My bank charges around 1 Euro each time there is a conversion. So it might actually be better for you to let your bank handle the conversion at their exchange rates.Īll you need to do is check out your bank’s exchange rates, make your calculations on how much Euro they would give you for a given amount of USD, then compare it to what PayPal would give you via their currency converter.īeware also that some banks charge an extra fee for currency conversions. Now it’s a well-known fact that PayPal currency conversion rates aren’t the best they incorporate quite a healthy profit for themselves here. Since your bank account is in Euro and your PayPal account is in USD, a conversion needs to take place. ![]() ![]() This is precisely where many people lose a good chunk of money, so you have to be careful. That means that when it’s time to get the gold home I am subject to conversion rates when changing from USD to Euro. Online I collect payments in USD since that’s the de facto currency on the web. My home currency is the Euro, so my bank account uses Euro by default. Soon after that, I discovered that there is another area of optimization which we should be aware of. ![]() Not too long ago, I had written about biding your time to get the best exchange rate possible when transferring your money from PayPal to your bank account. It’s what I’ve been using for years now and it is infinitely better than PayPal for this purpose. Short aside: If you are using PayPal to transfer money abroad and change from one currency to another, consider using Wise instead.
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