Confused with PayPal and exchange rate stuff
Discussion
I have just been paid by PayPal for some thing in Euro.
If I convert from Euro > GBP in PayPal then the conversion rate is:
1 EUR = 0.845602 GBP
If I use x-rates currency conversion it's:
1 EUR = 0.877 GBP
I take it that PayPal are taking money for doing the 'exchange', but is one really happening?
If the money sender were to use my IBAN direct to my bank account, would the bank also take a commission for 'exchange' around the same amount?
They sound like small differences, but the sum involved is fairly large so it's worth me making sure I do this the right way!
PayPal don't seem to want a fee for my taking receipt of the funds into my PP account, but I'm not sure if they will do me when I transfer to my bank account from the PP account.
Don't want to end up losing £100 in fees and commission getting it to my bank account if the bank will do it all for free?!
Any advice much appreciated
Dave
If I convert from Euro > GBP in PayPal then the conversion rate is:
1 EUR = 0.845602 GBP
If I use x-rates currency conversion it's:
1 EUR = 0.877 GBP
I take it that PayPal are taking money for doing the 'exchange', but is one really happening?
If the money sender were to use my IBAN direct to my bank account, would the bank also take a commission for 'exchange' around the same amount?
They sound like small differences, but the sum involved is fairly large so it's worth me making sure I do this the right way!
PayPal don't seem to want a fee for my taking receipt of the funds into my PP account, but I'm not sure if they will do me when I transfer to my bank account from the PP account.
Don't want to end up losing £100 in fees and commission getting it to my bank account if the bank will do it all for free?!
Any advice much appreciated
Dave
I can probably just reject payment and ask them to pay via IBAN direct to my account. Just not sure what fees HSBC will charge anyway. Might add up to the same as PayScum 
PayPal is currently saying there will be no charge for the receipt of the funds (total in euros is what I invoiced)... but I know that PayPal are a bit scummy, and chances are as soon as I actually do accept the funds within the 30 days, there will be £100 missing in charges and exchange rate costs...
Is international bank transfer zero fee, with just costs associated with exchange rate?
Hmmm
Dave
PayPal is currently saying there will be no charge for the receipt of the funds (total in euros is what I invoiced)... but I know that PayPal are a bit scummy, and chances are as soon as I actually do accept the funds within the 30 days, there will be £100 missing in charges and exchange rate costs...
Is international bank transfer zero fee, with just costs associated with exchange rate?
Hmmm
Dave
Somebody has to pay the commission to the FX supplier, be it paypal, bank, or whatever.
If you ask somebody from abroad (Eurozone) to send you ££, it'll cost them .90 to buy ££ with their Euros, so they'll be the ones losing out.
Basically, whoever does the actual exchange pays the commission!
If you ask somebody from abroad (Eurozone) to send you ££, it'll cost them .90 to buy ££ with their Euros, so they'll be the ones losing out.
Basically, whoever does the actual exchange pays the commission!
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