![]() ![]() And, in a similar fashion, there are other online options that will beat PayPal’s rates by quite a margin. If you want the best rates, buying your currency in advance online is a much better option. As any seasoned traveller knows, the rates you’ll get if you try and exchange your money at an airport are usually abysmal, far worse than any high street bureau de change. In fact, it’s probably true that PayPal’s fees are comparable to the exchange rate quoted at airports – but that’s no good thing. While it’s true that looking at the inter-bank rate will always give you false hope, as no financial institution is going to let you convert your money at that rate or else they wouldn’t make a penny of profit, PayPal’s fees are higher than many of their competitors. From ‘ How does PayPal calculate currency conversion / exchange rate‘. Keep in mind that some of the rates quoted in the media are the inter-bank rates that are available only to the largest international banks, which purchase currencies in quantities of US $1,000,000 or more.Ī more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops. Presumably aware that their rates aren’t the best, PayPal themselves warn customers that the currency exchange rates quoted in the media aren’t anywhere like the ones that you’ll end up paying if you make a foreign exchange transaction with PayPal. The retail exchange rate is the rate at which PayPal purchases foreign currency in the first place, while the currency conversion fee is what they charge you on top, i.e. PayPal’s own website states that their exchange rate is based on the retail exchange rate, plus a ‘currency conversion fee’. Table of PayPal’s currency exchange rates, correct as of August 14th 2023 You will need to log into your PayPal account and use the Currency Calculator within your dashboard to get the most up to date rates. ![]() Note, exchange rates change on a very regular basis, so use the figures below as very rough guides only. Let your bank or credit card handle the exchange rateĪs of 14th August 2023, these are PayPal’s current exchange rates if you’re converting from GBP (British Pounds) to another currency.How to save money on PayPal’s exchange rates.Keep reading below to find out how to save on fees by paying a different way. Thus you’ll normally be hit with a higher charge than if you had paid directly via your debit / credit card, or if you’d used one of the new wave of online accounts that offer multiple currencies. If you’re paying for something in a different currency to that of your bank account or credit card, PayPal will by default convert the amount using the current PayPal exchange rate, which is usually a fair bit higher than the baseline currency conversion rate. While it makes it super easy to pay for goods and services online, or to send money to clients and friends abroad, the convenience comes at a cost. Whether you’re a business or an individual, it’s likely you’ve had to pay via PayPal in the last few years. ![]()
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