I wonder how many people have a Paypal account in a foreign currency.

@Asylum (47893)

Manchester, England

March 7, 2016 3:37am CST

This thought occurred to me this morning because I was amending a financial spreadsheet that I have, which includes my Paypal account. By default we will be allocated a Paypal account in our own national currency. However, in my case I opened my account long before they operated a UK division, so mine was in US Dollars. Paypal UK has been around for many years now, so I could easily convert my account to British pounds or even add British pounds as a second currency. In fact I have the option to pick other currencies, such as Euro or even to operate a multi currency account, Over the years I discovered that having a US Dollar account was actually useful. Whenever I have purchased an item from overseas it has always been priced in US Dollars, so it saves me from having to pay a conversion fee. I still operate my account in US Dollars and wondered if many other people do similar.

12 people like this

12 responses

Just an Ordinary Owl?

@owlwings (43915)

• Cambridge, England

7 Mar 16

I have a PayPal account in US dollars and UK pounds. It's useful to run two currencies because I can transfer the balance from one to the other when the rates are beneficial - not that the amounts I have to deal with make it worth more than a cent/penny or two's difference!

2 people like this

@Asylum (47893)

• Manchester, England

7 Mar 16

I have considered running mine as dual currencies, but never really bothered to do so.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

@RasmaSandra It will make a vast difference due to the poor exchange rates that Paypal offer. I have often thought about monitoring the rates and withdrawing cash when the rate is favourable, but never seem to get around to it. I have just checked and Paypal will convert $10 to £6.88, whereas the actual exchange rate would produce £7.03.

2 people like this

@RasmaSandra (73407)

• Daytona Beach, Florida

7 Mar 16

@Asylum my PayPal is in US dollars and in Euro. Still it always seems that by the time the fee gets paid and the transfer made I get a whole lot less.

1 person likes this

Show more comments

@rebelann (111164)

• El Paso, Texas

9 Mar 16

Interesting thought, it's never even come to mind. I honestly can't think of a reason to get an account in a foreign currency, I don't travel so there really isn't a need.

1 person likes this

@Asylum (47893)

• Manchester, England

9 Mar 16

If PayPal UK had been around at the time I would no doubt have opened a British pounds account. Since it had to be US dollars at the time I have seen no reason to change it. If I withdraw cash then I will pay the exchange rate, which I would have done if my account was in £s, whereas if I purchase from overseas it saves me losing out on exchange rates. Therefore it is in my interest to leave it as it is.

@Asylum (47893)

• Manchester, England

9 Mar 16

@rebelann Not with PayPal because those items would be in £ sterling, but I do occasionally buy items from overseas.

@rebelann (111164)

• El Paso, Texas

9 Mar 16

That makes sense @Asylum do you shop for daily needs or foods?

1 person likes this

Show more comments

@dpk262006 (58675)

• Delhi, India

7 Mar 16

You are very lucky that you have an old paypal account and you have the option to operate in USD or otherwise. I have a paypal account. However, we receive our mylot earnings in Indian Rupee only (as I am from India). If I need to buy anything from abroad using my paypal account, I will have to pay conversion charges.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

This is precisely why I kept the account in US$. If I ran my account in British pounds it would be converted on receipt, after which I would need to reconvert to use overseas.

1 person likes this

@dpk262006 (58675)

• Delhi, India

7 Mar 16

@Asylum As I said earlier that you are lucky in this regard.

@allknowing (130066)

• India

7 Mar 16

Whatever be the currency we are not allowed to keep our money in our paypal account. It gets transferred to our bank automatically.

2 people like this

Show more comments

@Marilynda1225 (79708)

• United States

7 Mar 16

MIne is in US dollars but never really gave it much thought until you mentioned it.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

That is understandable since US$ is both your currency and the original currency of Paypal.

Margaret Mwangi

@Missmwngi (12927)

• Nairobi, Kenya

7 Mar 16

Mine is in US dollars

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

I have been quite surprised to discover how many people are using Paypal in currencies other than their own. I actually expected that I was the odd one out.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

@Missmwngi It is basically the standard currency for online transactions, which is why I keep mine in that format.

1 person likes this

Margaret Mwangi

@Missmwngi (12927)

• Nairobi, Kenya

7 Mar 16

@Asylum I think US dollar is more popular with online

1 person likes this

Show more comments

@Morleyhunt (21737)

• Canada

7 Mar 16

My paypal account will give me the total in Cdn, but my Mylot payments remain in US currency until I move or use them.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

So you must be either operating the account in US Dollars or in both currencies.

1 person likes this

@Asylum (47893)

• Manchester, England

9 Mar 16

@Morleyhunt Here it would depend if we purchased domestically or internationally, which would not affect most people.

1 person likes this

@Morleyhunt (21737)

• Canada

9 Mar 16

@Asylum as a Canadian account, most of them will operate in both currencies. Too many purchases are made in US dollars.

1 person likes this

Show more comments

@dodo19 (47053)

• Beaconsfield, Quebec

7 Mar 16

Mine is in US and Canadian dollars.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

There appear to be4 more people taking advantage of the option than I expected.

1 person likes this

Arthur Chappell

@arthurchappell (45002)

• Preston, England

7 Mar 16

mine is in UK sterling £ - I also have one with Skrill as one site I write for only pays through that but it is virtually the same as Paypal

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

I have never even heard of that system, but I do remember a period when quite a few sites can to life hoping to compete with Paypal.

@Letranknight2015 (51523)

• Philippines

7 Mar 16

My paypal account remains in US dollars, it will only convert it to my country's currency once it was transferred to my bank.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

This is pretty much the same as mine. It is quite a while since I used it to buy anything, but leave it in dollars just in case.

1 person likes this

@jaboUK (64361)

• United Kingdom

7 Mar 16

I get mine converted to British pounds as I never buy anything online anyway.

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

Mine is obviously automatically converted if I withdraw cash, but it is rarae and I usually just keep it in the currency it arrives as.

1 person likes this

@Lucky15 (37346)

• Philippines

7 Mar 16

Dollar.on mine :)

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

Is that by choice or because PayPal do have facilities for your currency?

Candice Quigley

@cxndie (1073)

• Kolkata, India

7 Mar 16

Im from India and Ive still got my Paypal account paying me in USD too. I think it's better as I shop online and from abroad quite a bit and my Paypal in Dollars, helps. :)

1 person likes this

@Asylum (47893)

• Manchester, England

7 Mar 16

That is precisely why mine has remained in dollars. If I switched my account to British pounds it would give me an exchange rate as soon as a payment arrived and I would pay another whenever I spent dollars.