Paypal currency conversion rates could be pretty unfavourable if you dont take them into account. We know that Paypal is a nice way to pay for customers because they get the security that, if something goes wrong, there’s a way to start a claim and take their money back, which always helps. That’s why it’s the prefered payment method all over the world, no need to explain more.
But unfortunatelly, the cost of the service can be high if you don’t take into account some basics principles. Like letting Paypal do the currency conversion for you, instead of your bank or card issuer who probably offers lower rates.
You don’t have to worry. Because in this tutorial we will explain pretty simply, in short steps: How to configure your account to avoid Paypal’s exchange rate, plus service ‘commision’.
Yes, the platform also charges an additional fee for using their exchange service
First step, asumming you’re logged into your account, is to search for the options icon that is up to the right, and click on it.
When you’re there, just need to click on Payments tab
The first option you will find there, is to “Manage automatic payments”. Once you’re there, at the bottom left, you need to click the same button.
Just a few steps more to set-up your currency conversion!
You will land on a classic view page, where you can manage your preaproveed payments, and also “Set available funding sources” on the right side.
Next where your credit card figures, you will find “Conversion options”. This is the last step to find the exit in the maze, fortunatelly.
There, just choose the second option, and finally click on Submit. You’re done!
From now, the card issuer will decide what your transaction exchange rate is, instead of the greedy Paypal ones. You need to repeat the last step if you have more than one card associated.
I personally think that they made this a little tricky on purpose, because its obvious that Paypal makes more money placing unfavourable exchange rate instead of your bank ones.
… And imagine that multiplied by millions of transactions between countries.