How do you deal with lower Paypal Currency Exchange rates?

MindReality · 10-01-2008, 02:29 AM

Hi,

I'm from Singapore and the Paypal Currency Exchange rate is lower than my ClickBank cheque currency exchange rates.

How does anyone cope with this?

Do you set up a US bank account to withdraw Paypal Money and then transfer over to your Singapore or other country bank account?

Sirius Lin · 10-01-2008, 02:45 AM

I've been using Paypal practically in the same month it became available to Singaporeans. Unfortunately, the low exchange rate is just a fact of life with them. You just got to live with it. Sure, you can setup a US account and then transfer the money over to your Singapore account, but unless you are dealing with 5-figure transactions, the interbank transfer charges are going to eat up more than what you save.

~ Sirius

BIG Mike · 10-01-2008, 03:00 AM

It's just a part of doing business online. Hopefully it's a tax-deductable expense in your country - you should look into that.

PayPal takes approximately 11 Euros as a fee for every 500 Euros withdrawn to our banks in Greece. You'll find that every bank charges a fee (as far as I know) to do this. You may get a better deal if you shop around, but it just adds more hassle to the process.

diggo · 10-01-2008, 06:14 AM

I got really frustrated with the paypal exchange rates too, so I ordered myself a payoneer debit card. Saves me so much! Only problem is, when I withdraw from an ATM machine, the bank has their own exchange rates aswell. That being said, I've found a good one with a 1% fee. Not too bad when you compare it too paypal's 3 or 4% fee.

10-01-2008, 02:29 AM	#1
MindReality Super Warrior War Room Member Join Date: Feb 2006 Location: Singapore Posts: 151 Thanks: 1 Thanked 0 Times in 0 Posts	How do you deal with lower Paypal Currency Exchange rates? Hi, I'm from Singapore and the Paypal Currency Exchange rate is lower than my ClickBank cheque currency exchange rates. How does anyone cope with this? Do you set up a US bank account to withdraw Paypal Money and then transfer over to your Singapore or other country bank account?
	Discover The Greatest Secrets Of The Mind And Reality That Will Get You Anything You Desire, Almost Like Magic! Visit: http://www.MindReality.com

10-01-2008, 02:45 AM	#2
Sirius Lin Free Stuff - see my sig! War Room Member Join Date: Dec 2006 Location: Singapore. Posts: 1,082 Thanks: 10 Thanked 16 Times in 14 Posts Social Networking Contact Info	Re: How do you deal with lower Paypal Currency Exchange rates? I've been using Paypal practically in the same month it became available to Singaporeans. Unfortunately, the low exchange rate is just a fact of life with them. You just got to live with it. Sure, you can setup a US account and then transfer the money over to your Singapore account, but unless you are dealing with 5-figure transactions, the interbank transfer charges are going to eat up more than what you save. ~ Sirius
	Free Advertising for Your Products & Services for Life! No Gimmicks! Follow me on Twitter ;)

10-01-2008, 03:00 AM	#3
BIG Mike Drunken Greek War Room Member Join Date: Dec 2004 Posts: 9,632 Blog Entries: 1 Thanks: 1,847 Thanked 3,671 Times in 1,070 Posts	Re: How do you deal with lower Paypal Currency Exchange rates? It's just a part of doing business online. Hopefully it's a tax-deductable expense in your country - you should look into that. PayPal takes approximately 11 Euros as a fee for every 500 Euros withdrawn to our banks in Greece. You'll find that every bank charges a fee (as far as I know) to do this. You may get a better deal if you shop around, but it just adds more hassle to the process.

10-01-2008, 06:14 AM	#4
diggo Active Warrior Join Date: Mar 2008 Location: Sydney, Australia Posts: 48 Thanks: 2 Thanked 2 Times in 2 Posts	Re: How do you deal with lower Paypal Currency Exchange rates? I got really frustrated with the paypal exchange rates too, so I ordered myself a payoneer debit card. Saves me so much! Only problem is, when I withdraw from an ATM machine, the bank has their own exchange rates aswell. That being said, I've found a good one with a 1% fee. Not too bad when you compare it too paypal's 3 or 4% fee.