Any UK Members here?

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   dwelburnposted 9 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.

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      Marisa Wrightposted 9 years agoin 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!

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         dwelburnposted 9 years agoin reply to this

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

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   Sed-meposted 9 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!)

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      Solarasposted 9 years agoin reply to this

      LOL

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   mrsm54321posted 9 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)

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      Sed-meposted 9 years agoin reply to this

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

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   mrsm54321posted 9 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)

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5. 77

   mrsm54321posted 9 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)

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6. 80

   dwelburnposted 9 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.

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      tophatproposted 9 years agoin 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.

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         dwelburnposted 9 years agoin 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?

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            tophatproposted 9 years agoin 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).

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      Marketing Meritposted 9 years agoin 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!

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         dwelburnposted 9 years agoin 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.

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      Sue Adamsposted 9 years agoin 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.

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         dwelburnposted 9 years agoin reply to this

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

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   earnerposted 9 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
   
   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

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      dwelburnposted 9 years agoin 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.

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         Marisa Wrightposted 9 years agoin reply to this

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

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   jimmythejockposted 9 years ago

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

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      dwelburnposted 9 years agoin reply to this

      Thanks Jimmy; I'll try that next time

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         earnerposted 9 years agoin reply to this

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

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            dwelburnposted 9 years agoin 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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