Paypal balances

[emperor tomato ketchup]

I just sold a bunch of shiny discs on the bay and now am receiving a bunch of paypal payments



Thing is they are in pounds sterling and am being offered the option of converting them to euro and adding them to my euro balance or having a new sterling balance created. Since I'm gonna spend some of this on LSD records I assume I'd be better of not converting it as I'll save a bit on currency conversion fees this way? Ta.

[Rich Hero]

I don't know the answer, having never been paid through PayPal, but I can hazard a guess that you're right and it's best to keep the money in the form that you receive it, and use it to pay for LSD, eBay winnings, etc. since eBay's exchange rates always seem to be pretty unfavourable. Unless it costs extra to 'create a sterling balance'?

[wayne]

Quote[/b] (emperor tomato ketchup @ Sep. 05 2004,11:44)]I just sold a bunch of shiny discs on the bay and now am receiving a bunch of paypal payments



Thing is they are in pounds sterling and am being offered the option of converting them to euro and adding them to my euro balance or having a new sterling balance created. Since I'm gonna spend some of this on LSD records I assume I'd be better of not converting it as I'll save a bit on currency conversion fees this way? Ta.

Someone might tell me different, but I think the conversions within paypal are fee free, but their actual conversion rates are a bit lower than the normal going rate. Not sure about that as they vary so widely anyway...but you can always compare their rate with XE.com's before deciding.

[emperor tomato ketchup]

Quote[/b] (wayne @ Sep. 06 2004,11:29)]

Quote[/b] (emperor tomato ketchup @ Sep. 05 2004,11:44)]I just sold a bunch of shiny discs on the bay and now am receiving a bunch of paypal payments



Thing is they are in pounds sterling and am being offered the option of converting them to euro and adding them to my euro balance or having a new sterling balance created. Since I'm gonna spend some of this on LSD records I assume I'd be better of not converting it as I'll save a bit on currency conversion fees this way? Ta.

Someone might tell me different, but I think the conversions within paypal are fee free, but their actual conversion rates are a bit lower than the normal going rate. Not sure about that as they vary so widely anyway...but you can always compare their rate with XE.com's before deciding.

The small print says the 2.5% conversion fee is included as part of rate. This is fairly standard with currency conversion the world over as it hides the fee.

Doesn't seem to be any fee for holding money in different currencies.

And in other ebay observations as someone asked about this: I put high start prices on the 4 collectible CDs which seemed to pay off as 2 went for about that price, 1 didn't sell and the fourth went through the roof (well over 3 times my start price of £10). The CDs I started at cheap prices of £1-2 went for just that.