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PayPal Exchange Rate

  • 22-10-2016 10:25pm
    #1
    Stephen P
    Registered Users, Registered Users 2 Posts: 1,891 ✭✭✭


    I want to purchase an item from a UK site that costs £749. If I buy the item through PayPal the conversion to Euro is €873.78. According to xe.com the exchange rate is £749 = €841. I know PayPal will charge a fee but it's hardly an extra €32? Would it?
    The other option is to pay with card via Stripe but doesn't give conversion to Euro, I don't want go ahead and purchase the item if the conversion with Stripe is high too. Who could tell me what the conversion would be - the seller, stripe or my bank?


Comments

  • #2
    ImpatientGamer
    Registered Users Posts: 7 ✭ImpatientGamer


    Cheapest would be bank transfer, then stripe would probably be close to bank transfer cost and then paypal are just a ripoff


  • #3
    Spocker
    Moderators Posts: 6,871 ✭✭✭Spocker


    Stephen P wrote: »
    I want to purchase an item from a UK site that costs £749. If I buy the item through PayPal the conversion to Euro is €873.78. According to xe.com the exchange rate is £749 = €841. I know PayPal will charge a fee but it's hardly an extra €32? Would it?
    The other option is to pay with card via Stripe but doesn't give conversion to Euro, I don't want go ahead and purchase the item if the conversion with Stripe is high too. Who could tell me what the conversion would be - the seller, stripe or my bank?

    Remember, the rates quoted on xe.com are mid-market rates and not the same as what your bank, PayPal or Stripe use, which will all be slightly different.

    Paypal don't charge you the fee, assuming you're paying for "Goods and Services" - in that case the seller charge the fee (some sellers can add 4% if paying by Paypal, specifically to cover this). I can't speak for Stripe (as I've never used it) but found this info on their rates: https://support.stripe.com/questions/how-does-stripe-handle-currency-conversion

    If you have time to sign up, a Revolut card/number is popular here on Boards (you can use the number as soon as you complete the signup)


  • #4
    ED E
    Registered Users, Registered Users 2 Posts: 36,169 ✭✭✭✭ED E


    Your CC is nearly always best.

    £749 = €841.24 Acc to Google
    £749 = €843.55 Acc to Visa (MC will be similar)
    £749 = €873.78 Acc to Paypal

    When processing the transaction tell paypal to bill you for GBP not EUR. Then your credit card will do the conversion on your behalf.


  • #5
    Walter2016
    Closed Accounts Posts: 522 ✭✭✭Walter2016


    ED E wrote: »
    Your CC is nearly always best.

    £749 = €841.24 Acc to Google
    £749 = €843.55 Acc to Visa (MC will be similar)
    £749 = €873.78 Acc to Paypal

    When processing the transaction tell paypal to bill you for GBP not EUR. Then your credit card will do the conversion on your behalf.


    Banks add a transaction fee for visa payments.

    AIB is 1.75% to a max of €11, so in this case it would be €855.55 if you were using an aib visa credit/debit card.


  • #6
    ED E
    Registered Users, Registered Users 2 Posts: 36,169 ✭✭✭✭ED E


    Walter2016 wrote: »
    Banks add a transaction fee for visa payments.

    AIB is 1.75% to a max of €11, so in this case it would be €855.55 if you were using an aib visa credit/debit card.

    That depends on your fee structure, but is usually still cheaper.


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  • #7
    Stephen P
    Registered Users, Registered Users 2 Posts: 1,891 ✭✭✭Stephen P


    Thanks for the replies guys and info!


  • #8
    loyatemu
    Registered Users, Registered Users 2 Posts: 15,115 ✭✭✭✭loyatemu


    I bought an item off Ebay in £, used my N26 card (which basically converts at the Mastercard spot rate with no fee) but it's appeared on my card auto-converted to €, presumably at Paypal's crappy rate. Annoying and there doesn't seem to be any way in Ebay or Paypal settings to avoid it (I didn't use Paypal directly but Paypal processed the card payment anyway).


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