PayPal exchange rates are not as bad as I expected
By Koalemos
@Asylum (47893)
Manchester, England
April 7, 2016 5:20pm CST
Mylot, as with most paying sites these days, pays its members in US dollars. This is only to be expected since most such sites are US based anyway. As we all know it is also common practice for most sites to pay via PayPal, although I have known exceptions.
As a result all non US members will have to pay a small exchange rate to PayPal to convert the currency into their own. In my case my PayPal account is in US dollars and I have never withdrawn anything, so I have never encountered the exchange rate.
Of course even if I received cash directly from the United States it would incur an exchange rate at a bureau, which is never a good rate.
While passing an exchange bureau today I looked for curiosity what the current rate was, which is $1.5325 to £1. This would equate to £635.53 for $1000. When I checked with PayPal on my arrival home I saw that they offered £682.22 for $1000, which is a far better exchange than I expected.
17 people like this
16 responses
@ScribbledAdNauseum (104632)
• United States
7 Apr 16
The only other currencies I have found online sites to pay in are GBP and Euro. There aren't very many of either, however, and most of them don't last very long. I have never had to exchange currencies myself.
2 people like this
@ScribbledAdNauseum (104632)
• United States
7 Apr 16
@Mike197602 There is one, I believe called prolific, that pays in GBP. It's like a survey type site, but more like sort of consumer questionaire etc. I haven't been to it in awhile, but if it's the site I am thinking of, companies like Tesco use them to get consumer insight.
1 person likes this
@Mike197602 (15487)
• United Kingdom
7 Apr 16
I've not been an active member of any other sites but I'm signed up to a lot and have done so for years.
I've actually never come across a single one that pays in GBP or Euros personally.
The only ones I've come across pay in USD.
1 person likes this
@celticeagle (159572)
• Boise, Idaho
7 Apr 16
So it is really smart to use Pay Pal when that kind of an exchange. That is great!
2 people like this
@celticeagle (159572)
• Boise, Idaho
8 Apr 16
@Asylum ...I have never had a problem with PP. Their customer service is great too.
1 person likes this
@jaboUK (64361)
• United Kingdom
8 Apr 16
When I first signed up for Paypal I requested that they convert it to GB pounds. However the last two payments I've received have been in dollars, and when I queried it they told me to do such convoluted stuff that I didn't bother. So now I have both currencies sitting in my bank. Good to know that the conversion rate is reasonable.
2 people like this
@Asylum (47893)
• Manchester, England
8 Apr 16
That was intended as a demonstrative figure, although in reality I do have in excess of $1000 in my PayPal account. This is not a recent acquisition but has accrued over many years. I joined Mylot 10 years ago, migrated to Bubblews and ultimately returned her. Throughout that whole period I have never withdrawn cash from PayPal.
1 person likes this
@Inlemay (17714)
• South Africa
8 Apr 16
@Asylum then you have a nice pension growing there - maybe I should let mine grow as well - for that rainy day as I dont need it now. The thing is - can we trust Pay Pal not to shut down? ha ha ha (strange little pessimistic voice inside me)
1 person likes this
@allknowing (130176)
• India
8 Apr 16
I have not checked but I am sure they will give us less than the market rate.
1 person likes this
@iamshane487 (1139)
• Manila, Philippines
8 Apr 16
I am always disappointed everytime I cashout in PayPal.
1 person likes this
@Asylum (47893)
• Manchester, England
7 Apr 16
@DWDavis I originally decided not to withdraw because I used to buy items from overseas, so exchanging to British pounds and then back to US dollars would be madness. It is a long time since I bought anything from overseas, but never did withdraw anything. Virtually all of my online earnings are still in PayPal.
1 person likes this
@ElizabethWallace (12074)
• United States
8 Apr 16
So you just let your money ride in the account? Are you waiting to hit a certain figure before you take it out?
1 person likes this
@ElizabethWallace (12074)
• United States
8 Apr 16
@Asylum Ok. I move mine every once in awhile.
1 person likes this
@Dextoi (1845)
• Philippines
8 Apr 16
We have a lot of money changers here in the Philippines and they have different rates. I guess it's because they're private entities and that the government did not regulate these businesses.
I noticed that some paypal users here in the Philippines have their currencies already set to Php and not dollars. I guess it is for the newly registered users as they don't need to convert anymore. It is now localized. But still, for me, having the currency still set to USD has its perks as it may increase in value... or unforunately, will not...
1 person likes this
@Asylum (47893)
• Manchester, England
8 Apr 16
If their account is in Pesos then the exchange rate at the time the money went in would be applied. Therefore if they earned exactly $10 every month it would show as a slightly different amount from month to month.
With the account in USD it would simply show as $10 each month. You are quite correct that you can then choose an appropriate time to withdraw the cash and it would be converted at the rate at that time.
1 person likes this
@Asylum (47893)
• Manchester, England
8 Apr 16
@Dextoi This is very true, but most stable currencies will simply fluctuate a little. This means that if the exchange rate is poor at the time it can be expected to improve and visa versa. There are some unstable currencies which could drop in value vastly, but there cannot be many.
