eBay and Sterling...dilemmas

Bri

Anyone have any advice for me:

I want to buy a few things from a seller in the UK. Obviously it's all in £ so I'm trying to avoid getting stung too badly. I get free foreign exchange in my bank, supposidly only for cash exchange but I know plenty are flexible enough to let you get those international bank drafts or whatever you call 'em. I have accumulated a fair bit of sterling in cash over the years and would like to use it to save the burden on my wallet.

So - do I just pay with paypal and get charged for currency conversion...
Or do I post the guy some form of the sterling I have? I wouldn't post pure cash and I presume "U.K. CHEQUE" or "U.K. POSTAL ORDER" means UK-based.

So INTERNATIONAL MONEY ORDERS IN U.K.£ STERLING (GBP) ONLY - is that a viable option?

Thanks in advance.

Kersh

Paypal kills you on the exchange rate, they always have a crap exchange rate. I bought car parts on friday, and they gave me 67.9p, and I know it was 69ish on friday....
I have paid by sterling draft before, but my bank has charged me for them.

Bri

Thanks for letting me know - I heard Paypal was a ripoff but never used it yet myself.

I'm right in saying a sterling draft is an Intl money order then...hmmm - who'll give me the least 'worse' deal?
CC
Bank
Paypal

I guess I'll ask in the bank on Monday but they are just so bad about this kind of stuff I'm cringing at the thought.

aphex™

Paypal do sting you on currency transfers. BUT if you check some option- as u pay in paypal (with your credit card), u can get it to charge Stirling on your Credit card Bill (paypal would convert it for you, but they have a bad exchange rate)

Your credit card will give u fantastic exchange rates, as far as i know. So yes use your credit card with paypal, but go with the option where paypal wont change currency for u, but your credit card company will. On paypal.com it warns "your credit card company could hit you with extra charges" but this is not the case and they give brilliant exchange rates!

Bri

brilliant? Relative to paypal anyway?!

Cool thanks. I presume the default is let PP convert for you so I'd better look up that tick box. I'll probably hold out to ask the bank just incase. May as well put some effort into getting this right.

Much obliged.

Smithers

with paypal u got protection also dont forget, u send them a bank draft, they dont send u goods, less comeback , u might be dealing with a good firm good feedback , but just in case

Bri

Good point. I'd still get protection with Paypal after conversion on my own card right?

Actually...I'm confused. I thought PP sellers were only part of the protection scheme if they had that little sheield logo beside the P?

lomb

paypal offers wonderful value in my opinion. sure if they want 3% are they not entitled to get paid?

magnumlady

I used to always send bank drafts or sterling cash in a registered letter, but then you've got the hassle of going to the bank and they charge you for the draft (I think I used to pay around 3.50). Then you've got the time it takes for the seller to receive the payment.
Whereas Paypal is so convienient (once you get an account set up), and you get a receipt to say you've paid.

magnumlady

By the way, paypal charge sellers to receive money (now thats a bit of a rip off!) Not buyers to send money. Its free to send but don't know what the exchange rate is. I think you are correct in saying that only sellers with the symbol beside their name have the protection scheme, I have sold a couple of things on Ebay and I don't think I'm in the scheme.
As you say that you have sterling cash would it not be easier for you to register that and send it (depends on the amount I suppose).

Bri

Thanks for the feedback.

I'm unsure really. I don't have tons of euros lying around and here this sterling is asking to be spent. I'm only buying 50eu worth of vinyl and prob. not from 1 seller which would mean multiple bank drafts. I guess Paypal with my own CC conversion is the sensible option as I'm generally buying from large sellers who will have the protection.

Still though...I'm tempted to wait a day (must check auction times) and goto the bank - I've heard that previously, depending on the person you got, you could often get free foreign exchange that you weren't strictly entitled too. Maybe that's all changed with the recent scandals.

rubadub

I find paypals rates as bad as the banks. You will NEVER get the rate you see on XE or the news, I have mates work in BOI and AIB banks and get staff rates which are still a rip-off.

I always stick with paypal. Instant payment so the stuff gets sent sooner and the bit of security.
How much is your time worth to you? I would pay the extra few euro (if even that) than spend my time travelling to the bank (I'd have to get time off work) then getting a envelope and stamp etc and still be worrying about it being lost in the post.

Smithers

pay by paypal and lodge the sterling in ur current account /credit card account when u get time, everyones a winner!

Bri

Probably right. In this case I'll use Paypal but I guess I'll consider both depending on each purchase. Gracias.