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Any UK Members here?

  1. dwelburn profile image98
    dwelburnposted 2 years ago

    I just wanted to ask any UK members a quick question about your Paypal payments. They come through in US dollars and you have to convert this to GBP. Now they have a new site layout I can't see how to do this, but Paypal offer a very poor conversion rate anyway. So I was wondering what others do with their dollar payments to Paypal. What's the best way of dealing with it? Thank you.

    1. Marisa Wright profile image93
      Marisa Wrightposted 2 years ago in reply to this

      I'm in Australia so I have a similar problem.    There isn't really a way around it.

      When you transfer the money to your bank account from Paypal, there isn't an option to transfer it as US dollars.  You fill in the amount you want to transfer and Paypal converts it automatically. 

      You could leave the money in your Paypal account and us it to buy online, but I wouldn't recommend it unless you do a lot of buying.  Paypal is very handy, but when things go wrong they are difficult to deal with, and you hear stories of people losing all the money in their account and never managing to get it resolved.  So leave some money in there by all means, but it's going to be a lot safer in your bank account!

      1. dwelburn profile image98
        dwelburnposted 2 years ago in reply to this

        Thanks Marisa; that's what I thought. Appreciate the feedback.

  2. Sed-me profile image84
    Sed-meposted 2 years ago

    (And could you all please include colorful English phrases like, "Bob's your uncle" and throw some superfluous U's in your answers for our reading enjoyment. Thank you!) smile

    1. Solaras profile image90
      Solarasposted 2 years ago in reply to this

      LOL

  3. mrsm54321 profile image80
    mrsm54321posted 2 years ago

    I had exactly the same problem but contacted Paypal to find out how I convert the money on the new website.  They sent me the following answer ...

    1. On your 'Summary' page, click PayPal balance.
    2. Click Manage currencies.
    3. Under 'Currency Exchange' (in the left panel) enter the amount you want to convert.
    4. Select the currency to convert the funds from.
    5. Select the currency to convert the funds to.
    6. Click Calculate to see the currency conversion.
    7. Click Continue to review the transfer.
    8. Click Exchange Currency to confirm the transfer.

    ... and Bob's your unlce! (Just for Sed-me)

    1. Sed-me profile image84
      Sed-meposted 2 years ago in reply to this

      He's actually my brother in law, but I'll take it! Thanks!

  4. mrsm54321 profile image80
    mrsm54321posted 2 years ago

    I had exactly the same problem but contacted Paypal to find out how I convert the money on the new website.  They sent me the following answer ...

    1. On your 'Summary' page, click PayPal balance.
    2. Click Manage currencies.
    3. Under 'Currency Exchange' (in the left panel) enter the amount you want to convert.
    4. Select the currency to convert the funds from.
    5. Select the currency to convert the funds to.
    6. Click Calculate to see the currency conversion.
    7. Click Continue to review the transfer.
    8. Click Exchange Currency to confirm the transfer.

    ... and Bob's your unlce! (Just for Sed-me)

  5. mrsm54321 profile image80
    mrsm54321posted 2 years ago

    I had exactly the same problem but contacted Paypal to find out how I convert the money on the new website.  They sent me the following answer ...

    1. On your 'Summary' page, click PayPal balance.
    2. Click Manage currencies.
    3. Under 'Currency Exchange' (in the left panel) enter the amount you want to convert.
    4. Select the currency to convert the funds from.
    5. Select the currency to convert the funds to.
    6. Click Calculate to see the currency conversion.
    7. Click Continue to review the transfer.
    8. Click Exchange Currency to confirm the transfer.

    ... and Bob's your unlce! (Just for Sed-me)

  6. dwelburn profile image98
    dwelburnposted 2 years ago

    Thanks MrsM I'll do that. I was wondering if there's a more cost effective method of using it though, such as maybe transferring it direct to your bank account in $ if you can do that. But some banks charge quite a bit to convert it anyway don't they? So meanwhile I'll just do what you said.

    1. tophatpro profile image82
      tophatproposted 2 years ago in reply to this

      Hi dwelburn,

      I'm in the UK but I have a bit of a different set-up.

      My Paypal account was originally in UK pound but now has the USD as the main currency, as most of the money I am paid into Paypal from sites like Hubpages (and previously Squidoo) and affiliate programs etc are all in USD. Almost everything I spend online is in USD so it means I don't have to exchange currencies (and pay fees) every time I make a purchase online.

      This way, my bank charges me the currency exchange fee instead of Paypal. You should check with your bank what fees they would charge, as each back is slightly different. I know that the Paypal fees are higher than what my bank charges me.

      So it depends on how you use Paypal. If you are okay to save up the balance until it's a decent size, and are not desperate to take the money out every month... then what I do might suit you better.
      At the very least it's another option.

      1. dwelburn profile image98
        dwelburnposted 2 years ago in reply to this

        Thanks Tophatpro. Interesting that most of your purchases are in US dollars. I have never purchased anything in US dollars so far, but it's possible I could in the future. Does that mean you are buying items from the US and having them shipped over?

        1. tophatpro profile image82
          tophatproposted 2 years ago in reply to this

          Most of the things I buy online in USDs are for working online. Things like WordPress themes, plugins, traffic etc. Almost all of these tools and services are quoted in USD and there's no shipping as they are almost always software/services etc.
          If I want to buy stuff online, I tend to use amazon.co.uk which can save your card details so no need to go looking for your card every time you want to pay for something (and I don't need to use Paypal then either).

    2. Marketing Merit profile image85
      Marketing Meritposted 2 years ago in reply to this

      I do something similar to Tophatpro. I have balances in both in USD and GBP in my PayPal account. My hosting and domain name renewals etc are charged in USD so I typically use the balances for these types of transactions. I don't normally convert any of the money, until I'm ready to withdraw it. Actually, if you keep an eye on the exchange rate, then there are occasions when it is more beneficial to withdraw your dollars, than others. Depends how long you are able to 'sit' on the income.

      If you're a big earner, then there are USD accounts that you can get in the UK. Citibank and NatWest spring to mind. However, there is typically a monthly charge for these types of accounts, so it may not be financially advantageous to use these.

      Hope this helps! wink

      1. dwelburn profile image98
        dwelburnposted 2 years ago in reply to this

        Thanks for the advice Marketing Merit. Yes I had heard you could get USD accounts in the UK, but as you say it would not be worth it for me to have one. At least not at this time.

    3. Sue Adams profile image91
      Sue Adamsposted 2 years ago in reply to this

      I click the "withdraw", then "pay into bank account" buttons. The money is automatically converted. I do not know whether the conversion is done by Paypal or my Bank.

      1. dwelburn profile image98
        dwelburnposted 2 years ago in reply to this

        Thanks Sue. I converted it now but I'll probably try that next time.

  7. earner profile image86
    earnerposted 2 years ago

    I transferred £3k/US$5k out last week - I didn't have any problem but can't remember what I did.  Nothing significantly different or I'd have written to moan about it somewhere smile

    I never worry about what the rates are.  That's a business cost and something I have no control over, so just suck it up really.  I am interested in what I get into my bank (where the tax man then dips into it), I am not concerned with the fees or you lose the will to carry on smile

    1. dwelburn profile image98
      dwelburnposted 2 years ago in reply to this

      Yes I know what you mean Earner. There's no point worrying about it, but I was just trying to find out the best way. I'll have a word with my bank next time I'm in town; meanwhile I just converted my current balance. Thanks.

      1. Marisa Wright profile image93
        Marisa Wrightposted 2 years ago in reply to this

        The way Sue described is the correct way to do it.

  8. jimmythejock profile image83
    jimmythejockposted 2 years ago

    just transfer the dollar amount into your bank, it converts straight away and "Bob's your uncle,"....jimmy

    1. dwelburn profile image98
      dwelburnposted 2 years ago in reply to this

      Thanks Jimmy; I'll try that next time smile

      1. earner profile image86
        earnerposted 2 years ago in reply to this

        There might not be a next time if traffic doesn't improve smile

        1. dwelburn profile image98
          dwelburnposted 2 years ago in reply to this

          Yes I know what you mean but I'm hoping it will go back to what it was soon.

 
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