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Paypal changed payments?

by RyanGillam
11 replies
Whenever I used to receive payments via Paypal is USD it automatically allowed me to withdraw in GBP, but now it doesn't. It tells me the balance I have in £ which is great. However, I can only withdraw the money as the USD value, and that isn't so great as my bank charges me a fee to receive money in another currency (and their exchange rate they work from is horrendous) has this happened to anybody else?

Ryan
#changed #payments #paypal
  • Profile picture of the author RyanGillam
    Worked it out. You now need to manually convert the currency over. That's going to get annoying Not only as I withdraw every single day, but also for accountancy purposes. Gah.
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    • Profile picture of the author Networking_now
      Originally Posted by RyanGillam View Post

      Worked it out. You now need to manually convert the currency over. That's going to get annoying Not only as I withdraw every single day, but also for accountancy purposes. Gah.

      Are you on about withdrawing from your paypal account to your bank account, to withdraw the funds ?
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      • Profile picture of the author RyanGillam
        Originally Posted by Networking_now View Post

        Are you on about withdrawing from your paypal account to your bank account, to withdraw the funds ?
        Yes, before when I received payments in USD it automatically converted to GBP. This meant I could withdraw it straight away to my bank account. It seems that Paypal have taken that feature away and I now need to manually convert it, which is a bit annoying but manageable.
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  • Profile picture of the author laurencewins
    My Paypal has never converted it. I have to convert from USD to AUD and I lose in the conversion which is why I ask to be paid in AUD to avoid the losses.
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    • Profile picture of the author WillR
      Originally Posted by laurencewins View Post

      My Paypal has never converted it. I have to convert from USD to AUD and I lose in the conversion which is why I ask to be paid in AUD to avoid the losses.
      Are you like me and keep a nice chunk of money in your Paypal account waiting for the day the Aussie Dollar slides to back where it was?

      Remember the good old days where for every $0.75 USD we were paid it gave us $1 AUD.

      I miss those days...
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      • Profile picture of the author AndrewCavanagh
        Yes I remember the Australian dollar being 60 cents.

        I tried to keep my money in US dollars for a while when
        it was hovering around a dollar but eventually gave up.

        In Australia we also have to deal with GST on sales
        made in US dollars to Australian customers (that gives
        me a headache just writing it).

        And no one seems to be able to give me a straight answer
        on whether it's an income when you change your money
        over at a better rate than when you made it.

        Or if it's a loss when you change your money over at a
        worse rate than when you made it.


        You might complain about having to convert your money
        to UK currency before withdrawing it each day but at
        least you're lucky enough to be withdrawing money
        every day.

        There are many people who'd love to have that problem.

        Kindest regards,
        Andrew Cavanagh
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        • Profile picture of the author WillR
          Originally Posted by AndrewCavanagh View Post

          In Australia we also have to deal with GST on sales
          made in US dollars to Australian customers (that gives
          me a headache just writing it).
          Yeah, well I'm lucky enough that Australian customers make up such a small part of my customers that I do not cross the GST threshold where you need to report GST. Most of my customers are scattered elsewhere around the world.
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  • Profile picture of the author twister85
    I still receive my payments in USD currency and the money is auto withdrawn to my bank account once in three days!, having no problems till date.
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  • Profile picture of the author steveniam
    If I am not wrong, Paypal rate for conversion to another currency is also horrendous so does it make any difference to you.

    Instead of Paypal taking a ride on the currency conversion now it's your bank.

    Originally Posted by RyanGillam View Post

    Whenever I used to receive payments via Paypal is USD it automatically allowed me to withdraw in GBP, but now it doesn't. It tells me the balance I have in £ which is great. However, I can only withdraw the money as the USD value, and that isn't so great as my bank charges me a fee to receive money in another currency (and their exchange rate they work from is horrendous) has this happened to anybody else?

    Ryan
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  • Profile picture of the author clever7
    I’m usually paid directly in Euros through Paypal. Whenever I receive a payment in US dollars, I can withdraw this amount in Euros without any problem.





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  • Profile picture of the author Vishalicious
    Indians gets advantage here. $1 is 50 bucks avg. price. and i did noticed this thing on last withdrawal to bank and they did took the fees for currency conversion. well it was not before like this but now it is so gotta deal with it. and yes, i do withdraw to local bank account daily.
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