US to UK Paypal

[raggedjimmi]

I've been making some graphics for a company in America, they sent me my first payment through Paypal as it's quick and all that. They sent me $300, only Paypal asked if I want this converting to my currency. I press yes and it appears in my account at £135.

Is that right? Given the exchange rate shouldn't it be more like £150?

[bartelby]

What are the current PayPal charges?

[raggedjimmi]

I thought they just took charges (their fee, whatever) when you withdraw from Paypal to your bank?
I don't use it much so I don't know the exact fee.

[iGav]

Is that right?

Sounds about right.

Given the exchange rate shouldn't it be more like £150?

Nope. That exchange rate isn't going to filter down anytime soon. It's more likely to be between $1.93-1.98 something around that figure.

[SpookTheHamster]

Paypal charges its own exchange rate, different to banks or the actual exchange rate. It's quite often pretty bad, but my bank is usually worse.

[raggedjimmi]

Bugger then!

Would I be best keeping it in dollars on Paypal, then converting when I send it to my bank? I'm with Halifax if that's anything.

[Macky-Mac]

That depends on what fees and exchange rate Halifax is going to charge you.

My bank(s) in the USA have all gone to charging "foreign currency transaction" fees when it comes anything that requires converting currencies. Their exchange rate isn't too bad, but those transaction fees! Ouch!

Banks in the UK are going to be operating under different rules and so forth, so you need to inquire at your bank before you make a decision.