PayPal exchange rates are not as bad as I expected

@Asylum (48223)
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 In my case my PayPal account is in US dollars and I have never withdrawn anything, so I have never encountered the exchange rate.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.
20 people like this
18 responses
@celticeagle (120486)
• Boise, Idaho
7 Apr 16
So it is really smart to use Pay Pal when that kind of an exchange. That is great!
3 people like this
@Asylum (48223)
• Manchester, England
7 Apr 16
I know that currency exchange booths usually charge ridiculous rates for converting currency back into British, but did not expect PayPal to offer better rates.
2 people like this
@celticeagle (120486)
• Boise, Idaho
8 Apr 16
@Asylum ...I have never had a problem with PP. Their customer service is great too.
1 person likes this
• 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
@Asylum (48223)
• Manchester, England
7 Apr 16
I have seen one site offering British currency in payment, but it was a while ago and I cannot even remember what site it was. The majority of sites seem to be US based.
1 person likes this
@Mike197602 (13937)
• 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
• 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
@jaboUK (55201)
• 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 (48223)
• Manchester, England
8 Apr 16
You can run the account in any currency and even multiple currencies, but mine is US dollars only.
1 person likes this
@LdeL0318 (6435)
• Philippines
8 Apr 16
Yes it is, I was expecting a certain amount from my earnings but I received much higher.
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
If you had received it as cash and taken it to the bank to convert you would end up with less.
1 person likes this
@LdeL0318 (6435)
• Philippines
8 Apr 16
@Asylum Oh I see. But myLot earnings are already converted into Peso in my Paypal l account. Would that still change?
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
@LdeL0318 Yes, an exchange rate would be applied at the moment the money reached the account. In my case my account is in US dollars, so it remains as such.
1 person likes this
@LadyDuck (182758)
• Switzerland
8 Apr 16
I have noticed that the rates proposed by PayPal are better than the rates proposed normally by the banks.
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
Since I have never looked at the exchange rates before, this came as quite a surprise.
1 person likes this
@LadyDuck (182758)
• Switzerland
9 Apr 16
@Asylum I check the rates because I use the € currency to go shopping to Italy.
1 person likes this
@Asylum (48223)
• Manchester, England
9 Apr 16
@LadyDuck Now that raises an interesting question, do you have your account in Swiss Dollars?
1 person likes this
@Inlemay (17141)
• South Africa
8 Apr 16
you have $1000 already? or is that just as you see it at the exchange rate? I have about 25$ which if the dollar stays strong like it is on Monday, I shall redeem my few and get R15 per $1.
1 person likes this
@Asylum (48223)
• 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 (17141)
• 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
@Asylum (48223)
• Manchester, England
8 Apr 16
@Inlemay It is surprising how it grows when you leave even small amounts to accrue.
1 person likes this
@TheSojourner (17298)
• United States
8 Apr 16
I am pleased for you in hearing this! So, what will your treat be?
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
The money will probably stay in the account at the moment. I only compared the exchange rates for curiosity.
1 person likes this
• United States
8 Apr 16
@Asylum Remember that you can use this for something you enjoy rather than leave it to your heirs! ;-)
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
@CoralLevang That raises an interesting question. I wonder if a beneficiary could actually claim the account contents?
1 person likes this
@Dextoi (2424)
• 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 (48223)
• 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
@Dextoi (2424)
• Philippines
8 Apr 16
@Asylum it's still like investing in stocks.. it's a gamble as you don't know if it will increase in value or not
1 person likes this
@Asylum (48223)
• 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.
@kayshope (1366)
• Thermal, California
8 Apr 16
I used to live in mexico, Im back in usa now. But when i lived there the paypal exchange rate was great. I made an extra 2.00-3.00 on every 100.00 I exchanged. All helped me then. $$$
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
Yes, 2% to 3% is a respectable bonus for an exchange rate.
1 person likes this
@kayshope (1366)
• Thermal, California
8 Apr 16
@Asylum much mre than any bank pays around here $$$ ...
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
@kayshope It does make a difference.
1 person likes this
@DWDavis (15058)
• Pikeville, North Carolina
7 Apr 16
I am glad the exchange rate isn't eating up too much of your earnings from the site.
1 person likes this
@Asylum (48223)
• Manchester, England
7 Apr 16
It has not eaten any up yet because I have never withdrawn anything so far. The only amount that I spent is with online shopping in US dollars, which avoids any exchange rate whatsoever.
1 person likes this
@DWDavis (15058)
• Pikeville, North Carolina
7 Apr 16
@Asylum Now that is a great way to deal, or avoid dealing with, the exchange rate.
1 person likes this
@Asylum (48223)
• 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
• 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
@Asylum (48223)
• Manchester, England
8 Apr 16
No, I simply have no particular reason to withdraw it so far.
1 person likes this
• United States
8 Apr 16
@Asylum Ok. I move mine every once in awhile.
1 person likes this
@amadeo (75997)
• United States
7 Apr 16
Good for you there.Something was good for you there
1 person likes this
@Asylum (48223)
• Manchester, England
7 Apr 16
It was a definite surprise because I truly expected PayPal to charge a higher fee.
@amadeo (75997)
• United States
7 Apr 16
@Asylum so did I.
1 person likes this
@yalul070 (1750)
• Manila, Philippines
8 Apr 16
Lol I didn't even bother to compute how much the exchange rate affected my payment! For us the real killer is the remittance fee, that is if we want the funds to be transferred to our bank account.
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
I may be mistaken because I have never drawn anything out of the account, but I understand that no such fee applies here.
1 person likes this
@iamshane487 (1154)
• Manila, Philippines
8 Apr 16
I am always disappointed everytime I cashout in PayPal.
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
The fact that a decent rate from Us dollars to British pounds is offered does not necessarily mean that conversion rates to all currencies are equally good.
@Susan2015 (21947)
• United States
8 Apr 16
That is not too bad an exchange rate at the moment.
1 person likes this
@Asylum (48223)
• Manchester, England
8 Apr 16
I am not sure what the rate usually is. I was passing a exchange bureau which usually offers a better rate than most travel agencies noticed the rate, so decided to compare it when I arrived home.
@allknowing (70859)
• 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
@Asylum (48223)
• Manchester, England
8 Apr 16
The comparative rates are likely to vary from currency to currency, so some may be good while others are less favourable.
1 person likes this
@JudyEv (137301)
• Bunbury, Australia
7 Apr 16
We try not to exchange money in airports as their rates are always bad.
1 person likes this
@Asylum (48223)
• Manchester, England
7 Apr 16
The airport is the last place that I would ever exchange currency. I have known them to offer less than I Euro for£1.
1 person likes this
@Lucky15 (33687)
• Philippines
7 Apr 16
Their rates is much better than the banks here
1 person likes this
@Asylum (48223)
• Manchester, England
7 Apr 16
Since this is PayPal's soul business I assumed that they would want higher profits from the exchange.
1 person likes this