via PayPal, which ended up charging me, the buyer/sender several dollars plus the price. Normally sending via paypal doesn't cost, the charges are on the seller, receiver. Not in that case!

PayPal is pretty transparent about it's fees, probably somewhere near the amounts was a little link to fees.
 

gregory

You are lucky to be in the USA. UK banks are CRIMINAL with their conversion fees. :mad: If I EVER need to send an IMO I wait till I'm in Canada, where they don't charge you an extra £14 on top of however little it is.

But all banks charge them somewhere along the line.
 

Bhavana

grrr...well, someone here is also selling the deck - what I was doing was trying to see if I could get it for less - but when all is said and done with the add up of shipping and paypal extra "fees", her deck would only be a few dollars more - and I would rather give her a couple extra dollars than give any of it to Paypal!
 

WolfyJames

If my memory serves me right, PayPal has lowered their fees, I've noticed it when I made purchases after I got access to my Paypal because my previous bank blocked PayPal. Before they were taking 2.5%, 3% of the purchase.
 

Libra8ca

Bhavana said:
Is it better that if in the future if I were to order outside the country that I just use a credit card instead of paypal?
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Credit cards do the same thing. Their conversion rate will always be less favourable and they take the difference. It's usually 2-3%, there is no way around it as far as I can see.
I paid something yesterday using Paypal and their rate is about 2% different from the posted rate on the markets; of course in their favour. The only thing you can do is watch the markets and buy when the exchange rate is more favourable which might be worth it for more expensive items.
 

zannamarie

Bhavana said:
What is the deal with paypal charging extra on conversion rates? I've been looking at prices, seeing how much more it is to order decks outside of the US - I understand that euros are different than dollars - but if I want to order something that costs a certain amount of euros with shipping, I do the conversion - but am seeing that paypal tacks another several dollars to the cost. Has anyone else noticed this? Is it better that if in the future if I were to order outside the country that I just use a credit card instead of paypal?
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How is it that you think paypal is charging you "extra"?

If you are not buying the item in the required sale currency, Paypal offers the service to convert the currency you are willing to use to buy the item in the currency the seller requires. You are paying for this conversion service.

I'm not aware of anyone who does this conversion service for free. Credit cards have charged a fee for this service for many years.

I don't know if Paypal allows you to have more than one currency in your account (I don't have a Paypal account), but if they do, you can go "buy" some of the required currency and put it in your account. However, I'm sure when you "buy" the currency, whoever sells it to you will be charging a commission and you will likely be paying more than any stated exchange rate.
 

gregory

Bhavana said:
grrr...well, someone here is also selling the deck - what I was doing was trying to see if I could get it for less - but when all is said and done with the add up of shipping and paypal extra "fees", her deck would only be a few dollars more - and I would rather give her a couple extra dollars than give any of it to Paypal!
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How would you be paying her then ? Most sellers on forum use Paypal - I do :)

zannamarie said:
How is it that you think paypal is charging you "extra"?

If you are not buying the item in the required sale currency, Paypal offers the service to convert the currency you are willing to use to buy the item in the currency the seller requires. You are paying for this conversion service.

I'm not aware of anyone who does this conversion service for free. Credit cards have charged a fee for this service for many years.

I don't know if Paypal allows you to have more than one currency in your account (I don't have a Paypal account), but if they do, you can go "buy" some of the required currency and put it in your account. However, I'm sure when you "buy" the currency, whoever sells it to you will be charging a commission and you will likely be paying more than any stated exchange rate.
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Yes indeed. I think Paypal conversion fees are pretty much the same as anyone else's. And they do offer a VERY good and useful service - with protection. But - well, you do what you choose. Money orders cost too....

ETA - oh - and I have at least four currencies in my account, that I use regularly. Euros, Sterling and two sorts of dollars. The account is empty right now, of course... :D
 

graspee

Paypal doesn't charge a conversion fee for me in the UK when I pay for things in dollars but they did charge to convert Yen to UK pounds on my mother's account.
 

Bhavana

Here is what I am talking about - say a deck that I am buying from someone in England is 19 euros. Add 7 more for shipping - that's 26 euros, right? Comes to approx 36 dollars. So, when I go thru paypal, the amount I am being charged is $42. I am not a huge online shopper, and to be honest, have never purchased anything online from outside the US. So this is all new to me.

Someone here on AT who lives in the US is selling the same deck as above. If I buy from her here in the US, there is no issue. She only wants a few dollars more than what the entire cost would be with conversion fees and all, so I may just buy the deck from her, I'd rather see her get the money!
 
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