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Foreign currency in paypal - striking at the right time?

Discussion in 'Earning Money Online - Earn Money Online' started by Petlamb, Sep 12, 2017.

  1. Petlamb

    Petlamb Active Member

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    So, some of the payments I receive to paypal are in USD. Usually I just withdraw them to my bank whenever, without really thinking about it much... but recently in the week between receiving a payment (of £6 odd), it dropped 12p of value.

    This got me thinking. Does anyone who gets paid some of their online earnings in foreign currency give thought to trying to draw it at a time when it'll benefit more in terms of exchange rate? Maybe having some kind of system or way to hit at the right time? I don't really want to get into watching forex like a hawk, but it's just a bit galling to see money lost (and yes it was only 12p but they add up!)
     
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  2. Jon

    Jon Administrator Staff Member

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    I get paid in euros from one affiliate I work for and just withdraw to be honest , have never thought about waiting for the rates to improve
     
  3. Stuart

    Stuart Well-Known Member

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    If you want to fix the amount then you can convert USD (or whatever) to GBP at the current rate in PayPal without withdrawing.
     
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  4. Jon

    Jon Administrator Staff Member

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    Ah, good thinking that!
     
  5. homie

    homie Well-Known Member

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    I sometimes buy things from europe and america through ebay so I always keep the Euro and $ balances for that. Saves on paypal's poor exchange rate. Right now getting paid in anything other than Sterling is a bonus. I think brexit will mess the rates around a lot more before they improve so I'm maintaining the foreign currency balances at the moment.
     
  6. Blackpepper1

    Blackpepper1 Well-Known Member

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    Yes that is what I always do. Find it easier that way. :)
     
  7. Stuart

    Stuart Well-Known Member

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    I'd do the same if I ever bought stuff in other currencies. When it comes to charges and rates, PayPal are a bunch of mickey-taking thieves. The situation will only improve if there is some serious competition for that business; at the moment what little competition there is is fragmented and far from universal.
     
  8. asajj

    asajj Well-Known Member

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    Unless I have thousands of X currency, I will withdraw without thinking much. Move won't be huge to consider probably.
     
  9. Petlamb

    Petlamb Active Member

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    It's fair to say it's not loads.. but when I do tasks for small amounts on the basis they add up, it's hard not to view the quid I dinged myself by this week as a loss.

    I think as things stand, if the pound keeps moving as it has with talk of a rate rise, the simple fact will be that when we earn in USD, it's going to be worth less than it was.
     

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