paypal usd to aud conversion fees
Hi All, quick question about paypal conversion fees
I just bought some goodies from a site in Hong Kong for 196.99 USD and paid via the paypal tab on their site, I think even though my total was in USD paypal has actually charged me via AUD as the invoice total was AUD 304.45, I was expecting around $288 /$292 .. I know its not a lot different but its frustrating as I thought I was paying in USD not AUD.
Cheers, Matt
5 comments
imastawka
·1 year agoAs our currency is AUD then that's what the conversion is based on.
Paypal charge 4.5% (from memory)
wishy_washy
OP1 year agoHi Imastawka, thanks for the reply. I thought if i sent the payment in USD which i did that would avoid the 4.5% conversion fee and just leave me to deal with a poor paypal exchange rate ie 64c rather than 68c for the $
Could i do something different to pay less fees in the future or did i get the best rate already
gutterpunkz05
·1 year agoAs your seller specified paypal, that is how you are required to pay and the paypal conversion rate applies. As the paypal rate has no hidden fees, it is quite attractive for small amounts and especially for the occassional user.
Comparison bank fees for your transaction amount, average 10,75%
gutterpunkz05
·1 year agoJust out of curiosity, do you hold multiple currencies including USD in your paypal account, If not then the currency has to be converted to enable you to pay in USD.
If you receive payments in USD, then you can elect to hold these payments as USD for later use. You can also convert and hold funds in variable currencies to take advantage of favorable exchange rates IE you pay conversion rates at time of exchange and can then hold the funds in whatever currency you desire for later use.
wishy_washy
OP1 year agoThanks for clearing that up gutterpunkz
I only hold AUD in my paypal, from what you are saying it sounds like there was no way to avoid the 4.5% fee
Long as I did not do something wrong and cost myself extra im happy, sounds like $304 AUD is the expected total via paypal to send 196.99 USD