Can I Avoid PayPal Currency Conversion Fees?

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  Hybroid on 06/02/2022 - 09:35

  +1

  Try this: https://wise.com/gb/blog/how-to-send-money-from-paypal-to-tr…

  • 

    rickb on 06/02/2022 - 10:20

    Thanks for the info.

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  rickb on 06/02/2022 - 12:55

  So I have looked at 2 scenarios.

  1. Transfer $US270 from PayPal to my Australian bank account -> No fee but presumably crap exchange rate -> $AU365.58

  2. Transfer $US270 from PayPal to Wise -> 3% PayPal fee but better exchange rate -> $AU369.74 (using XE as reference)

  Excluding Wise fees to transfer the money to my local bank account I am $4 better off.

  Is it worth all that hassle for $4 (or presumably less when Wise take out their transfer fee)?

  • 

    brendanm on 06/02/2022 - 16:10

    +3

    No.

  • 

    foxmulder on 06/02/2022 - 17:34

    I'm guessing the way it works, you transfer that USD to wise as is at USD 270 but then you will need to open multi currency account for $22 (note to orpn one I even get charged $4 fees as if I'm withdrawing cash by 28 Degree even the purchase form looks like a credit card purchase - the fee then waived by 28 Degrees). Yes if it's a one time things it may not be worthied. I personally buy things from eBay US which I use any USD as is without any fees.

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  Brodo Faggins on 09/02/2022 - 00:24

  Look into foreign currency accounts with your Bank & its costs.

  You might be able to deposit USD straight in & convert via FX rate at the time.

  Not sure if there would either be a fee involved to convert to AUD or to open/maintain the FX account (or both).

  Let us know how you go mate - in the same boat.

  • 

    rickb on 09/02/2022 - 15:36

    Have thought about using Citibank's Global Currency account as I am an Everyday Transaction customer.

    However, I think the experience will be similar to Wise. PayPal will charge me a 3% fee to route the money into anything but an Australian bank account with a BSB. Even though I am transferring from PayPal in $US to Citi in $US, you incur a 3% fee on top of the potential fees and currency transfer losses on the Citi side. It sounds like a lot of hassle to save a few bucks.

    • 

      Brodo Faggins on 10/02/2022 - 00:10

      Is it because you're transferring to non-AU bank for 3%? Could you save this by opening a (potentially free?) FX account with AU bank?

      At the end of the day it's ~$300 - gotta ask yourself if the few extra $ is worth all this time & worry hahaha

      My situation is 10x your value so it's worth considering, but not on my important to do list at the moment XD