Avoiding Paypal's Conversion Exchange rates

Discussion in 'Monetization Techniques' started by Dreek Lass, Apr 30, 2013.

  1. Dreek Lass

    Dreek Lass Regular Member

    Joined:
    Apr 27, 2013
    Messages:
    21
    Likes Received:
    4
    Location:
    UK
    I am sure that I am not the only one but I am sick and tired of Paypal's conversion exchange rates. $5 is £3.32 everywhere else, but today with Paypal it is £3.13. Are you kidding me? That is ridiculous. The most that I have ever gotten for a $5 payment was £3.26, and it has been going down ever since.

    *SIGHS* What makes things worse is that there seems to be no other competition for Paypal, and most online companies only pay out via these thieves. They need to come up with a fixed rate that they are going to steal from people's earnings and keep it at that.

    Does anybody know anything that I could do to avoid getting scammed out of my money? Every penny counts here. Online income is my only source of income. If you know any other payment processor that is better than Paypal, please let me know. Or if you know any way that I could get around the conversion rate, then point me in that direction too please.

    Thanks.
     
  2. Brandon

    Brandon Regular Member

    Joined:
    Jun 1, 2009
    Messages:
    6,602
    Likes Received:
    1,706
    Location:
    Topeka, Kansas
    First Name:
    Brandon
    They take about 3% in the states, which I have no idea (without looking it up) if 3.26 pounds is 3% of 5$ USD.

    Have you looked into Bitcoins?
     
  3. Dreek Lass

    Dreek Lass Regular Member

    Joined:
    Apr 27, 2013
    Messages:
    21
    Likes Received:
    4
    Location:
    UK
    I only ever got one payment of £3.26. Everything since that has been £3.24, £3.22 and £3.18. I refuse to cash out when $5 Paypal is lower then £3.20. That is just completely unacceptable to me, so I have to wait to cash out, and that means that I have no money sometimes.

    I hate the way the money system works. It is such a scam! It should be as simple as if you work for your money, then you should just get it. Tired of it. I am hoping that Google come up with a payment processor and they operate a bit more fairly than Paypal does. Why do they have their own exchange rate, when $5 or $10 or even $1 already has a fixed rate for how much it is in other currency. There's no need for them to convert anything for themselves.

    I'm very frustrated with this. There seems to be no way out. Maybe I will be forced to get 'real' job :( Everything with my online money making seems to be sliding down the pan.

    What are Bitcoins?
     
  4. Brandon

    Brandon Regular Member

    Joined:
    Jun 1, 2009
    Messages:
    6,602
    Likes Received:
    1,706
    Location:
    Topeka, Kansas
    First Name:
    Brandon
    To be honest @Dreek Lass, your post is a bit confusion to me because you reference the USD and the EU pound if I'm correct?
    Also it seems you're talking about very little money?
    Wait until you get a $100 or a $1,000 payment, losing $30 to paypal sucks.. Then you have the IRS in the US, so you have to claim all your money then pay tax on it..lol

    What is bitcoin?
    Well since you asked..

     
  5. Dreek Lass

    Dreek Lass Regular Member

    Joined:
    Apr 27, 2013
    Messages:
    21
    Likes Received:
    4
    Location:
    UK
    Thanks for the video. I won't watch it now because it is 4.24 am over here in the UK right now and only frustration is keeping me awake, so I will watch it at a time when I am more alert, so I will be able to take it in better.

    With regards to the Paypal situation, I make money online and the company that I work for only pay out via Paypal, and they only pay in dollars. But I live in the UK, and so my currency is Great British Pounds, and so when the online company that I work for sends me my payment, it is automatically converted from dollars to Great British Pounds by Paypal. But Paypal charge their own rate for converting the currency from dollars to Pounds, and their rate takes more money out than any other conversion.

    That was what I meant when I said that $5 in Great British Pounds is £3.32 all over the world, but Paypal make it so that $5 is Great British Pounds is a lot less than that, and right now $5 in Great British Pounds is £3.13.

    I hope that this makes more sense.

    If I had the smarts for it, I would open my own online payment processor.
     
    Brandon likes this.
  6. echo_unlimited

    echo_unlimited Professional Procrastinator

    Joined:
    Jan 7, 2011
    Messages:
    55
    Likes Received:
    31
    Location:
    Taiwan --- Soon to be London
    I feel ya bro.

    I loved the days when the £1 was worth $2!! American products were so cheap and any currency conversion charges were nothing in comparison to the deals you could get because our currency was so strong. (How times have changed, right?)

    Also, can't you keep the money in USD and wait until PayPal changes its currency conversion rates then convert your money into GPB?
     
    Brandon likes this.
  7. maksim

    maksim Regular Member

    Joined:
    Mar 3, 2013
    Messages:
    159
    Likes Received:
    91
    Location:
    Dirty Jersey
    well. it is what it is.

    5.00 USD = 3.26 GBP currently, exchange rates fluctuate, and Paypal does have expenses to convert currencies to pay you. It is part of the game.

    On such a small amount, it is not terrible... we pay more for doing transactions with Canada.

    I am sure if you wanted, can't you set your account to keep the money in USD? Or have the company that pays you wait to pay you once a month and then wire transfer it to your bank.

    On $5... call it the cost of doing business.
     
    Brandon likes this.

Share This Page