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Paypal currency conversion

  • 17-09-2015 4:41pm
    #1
    davidom2513
    Registered Users, Registered Users 2 Posts: 477 ✭✭


    When purchasing something with foreign currency, Paypal default payment option is to use Paypal's own currency conversion then bill your CC's source currency.

    To change your currency default option, do the following:
    My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit

    I bought a phone off ebay yesterday for £145, but I was charged €205 instead of €198.

    Check your banks conversion rate, or charge for buying in foreign currency etc. before changing

    Edit: Linking a Revolut card to your paypal seems to be the best way to go, as Banks exchange rates are very similar to Paypal


Comments

  • #2
    landmarkjohn
    Registered Users, Registered Users 2 Posts: 700 ✭✭✭landmarkjohn


    davidom2513 wrote: »
    My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit


    Just tried this, I seem to get different menu options.


  • #3
    okidoki987
    Registered Users, Registered Users 2 Posts: 10,624 ✭✭✭✭okidoki987


    Nowadays Bank Credit Cards apply a conversion fee on top of the exchange rate.
    Not sure about Paypal's rates but I've checked a few from Amazon in the past and after the banks fee, there is very little difference between them.


  • #4
    Curb Your Enthusiasm
    Registered Users, Registered Users 2 Posts: 3,481 ✭✭✭Curb Your Enthusiasm


    Use your Revolut card & pay in £! :)


  • #5
    GreatDefector
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭GreatDefector


    Techmaster wrote: »
    Use your Revolut card & pay in £! :)

    Was just about to say


    I'm collecting marvel chess which is billed in £ through PayPal


  • #6
    soirish
    Registered Users Posts: 713 ✭✭✭soirish


    Techmaster wrote: »
    Use your Revolut card & pay in £! :)

    OP tip + Revolut should work best.


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  • #7
    invalidkey
    Registered Users Posts: 17 ✭invalidkey


    I do a lot of shopping and have paypal set up not to do conversion as in some sample cases I found them much more expensive than credit card.

    However ...when buying items online where u suspect there could be a problem (seller hit and miss) let paypal do conversion. Spent about a thousand $ on an item thinking it was covered under buyer protection - which it was but after 7 week refund battle I got back €30 less on card as I had not converted with paypal.


  • #8
    maki
    Registered Users, Registered Users 2 Posts: 772 ✭✭✭maki


    davidom2513 wrote: »
    I bought a phone off ebay yesterday for £145, but I was charged €205 instead of €198.

    £145 to €198 is at a mid-market rate, you're not going to get that with any bank, and I'm surprised people still don't know this. The rate you see on currency converters like Google or XE is not a rate anyone can actually get. You need to look at your bank's sell rate.

    Most banks charge a fee for non-Euro transactions, so it's generally cheaper to actually let PayPal handle the conversion for you.

    OAbXtGA.png


  • #9
    irishgeo
    Registered Users, Registered Users 2 Posts: 9,527 ✭✭✭irishgeo


    maki wrote: »
    £145 to €198 is at a mid-market rate, you're not going to get that with any bank, and I'm surprised people still don't know this. The rate you see on currency converters like Google or XE is not a rate anyone can actually get. You need to look at your bank's sell rate.

    Most banks charge a fee for non-Euro transactions, so it's generally cheaper to actually let PayPal handle the conversion for you.

    OAbXtGA.png

    The revoult card uses the mid market rate.


  • #10
    GreatDefector
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭GreatDefector


    irishgeo wrote: »
    The revoult card uses the mid market rate.

    Just to show :)

    Anyone who doesn't know about it should read the bargain thread on it. Excellent service and free!


  • #11
    maki
    Registered Users, Registered Users 2 Posts: 772 ✭✭✭maki


    irishgeo wrote: »
    The revoult card uses the mid market rate.

    I'm aware of that, but I was referring to actual banks. Don't get me wrong, Revolut is great.

    I'm just trying to point out that the deal specified in the OP for people with regular bank cards isn't a deal at all and will end up costing people more.


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  • #12
    GreatDefector
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭GreatDefector


    maki wrote: »
    I'm aware of that, but I was referring to actual banks. Don't get me wrong, Revolut is great.

    I'm just trying to point out that the deal specified in the OP for people with regular bank cards isn't a deal at all and will end up costing people more.

    Revolut is an actual bank though (barclays) and has a physical card to go with. It doesn't have a branch though

    Anyway, literally anyone can have a card if they want and I think this thread shows exactly how people can save money especially if using something like revolut in conjunction with this

    I certainly didn't know that PayPal had this option and buying from UK and using PayPal, this will save me a few €/£


  • #13
    Curb Your Enthusiasm
    Registered Users, Registered Users 2 Posts: 3,481 ✭✭✭Curb Your Enthusiasm


    irishgeo wrote: »
    The revoult card uses the mid market rate.

    Yup. I've gotten the Google rate every time with Revolut! :D


  • #14
    okidoki987
    Registered Users, Registered Users 2 Posts: 10,624 ✭✭✭✭okidoki987


    Anyone who doesn't know about it should read the bargain thread on it.

    Link if anybody needs it.
    http://www.boards.ie/vbulletin/showthread.php?t=2057481488


  • #15
    camz09
    Registered Users, Registered Users 2 Posts: 400 ✭✭camz09


    Apologies for resurrecting an old thread but I have a bit of a problem: I have a cousin who I'll be going on holidays with, he's from the Sates and only uses Paypal. He will be handling all our accommodation expenses and I'll be paying him through Paypal for that. I know I can link my Revolut card (idk if N26 will apply here as well?) to my Paypal as all my funds are mostly there. I rarely use my AIB Visa card anyway. However, as I will be sending him USD from my EUR, charges will be added by Paypal. I know this since this happened last year twice. First time, I sent him $60 (linked with my AIB account) and Paypal added .60c to the total. The second time, I sent him $352 (linked with my Revolut) and got a $12 charge added on top of it. Can anyone explain this? This is for the currency conversion, right? How come it's only 10 per cent with the AIB-linked card? Is it because it's smaller, and there's a certain threshold before the added charge is larger? Is there a way to avoid this? (Well apart from begging my cousin to sign up for Revolut, which I'm not too optimistic about lol)


  • #16
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    I have alerts and auto conversions setup with my Revolut to buy sterling when it is cheap.

    Even better I top up my Revolut using my AIB Platinum credit card account which gives me 0.5% back. I could get rid of the AIB cc but it's handy for big purchases.


  • #17
    deadimmortal
    Registered Users, Registered Users 2 Posts: 235 ✭✭deadimmortal


    camz09 wrote: »
    Apologies for resurrecting an old thread but I have a bit of a problem: I have a cousin who I'll be going on holidays with, he's from the Sates and only uses Paypal. He will be handling all our accommodation expenses and I'll be paying him through Paypal for that. I know I can link my Revolut card (idk if N26 will apply here as well?) to my Paypal as all my funds are mostly there. I rarely use my AIB Visa card anyway. However, as I will be sending him USD from my EUR, charges will be added by Paypal. I know this since this happened last year twice. First time, I sent him $60 (linked with my AIB account) and Paypal added .60c to the total. The second time, I sent him $352 (linked with my Revolut) and got a $12 charge added on top of it. Can anyone explain this? This is for the currency conversion, right? How come it's only 10 per cent with the AIB-linked card? Is it because it's smaller, and there's a certain threshold before the added charge is larger? Is there a way to avoid this? (Well apart from begging my cousin to sign up for Revolut, which I'm not too optimistic about lol)

    Just transfer it from your revolut account to his paypal account using his paypal account details


  • #18
    suave.4u
    Registered Users Posts: 989 ✭✭✭suave.4u


    Weston Gray Feather wrote: »
    I have alerts and auto conversions setup with my Revolut to buy sterling when it is cheap.

    Even better I top up my Revolut using my AIB Platinum credit card account which gives me 0.5% back. I could get rid of the AIB cc but it's handy for big purchases.

    This is a good idea. Will check it..thx Super Sonic!


  • #19
    duffman13
    Registered Users, Registered Users 2 Posts: 9,025 ✭✭✭duffman13


    Weston Gray Feather wrote: »
    I have alerts and auto conversions setup with my Revolut to buy sterling when it is cheap.

    Even better I top up my Revolut using my AIB Platinum credit card account which gives me 0.5% back. I could get rid of the AIB cc but it's handy for big purchases.

    How long have you been doing that for? Revolut stopped credit card top ups in the early days, but didn't realise they allow it now again


  • #20
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    duffman13 wrote: »
    How long have you been doing that for? Revolut stopped credit card top ups in the early days, but didn't realise they allow it now again

    I'm not sure how long I have Revolut. Looked at my emails and the earliest I can see is March 2017. Would have used my credit card from the start to top up. Can't see any way on the app to check when I opened the account.


  • #21
    um7y1h83ge06nx
    Closed Accounts Posts: 5,029 ✭✭✭um7y1h83ge06nx


    Just looked through my euro and sterling accounts on the app and the very first transaction is April 1st 2016.


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  • #22
    Rewired
    Registered Users, Registered Users 2 Posts: 79 ✭✭Rewired


    davidom2513 wrote: »
    To change your currency default option, do the following:
    What website are you doing this on? These options don't exist in my Paypal account.


  • #23
    OmegaGene
    Registered Users, Registered Users 2 Posts: 9,630 ✭✭✭OmegaGene


    Rewired wrote: »
    What website are you doing this on? These options don't exist in my Paypal account.

    That is because that was 2015 lol and the options have changed slightly since then but the option is there, I’ve done it myself with help from Revolut chat when I first joined Revolut

    The internet isn’t for everyone



  • #24
    Rewired
    Registered Users, Registered Users 2 Posts: 79 ✭✭Rewired


    OmegaGene wrote: »
    That is because that was 2015 lol and the options have changed slightly since then but the option is there, I’ve done it myself with help from Revolut chat when I first joined Revolut

    You know where? I've checked and there's no option on my account. Have Revolut card linked to account as well.


  • #25
    OmegaGene
    Registered Users, Registered Users 2 Posts: 9,630 ✭✭✭OmegaGene


    Rewired wrote: »
    You know where? I've checked and there's no option on my account. Have Revolut card linked to account as well.

    This is a copy and paste of the last message they sent me and I’ve never had an issue with PayPal using their conversion since


    For future transfers, you can go on the Payments section on PayPal and then select "Pre-Approved Payments" and then select "Funding Sources" and then click on "Conversion Options” next to your card. This will give you the option to select "Bill me in the currency listed on the seller's invoice". Then click submit and save. This is not a guaranteed fix but it should prevent PayPal from applying their conversion again.

    The internet isn’t for everyone



  • #26
    Rewired
    Registered Users, Registered Users 2 Posts: 79 ✭✭Rewired


    OmegaGene wrote: »
    This is a copy and paste of the last message they sent me and I’ve never had an issue with PayPal using their conversion since


    For future transfers, you can go on the Payments section on PayPal and then select "Pre-Approved Payments" and then select "Funding Sources" and then click on "Conversion Options” next to your card. This will give you the option to select "Bill me in the currency listed on the seller's invoice". Then click submit and save. This is not a guaranteed fix but it should prevent PayPal from applying their conversion again.
    Don't seem to have "Pre-Approved Payments" as an option in Payments, but thanks anyway.


  • #27
    OmegaGene
    Registered Users, Registered Users 2 Posts: 9,630 ✭✭✭OmegaGene


    Rewired wrote: »
    Don't seem to have "Pre-Approved Payments" as an option in Payments, but thanks anyway.

    PayPal keep hiding the option because that’s how they make money, hop onto help on Revolut and go to chat and they will help you or ask on the Revolut thread on boards there are a few experts on there

    https://www.boards.ie/vbulletin/showthread.php?t=2057481488

    The internet isn’t for everyone



  • #28
    camz09
    Registered Users, Registered Users 2 Posts: 400 ✭✭camz09


    deadimmortal wrote: »
    Just transfer it from your revolut account to his paypal account using his paypal account details

    You mean his email address is enough?


  • #29
    deadimmortal
    Registered Users, Registered Users 2 Posts: 235 ✭✭deadimmortal


    camz09 wrote: »
    You mean his email address is enough?

    No. Every PayPal account is given a bank account to transfer funds into. He just needs to give you his PayPal iban. You can transfer from your Revolut to his PayPal iban.


  • #30
    RoYoBo
    Registered Users, Registered Users 2 Posts: 856 ✭✭✭RoYoBo


    camz09 wrote: »
    You mean his email address is enough?

    You only need an email address or a phone number to send money via PayPal accounts*:

    https://www.paypal.com/fm/smarthelp/article/how-do-i-send-money-faq1684

    * unless you're not using your own PayPal account as a conduit?


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  • #31
    camz09
    Registered Users, Registered Users 2 Posts: 400 ✭✭camz09


    RoYoBo wrote: »
    You only need an email address or a phone number to send money via PayPal accounts*:

    https://www.paypal.com/fm/smarthelp/article/how-do-i-send-money-faq1684

    * unless you're not using your own PayPal account as a conduit?

    I want to use my Revolut card to send money to his PayPal account and as you know, I only have his PayPal email address as info. If I'm to do it from my PayPal to his PayPal, that's no problem. But I get unnecessary fees that way which is why I want to do it through Revolut.


  • #32
    editorsean
    Registered Users, Registered Users 2 Posts: 783 ✭✭✭editorsean


    These are the updated steps to change the currency conversion, until Paypal changes things again:
    1. Log into Paypal and go to the settings page (cog icon next to 'LOG OUT')
    2. Go into the 'PAYMENTS' page
    3. Click the 'View' link to the right of 'Manage your automatic payments'
    4. Near the bottom-left where it says "Can't find what you're looking for? Try the manage automatic payments page", click "manage automatic payments" link.
    5. Click the "Set Available Funding Sources" link on the right.
    6. Click 'Conversion Options' for your card
    7. Tick 'Bill me in the currency listed on the seller's invoice.'
    8. Click 'Submit' and click the Save button.

    Be sure to click that orange 'Save' button at the end, as clicking 'Submit' does not save the change.


  • #33
    camz09
    Registered Users, Registered Users 2 Posts: 400 ✭✭camz09


    Trying to send money to a PayPal account (owner is in the US) and the conversion rate is horrible. About 15 euros more than what I see from Revolut or a quick Google. Annoying. Is there any way around this?!?!? Did the instructions from the previous post but I'm not sure it's helped much if a PayPal fee was added which explains the extra amount in conversion total??


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