Foreign currency in paypal - striking at the right time?

Petlamb

Money Making Megastar!
Joined
Nov 9, 2015
Messages
266
Points
138
Location
Gateshead
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!)
 

Jon

Money Making Megastar!
Joined
Oct 17, 2013
Messages
32,378
Points
283
Age
42
Location
Leeds
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
 

Stuart

Well-Known Member
Joined
Aug 10, 2017
Messages
33
Points
58
Location
Shropshire
If you want to fix the amount then you can convert USD (or whatever) to GBP at the current rate in PayPal without withdrawing.
 
  • Like
Reactions: Jon

Jon

Money Making Megastar!
Joined
Oct 17, 2013
Messages
32,378
Points
283
Age
42
Location
Leeds
If you want to fix the amount then you can convert USD (or whatever) to GBP at the current rate in PayPal without withdrawing.
Ah, good thinking that!
 

homie

One of the finest Matched Betting helpers around!
Joined
Oct 16, 2016
Messages
2,389
Points
283
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.
 

Blackpepper1

Money Making Megastar!
Joined
Feb 7, 2014
Messages
3,080
Points
193
If you want to fix the amount then you can convert USD (or whatever) to GBP at the current rate in PayPal without withdrawing.
Yes that is what I always do. Find it easier that way. :)
 

Stuart

Well-Known Member
Joined
Aug 10, 2017
Messages
33
Points
58
Location
Shropshire
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.
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.
 

asajj

Money Making Megastar!
Joined
Jun 3, 2015
Messages
1,783
Points
193
Unless I have thousands of X currency, I will withdraw without thinking much. Move won't be huge to consider probably.
 

Petlamb

Money Making Megastar!
Joined
Nov 9, 2015
Messages
266
Points
138
Location
Gateshead
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.
 

melomanias

Money Making Megastar!
Joined
Feb 6, 2015
Messages
92
Points
128
I receive frequent payments in USD on my PayPal account and as long as I don’t need the money straight away what I do is:
- Check a daily email from XE Currency with the updated currency rates OR if I can’t be bothered to check the email daily, I will set an alert on the XE Currency app (it’s all free) so that I receive a notification once the USD/GBP rate goes over a certain threshold.
- Once the rate is more favourable to me (i.e., GBP has gone up relative to the USD) I withdraw the money from my PayPal to my bank account. I’m still terribly annoyed by the conversion fee that Paypal charges on every one of these transactions, but after a substantial amount of research I still have found no better alternative - unless you have a US bank account, that is. Besides, it’s not a big price to pay for PayPal’s convenience and purchase protection.
- The whole exercise might not be worth it if you’re converting 10 USD to GBP, but for 1000 USD, you can, for instance, ‘make’ or ‘lose’ 15 or even 20 pounds, depending on the fluctuation.
- And yes, if I’m planning on buying anything in USD, I will definitely keep the balance because at least I avoid paying the currency conversion fee.

I hope this is useful for anyone in a similar situation.
 
  • Like
Reactions: Andrew

Zach Wright

Active Member
Joined
Sep 9, 2017
Messages
5
Points
33
Age
25
Yes with Brexit and other fragile political issues I don't think it's a bad thing to get paid in USD or EU.
 

Members online


Amazon Discount Finder Tool

Find hidden 80%+ savings on Amazon products



 

 

 

 

 

 

 

Forum statistics

Threads
7,380
Messages
199,737
Members
11,387
Latest member
jbniche1