| Discussion Forum: Thread 312103 |
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| | | Author: | benji25110514  | | Posted: | Nov 5, 2021 18:40 | | Subject: | conversion fees. | | Viewed: | 97 times | | Topic: | Buying | |
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| Hi
does any one know much about curerency conversion regarding foreign purchases
(buying from outside the uk). I know Paypal charge a conversion rate when changing
your money from pound to Dollar or Euro when you make the payment. But, if there
is no money in your paypal account to cover the purchase and the funds has to
be requested from your chosen bank account, does then that bank also charge a
conversion rate as well as Paypal. In essence being charged twice for the same
purchase.
Has any one noticed this or know anything about it? It seems to be a subject
not many people know about. Different banks charge different rates but no one
is sure if the rate is applied twice for this scenario.
Does any one else use alternative payment methods on bricklink apart from paypal?
or is it the case only paypal is allowed?
Cheers
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| | | | | Author: | SylvainLS | | Posted: | Nov 5, 2021 19:04 | | Subject: | Re: conversion fees. | | Viewed: | 30 times | | Topic: | Buying | |
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| In Buying, benji25110514 writes:
| | Hi
does any one know much about curerency conversion regarding foreign purchases
(buying from outside the uk). I know Paypal charge a conversion rate when changing
your money from pound to Dollar or Euro when you make the payment. But, if there
is no money in your paypal account to cover the purchase and the funds has to
be requested from your chosen bank account, does then that bank also charge a
conversion rate as well as Paypal. In essence being charged twice for the same
purchase.
Has any one noticed this or know anything about it? It seems to be a subject
not many people know about. Different banks charge different rates but no one
is sure if the rate is applied twice for this scenario.
Does any one else use alternative payment methods on bricklink apart from paypal?
or is it the case only paypal is allowed?
Cheers
|
PP charges you a conversion fee when/because your account is in £ and you pay
in € or $.
As PP is getting £ from your bank account, there’s no conversion between your
bank and PP. There’s only a conversion between your PP account and the seller’s
account. So the bank can’t charge for something it doesn’t do.
Your bank doesn’t even know you’re buying in € or $ and out of your country,
it only knows you’re letting PayPal take money (in £!) from your account.
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| | | | | | | Author: | benji25110514 | | Posted: | Nov 5, 2021 19:25 | | Subject: | Re: conversion fees. | | Viewed: | 33 times | | Topic: | Buying | |
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| In Buying, SylvainLS writes:
| | In Buying, benji25110514 writes:
| | Hi
does any one know much about curerency conversion regarding foreign purchases
(buying from outside the uk). I know Paypal charge a conversion rate when changing
your money from pound to Dollar or Euro when you make the payment. But, if there
is no money in your paypal account to cover the purchase and the funds has to
be requested from your chosen bank account, does then that bank also charge a
conversion rate as well as Paypal. In essence being charged twice for the same
purchase.
Has any one noticed this or know anything about it? It seems to be a subject
not many people know about. Different banks charge different rates but no one
is sure if the rate is applied twice for this scenario.
Does any one else use alternative payment methods on bricklink apart from paypal?
or is it the case only paypal is allowed?
Cheers
|
PP charges you a conversion fee when/because your account is in £ and you pay
in € or $.
As PP is getting £ from your bank account, there’s no conversion between your
bank and PP. There’s only a conversion between your PP account and the seller’s
account. So the bank can’t charge for something it doesn’t do.
Your bank doesn’t even know you’re buying in € or $ and out of your country,
it only knows you’re letting PayPal take money (in £!) from your account.
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Ah ok yes that makes complete sense. I never thought of it like that your right
the money is only being requested by PP, the bank wouldnt charge a conversion
rate because there is no conversion taking place at that time.
Thank you for your help.
Kind regards ben
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| | | | | Author: | SezaR | | Posted: | Nov 5, 2021 19:33 | | Subject: | Re: conversion fees. | | Viewed: | 42 times | | Topic: | Buying | |
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| In Buying, benji25110514 writes:
| | Hi
does any one know much about curerency conversion regarding foreign purchases
(buying from outside the uk). I know Paypal charge a conversion rate when changing
your money from pound to Dollar or Euro when you make the payment. But, if there
is no money in your paypal account to cover the purchase and the funds has to
be requested from your chosen bank account, does then that bank also charge a
conversion rate as well as Paypal. In essence being charged twice for the same
purchase.
Has any one noticed this or know anything about it? It seems to be a subject
not many people know about. Different banks charge different rates but no one
is sure if the rate is applied twice for this scenario.
Does any one else use alternative payment methods on bricklink apart from paypal?
or is it the case only paypal is allowed?
Cheers
|
I am in Canada and assume I want to pay for an item in Europe.
If I pay via PayPal and I select my credit card (not checking account) and I
choose the currency Euro (the default is Canadian dollar), I get charged about
2.5% for currency exchange. If I pay from the checking account of my bank or
from my PayPal balance (CAD, GBP,... any currency different than Euro), I get
charged 4% for currency exchange. (see screen shot attached)
If I have EURO in my PayPal balance, I can use that and there won't be any
currency exchange fees.
That's why I like to get paid in CAD, GBP, EURO and some times, other currencies
and keep them in my PayPal account.
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United Kingdom, England
France, Nouvelle-Aquitaine
Canada, British Columbia