US to UK Paypal

Discussion in 'Community Discussion' started by Dagless, Nov 28, 2007.

  1. Dagless macrumors Core

    Dagless

    Joined:
    Jan 18, 2005
    Location:
    Fighting to stay in the EU
    #1
    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?
     
  2. bartelby macrumors Core

    Joined:
    Jun 16, 2004
  3. Dagless thread starter macrumors Core

    Dagless

    Joined:
    Jan 18, 2005
    Location:
    Fighting to stay in the EU
    #3
    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.
     
  4. iGav macrumors G3

    Joined:
    Mar 9, 2002
    #4
    Sounds about right.

    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.
     
  5. SpookTheHamster macrumors 65816

    SpookTheHamster

    Joined:
    Nov 7, 2004
    Location:
    London
    #5
    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.
     
  6. Dagless thread starter macrumors Core

    Dagless

    Joined:
    Jan 18, 2005
    Location:
    Fighting to stay in the EU
    #6
    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.
     
  7. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #7
    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.
     

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