Is your $10 USD myLot payment worth more or less after the exchange rate?

@bayernfan (1430)
Canada
April 8, 2009 9:46pm CST
Maybe you live in the United States or choose to keep your myLot payments in USD (U.S. Dollars)? For those of us who decide to convert payments into another currency, is your $10 USD myLot payment worth more or less after the exchange rate? What currency do you use? What is the current rate? Do your myLot earnings stretch very far? Sometimes I keep payments in USD and other times I convert to CAD(Canadian Dollars). Right now, $1 USD = $1.2389 CAD. I get roughly one quarter more for my work if I convert to CAD.
7 people like this
22 responses
@zweeb82 (5713)
• Malaysia
9 Apr 09
It depends - sometimes I'll keep it in PayPal in USD, other times I might just draw it out in MYR ( Malaysian Ringgit ) Since for every withdrawal there's a USD 5 fee charges, I'll just leave it inside my PayPal a/c unless I have like a big amount to draw out. The conversion rate stretches from USD1=MYR3.4-MYR3.7 depending on the fluctuation. Well, of course I have other means to draw out & all but I will refrain from going any further, haha!~
@bayernfan (1430)
• Canada
9 Apr 09
Wow! That's quite a large fee for exchange. Paypal charges a fee for exchange, but it is pretty small and usually less than what the Canadian banks charge. Perhaps your fee is so high because the MYR isn't used much outside of Malaysia?
1 person likes this
@zweeb82 (5713)
• Malaysia
10 Apr 09
Yeah, it's ridiculously high. USD5 per withdrawal & I think about another 2.5% on conversion that's why I normally sell off my currency
@bayernfan (1430)
• Canada
11 Apr 09
With fees that high, who could blame you?
1 person likes this
• India
9 Apr 09
Its surely more in my country..i get fifty rupees for $1 dollar that is if i get $10 dollars i would be getting five hundred rupees exactly in Indian money.even though the money i get is higher the things that can be bought is the same that you would get in U.S. for the same amount.... Happy Mylotting...
@bayernfan (1430)
• Canada
10 Apr 09
I just want to make sure that I understand you correctly. Things in India are priced the same way as they are in the United States, no? For example: A Tottenham Hotspur football jersey that goes for $60 USD in the United States would go for $60 INR in India, no? That way your myLot earnings stretch much further, correct?
• India
10 Apr 09
You are absolutely right..its the same rate but converted in Indian rupees...
@bayernfan (1430)
• Canada
11 Apr 09
Wow! That is an incredible conversion for Indian members. Your myLot earnings can stretch quite far. No wonder I see so many motivated posters from India on myLot.
@kunking (1116)
• China
9 Apr 09
hi,bayernfan! i live in mainland China. and the current exchange rate is $1USD=6.8RMB here. it seems that i get more if i convert to RMB, but the service fee for withdrawing of my USD in paypal is so high that i would still keep all my payments in my paypal account now.
@bayernfan (1430)
• Canada
9 Apr 09
I was not aware that the exchange fees were so high elsewhere until zweeb and you mentioned it. Are there many stores that accept USD payments where you are located?
1 person likes this
@kunking (1116)
• China
10 Apr 09
hi,bayernfan! i mean the fees is charged for transfering the USD money in my paypal account to my local bank account or withdrawing the USD money in paypal diretly. the exchange fee for converting USD to RMB is not very high. yes, there are some stores that accept USD payments, but not for the paypal account.
@bayernfan (1430)
• Canada
11 Apr 09
Oh, I see. The bank transfer fee is quite high though in comparison to the ones that I face. It's only $0.50 for transfers to my bank account under $150. No fees are charged for transfers of $150+ to my bank account.
• India
9 Apr 09
In India , 10$ is descent money , equal to about 500 Rs . For 500 Rs , I can take my family out for a Very Descent meal to a fancy restaurant , or a buy a Nice Shirt or something ... But I usually dont convert any Paypal Funds . I am a regular shopper on ebay , and any extra Paypal Funds that I make , would be useful in paying for my online shopping activities . Conversion from Paypal to Local currencies is always a loss to the user , so , its better to use that money to shop online , such as on ebay ..Ofcourse , thats my point of View . Paypal can also be used to buy Rapidshare accounts for downloading , so , thats another use of these online funds . Cheers !
• India
9 Apr 09
i am also from INDIA. Ten dollar equals nearly 500 Rs. (one dollar =49.94).So , nearly 50 times . It is worth it. We can benefit from this amount. i can spend this for my outing with friends and have a good meal in a good restaurant . I agree you priyankbhatia .
@bayernfan (1430)
• Canada
10 Apr 09
This was the impression that I was under when it came to India. That is indeed advantageous to you. It would be great if I could stretch my online earnings that far. I'm not complaining though. I stash some of my earnings in my paypal account for online shopping as well. Many stores now accept paypal payments, so paypal isn't just a great option for ebay transactions. Do you regularly spend your myLot earnings or do you save up for something even larger? Thanks for sharing.
@mysdianait (65182)
• Italy
9 Apr 09
I am in Italy and the dollar is worth less here. I got round that problem when I started online two years ago. I decided to let all my online earnings sit in my Paypal and not change them to euros at all. I am saving them all for a trip to USA and by not changing them I will lose nothing and they will definately be 'extra' earnings
@bayernfan (1430)
• Canada
9 Apr 09
Yeah, not only is the Euro worth considerably more, but items are more expensive in Western Europe than in North America too. That works doubly against you and it would mean that you have to work harder to earn just as much as others if you couldn't keep payments in USD in your paypal account. Would you still keep you earnings in USD if you weren't planning on that trip to the United States? Perhaps you would make online purchases in USD instead?
1 person likes this
@mysdianait (65182)
• Italy
9 Apr 09
I had never considered that at all. I guess I could buy lots of presents for my sister with them
• India
12 Apr 09
Hi. I am from India. I usually convert my earnings from mylot into Indian Rupee which is right now 50 to one dollar. But it doesn't mean that it gets multiplied when we exchange it, as what you can have for Rs.500 is same as what you can buy with $10.
@bayernfan (1430)
• Canada
13 Apr 09
Okay. I am getting some conflicting answers. Several people from India have posted in this discussion now and I'll admit to being thoroughly confused. Perhaps the different regions could explain the discrepancies? India is a large country. I know that things in Canada can vary in cost by province. Perhaps you and some of the other members from India can post some examples of items that you buy with your earnings and their price?
• Poland
10 Apr 09
Here in Poland $10 will go quite a long way. It is about 30zloty. This is enough to pay for my cellphone for a month, or two bottles of vodka!
@bayernfan (1430)
• Canada
12 Apr 09
Wow! That is quite excellent. Being able to cover monthly phone expenses with myLot earnings could come in handy, especially if you use your phone to conduct other business. Using your myLot earnings to pay your vodka expenses is one of the best reasons for being on myLot that I have read. Polish vodka is excellent quality. I really like Wyborowa vodka. Cheers.
• Philippines
9 Apr 09
For me yes it is a good value still. I am currently in India now so the value of $10 is great, if you check my blog, i posted there the things i can buy for $10 and you will scream if you figure out reallyyyyyy.. http://www.simplyearn4life.blogspot.com/ this is not a referral link
@bayernfan (1430)
• Canada
12 Apr 09
You are one of the many Indians taking advantage of an excellent payment translation. It's quite the advantage when you can stretch your myLot payment further. I'll take a look at your blog when I get some time. Cheers and thanks for participating.
@prinzcy (5049)
• Malaysia
9 Apr 09
For those who live in United States, it's $10 but in my country it's RM36 (1 USD = 3.60919 MYR) My myLot earnings is still far in sight(I'm new here so there's no way I can cash out or so) so I am enjoying myself with participating in discussions.
@bayernfan (1430)
• Canada
11 Apr 09
3.6 times more is not too shabby. What are the prices like in Malaysia. Can you provide an example of what something costs? What could a $10USD myLot payment get you in Malaysia?
@kerriannc (4280)
• Jamaica
9 Apr 09
The $10usd only means $880JMD and so instead of collecting it in my country I leave in my paypal account and purchase things.
@bayernfan (1430)
• Canada
11 Apr 09
I take it from your comment "only means $880JMD", that it's cheaper to buy items outside of Jamaica using U.S. funds or things are less expensive in Jamaica if you use USD, no?
• Singapore
9 Apr 09
for my exchange rate at $1.3 to $1usd so $10 will be $13 ,if i withdraw $1 deduction from paypal will be $12 . actully not really worth it if $10 usd .but i will work harder to earn more.and is not easy to earn more too.. you need to keep posting and answering.
@bayernfan (1430)
• Canada
11 Apr 09
Online work isn't easy. Pay is usually quite low for the amount of work that is required. The tasks may be simple enough to perform, but they still take time. You'll earn much more offline for your time spent than you will online if you are providing labor. If you complete some of the tasks that myLot offers, you'll be able to bolster you earnings. It'll take you more time through posting to earn as much as you can for tasks here. Good luck.
@agv0419 (3029)
• Philippines
9 Apr 09
I'm from the Philippines if $10 converted to peso I think it is P480+. $1 dollar is equivalent to P48 so it is not big but it is ok at least you can earn extra money in this site. I haven't receive money yet here in this site but if I receive the money I want to convert it to peso because the value of dollar here is big.
@bayernfan (1430)
• Canada
11 Apr 09
That certainly is a considerable difference in your favor. I'm sure that you'll get your first payout in no time. It sounds like you'll be able to purchase something quite decent with it. Good luck and thanks for sharing.
@youless (95327)
• Guangzhou, China
9 Apr 09
This is a very interesting topic. I come from China. I have to say that lately there is no big change for the rate between USD and RMB. The rate is about 6.82 today. And it is worth more than the past 6 months. I love China
@bayernfan (1430)
• Canada
10 Apr 09
Correct me if I am wrong, but I was under the impression that the yuan [RMB(Ren-min-bi) = CNY (Chinese Yuan), no?] was pegged to the USD, no? That would explain why there are no fluctuations in the currency exchange rate between USD and RMB.
• Singapore
9 Apr 09
Hey there bayernfan. Ok I just can't resist teasing ya but, you just got your rear kicked by Barcelona. On topic, it's worth more here in Singapore as 1USD=1.515SGD. If you get a quarter more, I get 50cents more . Cheers!
@bayernfan (1430)
• Canada
10 Apr 09
Yeah, I know. Bayern's performance was embarrassing. We now need a miracle of epic proportions in order to advance. I don't believe that Jürgen Klinsmann will be on the sidelines at the Allianz Arena next season. Impressive! You are pulling down greater than 50% more than our American counterparts and greater than 25% more than Canadians. That's just on exchange alone. What are the prices for goods like in Singapore? You're getting a real sweet deal if computer parts are cheaper there.
@garyc09 (133)
9 Apr 09
much less lol britsh pound here so im properly getting $1 for about £0.65 eeek waste of time really but extra cash is extra cash, britain needs to get it together and get their currency back into gear.
@jpso138 (7868)
• Philippines
9 Apr 09
I am from the Philippines likewise. Basically $10 USD is quite big already here. You could already buy a lot of things with such money here. Though it would take time and a lot of post to reach $10 USD here, I really do not mind. I enjoy mylot and gained not only money but a lot of other things as well.
@bayernfan (1430)
• Canada
9 Apr 09
Most online work takes much effort to earn. At least you are getting an added bonus because of the exchange. Some people have to work just as hard on myLot for less.
@subha12 (18453)
• India
9 Apr 09
It will be more if converted in my currency. But it can't buy much things. it is good to buy some food items and cook good meal at home
@bayernfan (1430)
• Canada
9 Apr 09
There are many things that you can purchase with a $10 USD payment in Canada. They aren't only limited to food and, if you save up, multiple payments can go a long way. I checked and the current rate is $1 USD = 49.660 INR (Indian Rupee). I was under the impression that things were cheaper in India than here in North America. Isn't that why U.S. and Canadian corporations have been outsourcing so many jobs there? Items manufactured in India sell for less here than competing North America made ones. Interesting indeed. It sounds like Indians are getting hammered at both ends.
@ktosea (2026)
• China
9 Apr 09
Hi Bayernfan, $1 USD=6.8223 RMB in China,so it almost equals 70 yuan here,I could use this money for 4 or 5 hamburges I guess.
@bayernfan (1430)
• Canada
9 Apr 09
Ahhhh, but what size of hamburgers? I can get 10 burgers at 99 cents each with a $10 USD myLot payment here if I choose the small/junior burgers. All kidding aside, it sounds as if a $10 USD payment can be stretched much further in China. One would hope so from the Chinese perspective, seeing as though the Chinese own so much American debt. If I was a member of the Chinese government, I would be very concerned about the American government's devaluation of the USD.
• Philippines
9 Apr 09
hi bayernfan.i am a filipino and i think that mylot minimum payout is worth more here in the Philippines. 10 dollars is a nice pocket money for anyone.
@bayernfan (1430)
• Canada
9 Apr 09
I figured that this might be the case in some locations. It sounds like you choose to keep your payments in USD or maybe you haven't received any online payments yet?
@mhil84 (182)
• Philippines
11 Apr 09
Hi there, $10 is already good since im from philippines i think it's already worth. Plus im its just a matter of doing some extra earning so even a small amount is already great rather spending my extra time playing games or surfing the net for long or even wasting my time chatting. So basically for me, every cents count.