Paypal in different currencies
Thread poster: Lidia Morejudo

Lidia Morejudo  Identity Verified
United Kingdom
Local time: 07:59
English to Spanish
+ ...
May 11, 2010

Currently I have a paypal account in GBP, my local currency. I haven´t used it yet, but a new client wants to pay in USD into paypal. I am not sure if it would be a better idea to open another paypal account in USD or just have the one.
Does paypal convert the money into your designated currency and make you lose lots of money?


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amanda solymosi  Identity Verified
Hungary
Local time: 08:59
Hungarian to English
+ ...
well yes May 11, 2010

sadly yes, it works the same as the bank rates, you could win or lose depending on the rates at the time

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Judy Kipper  Identity Verified
Local time: 08:59
French to German
+ ...
Just wondering... May 11, 2010

But is it possible to open a second paypal account?

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Elisa Martinez-Aznar  Identity Verified
United Kingdom
Local time: 07:59
Member (2008)
English to Spanish
+ ...
Paypal's standard charge for payments received is 3.4% May 11, 2010

¡Hola, Lidia!

I too have a Paypal account in GBP and I ocasionally receive payments in USD or EUR. I just had a look at the last payment I received through Paypal, and I did pay a charge of 3.4% on the total amount received.

According to Paypal's website, you can apply for a discounted fee per transaction if you receive more than GBP 1,500.00 per month through them on a regular basis.

Saludos,

Elisa


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Lidia Morejudo  Identity Verified
United Kingdom
Local time: 07:59
English to Spanish
+ ...
TOPIC STARTER
Answer May 11, 2010

I just asked a friend and she said that she's got just one paypal account and when a customer pays in GBP it goes into her GBP amount, and when clients pay her in dollars it goes into her USD amount. Paypal doesn't convert it until you transfer it into your bank account, and then it just converts it into whatever currency your bank account it's in.

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Shai Navé  Identity Verified
Israel
Local time: 09:59
Member
English to Hebrew
+ ...
Depends May 11, 2010

PayPal (as far as I know) allows you to create an additional balance in foreign currency (for example, EUR, USD, etc.) and keep the money in that balance. However, when you withdraw the money to your bank account, it will be (probably) converted to GBP, and PayPal's exchange rates are a bit on the lower side of the scale.
I don't think that creating a new account for USD (or EUR, or other) will change this, as all of them will be connected to the same actual bank in the UK, and hence will be converted to GBP upon withdrawal. Opening a new balance within the same account saves you the hassle of switching back and forth between accounts. Since you are in the UK you might be able to withdraw EUR into the bank without it being converted to GBP.


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Hans G. Liepert  Identity Verified
Switzerland
Local time: 08:59
English to German
+ ...
Confirm May 11, 2010

My PayPal account is in EUR. When I receive amounts in USD, they are kept separately by PayPal, until I use them.

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imatahan  Identity Verified
Brazil
Local time: 04:59
English to Portuguese
+ ...
No problems May 11, 2010

Paypal converts your money automatically. I receive dollars, Euros and Brazilian Reals indifferently.

It also happens to transfer your money into you bank account.


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Niels Stephan  Identity Verified
Germany
Local time: 08:59
Member (2009)
English to German
Point of second account? May 12, 2010

Judy, I do not see the point of the second account.
Both accounts can store the foreign currencies in the same way, until you need the money and send it to your bank account, then it will get converted into Euro, using the same very low Paypal conversion rate.
So there does not seem to be an advantage of a second account to me ...


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Judy Kipper  Identity Verified
Local time: 08:59
French to German
+ ...
Totally right May 12, 2010

Niels Stephan wrote:

Judy, I do not see the point of the second account.
Both accounts can store the foreign currencies in the same way, until you need the money and send it to your bank account, then it will get converted into Euro, using the same very low Paypal conversion rate.
So there does not seem to be an advantage of a second account to me ...


Niels, you are totally right. I was just wondering, but it is not useful at all.


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Neil Coffey  Identity Verified
United Kingdom
Local time: 07:59
French to English
+ ...
No need for second account and may not be allowed May 12, 2010

There's no need to open more than one Paypal account just to handle different currencies: with a single account, you can keep multiple balances in different currencies and convert as and when you want to. So in principle, you could hang on to your USD balance and then convetr it to GBP when the exchange rate is in your favour, just as you could with paper money.

As far as I'm aware, there are also restrictions on opening multiple Paypal accounts. At one time, the restriction was that you could open a personal and a business account; I don't know if this has changed but it would be worth checking.


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Comunican
United Kingdom
Local time: 07:59
Catalan to English
+ ...
what sort of Paypal account should I get ("Personal" or "Business") Jun 14, 2010

I've decided to join Paypal, but I imagine that, at least to start with, I'll only get the occasional payment into the Paypal account by bank transfer.
So, I'm unsure which type to sign up for ("Personal" or "Business").
Can anyone advise please - as it isn't clear from the Paypal website.
Many thanks


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Paypal in different currencies

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