PayPal ridding the sh*t out of me. Any options?

[JCKST1]

Hi,


I just accepted a payment of 4070 euros on my PayPal account, after there crazy fees it left me with 3931 euro.

If I accept the money in GBP it works out I get £2870 GBP, WTF! Which means there exchange rate is 1.365 (approx).

If I accept in euro is there anything else I can do to get a batter rate? or is it just stuck in the account then?

Unfortunately the sender will only use PayPal so transfer is out the window.

[soad]

Greedy, aren't they.

[JCKST1]

I knew they were greedy bastar*s but that is just crazy making up there own exchange rate lol.

[pavka007]

I've had the same issue about 4 months ago. I just transfered the money as EURO to my bank account and then the bank (Bank of Scotland) contacted me to ask me what I wanted to do:
They offered 2 options: Open Euro account and keep the money there or they can exchange them with the rate of today and just credit my account. I've told them to change them on the rate they were offering and that was that
The rate was 10 times better than PayPal

[jammy_basturd]

Any chance of reversing/cancelling the payment and using something like HiFX or TransferWise?

[league67]

jammy_basturd said:

Any chance of reversing/cancelling the payment and using something like HiFX or TransferWise?

This. Have an EU account and use HiFX or any other provider to convert money. Charges very very quickly add up.

[CraigyMc]

JCKST1 said:

Hi,

I just accepted a payment of 4070 euros on my PayPal account, after there crazy fees it left me with 3931 euro.

If I accept the money in GBP it works out I get £2870 GBP, WTF! Which means there exchange rate is 1.365 (approx).

If I accept in euro is there anything else I can do to get a batter rate? or is it just stuck in the account then?

Unfortunately the sender will only use PayPal so transfer is out the window.

The current [forex market] spot rate on xe.com is 1.33584. At that rate, €3931.00 = £2942.72. What rate would you consider acceptible?

Bear in mind whoever does the exchange will have to turn some sort of profit.

[Transiter]

JCKST1 said:

Hi,


I just accepted a payment of 4070 euros on my PayPal account, after there crazy fees it left me with 3931 euro.

If I accept the money in GBP it works out I get £2870 GBP, WTF! Which means there exchange rate is 1.365 (approx).

If I accept in euro is there anything else I can do to get a batter rate? or is it just stuck in the account then?

Unfortunately the sender will only use PayPal so transfer is out the window.

The sender can send the payment as a gift, meaning no fees. However there is no buyer protection with this, so the sender may be reluctant to do this.

[Alucidnation]

Gift is an option, however, i thought the sender would get charged the fees instead?

[soad]

Alucidnation said:

Gift is an option, however, i thought the sender would get charged the fees instead?

No fee is payable.

[uremaw]

soad said:

No fee is payable.

Not true. Someone always pays. Gift = sender, payment = receiver. Otherwise everyone would just tick 'gift' and Elon Musk wouldn't build space rockets and electric cars.

[soad]

"It’s free to use PayPal to send or receive money between friends and family in the UK, as long as the payment is funded by a debit card, bank account or PayPal balance, and no currency conversion is involved.

If you fund the payment using a credit card or make an international transfer, we charge you or, in some cases, the recipient a small fee. A currency conversion fee may also apply.

We think that’s pretty fair."

[Neil H]

The exchange rate isn't that terrible and is about what a bank would charge you for doing the same.

If you want to exchange on your own terms, you would need to open a Euro account and transfer it to that, assuming Paypal will allow you to (don't see why not). It's a lot of hassle to save a few quid though, the convenience of changing it directly is what you're paying for.

Paypal fees are extortionate though. Again, you pay for convenience (or rather, the buyers).

[RobinBanks]

That actually isn't extortionate - the pound is strong and the euro is weak. You could keep it in your PayPal account until it's the other way round.

[Transiter]

uremaw said:

Not true. Someone always pays. Gift = sender, payment = receiver. Otherwise everyone would just tick 'gift' and Elon Musk wouldn't build space rockets and electric cars.

This is not true. Gift has no fee as long as you use your account balance instead of using funds from your card.

Send my paypal £1 by gift, if you or I pay any fees I'll send you back £100.

[pork911]

CraigyMc said:

The current [forex market] spot rate on xe.com is 1.33584. At that rate, €3931.00 = £2942.72. What rate would you consider acceptible?

Bear in mind whoever does the exchange will have to turn some sort of profit.

bitcoin

[CraigyMc]

pork911 said:

CraigyMc said:

The current [forex market] spot rate on xe.com is 1.33584. At that rate, €3931.00 = £2942.72. What rate would you consider acceptible?

Bear in mind whoever does the exchange will have to turn some sort of profit.

bitcoin

Haha, try telling that to anyone who had any in Mt. Gox.

I wonder what a good [consumer] market rate for translating € into £ would be...

[northwest monkey]

pork911 said:

CraigyMc said:

The current [forex market] spot rate on xe.com is 1.33584. At that rate, €3931.00 = £2942.72. What rate would you consider acceptible?

Bear in mind whoever does the exchange will have to turn some sort of profit.

bitcoin

Or magic beans.

[JCKST1]

Bit the bullet and just withdrew it to my account.

I regularly use UKforex for stuff like this as I have a business account with them however this customer insisted on PayPal, wont be happening again lol.


Thanks everyone

[pork911]

northwest monkey said:

pork911 said:

CraigyMc said:

The current [forex market] spot rate on xe.com is 1.33584. At that rate, €3931.00 = £2942.72. What rate would you consider acceptible?

Bear in mind whoever does the exchange will have to turn some sort of profit.

bitcoin

Or magic beans.

Google wallet?