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exchange rates
I'm just trying to work out whether I'm better off doing payments to America via Barclays (international money order) or via Paypal.
I'm assuming that Barclays is better value, but I can't actually (after 10 mins searching with Google) find anything that quotes a current exchange rate for Paypal (though they apparantly add 2.5 % to the rate).
Anyone know how to find current Paypal pound/dollar rates including the conversion fee?
Paypal is faster and easier and I'd be willing to pay a little extra for that, but I'm not going to use it if the cost is too much greater. (and when you're sending upto a thousand dollars on a fairly regular basis, then a few % adds up to a fair bit)
I'm assuming that Barclays is better value, but I can't actually (after 10 mins searching with Google) find anything that quotes a current exchange rate for Paypal (though they apparantly add 2.5 % to the rate).
Anyone know how to find current Paypal pound/dollar rates including the conversion fee?
Paypal is faster and easier and I'd be willing to pay a little extra for that, but I'm not going to use it if the cost is too much greater. (and when you're sending upto a thousand dollars on a fairly regular basis, then a few % adds up to a fair bit)
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https://www.paypal.com/uk/cgi-bin/webscr?cmd=_display-fees
On that page near the bottom is a link marked "View Currency Converter"
which will pop up another window. This will show you the current exchange rate after you perform a conversion.
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"What is the difference between the credit card association currency conversion and the PayPal currency conversion?"
"PayPal provides you with a choice of whether PayPal does the currency conversion or the credit card associations do the currency conversion for your transactions.
When PayPal does your currency conversion, we will disclose the conversion rate to you at the time of the transaction. If you choose not to use the MasterCard and Visa currency conversion process, you will have no recourse against MasterCard and Visa with respect to any matter related to the conversion.
If you choose to use the credit card association's currency conversions, PayPal is not able to disclose the conversion rate to you. Your card issuer will determine the foreign exchange rate to apply to the transaction, and you will not be informed of the foreign exchange rate or any additional foreign exchange fees applied until you are billed by your card issuer."
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If you go directly to the fees page without logging in, the "View Currency Converter" link does not appear.
I'm afraid I was assuming you had a Paypal account - if this is not the case then you won't be able to see it.
The information displayed after performing a conversion (today) was:
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Results:
The current PayPal exchange rates are:
Buy Rate:£1.00 GBP = $1.67 USD
Sell Rate:£1.00 GBP = $1.77 USD
Use the Buy Rate if you are using GBP to make a payment in USD, converting a GBP balance to a USD balance, or withdrawing a GBP balance to a USD bank account
Use the Sell Rate if you are using USD to make a payment in GBP, converting a USD balance to a GBP balance, or withdrawing a USD balance to a GBP bank account
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I'm assuming this will vary from day to day.
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I've done the sums now. It's slightly more expensive than buying a money order at my bank, but the difference is small enough to be beaten by the convenience of using paypa.
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