I have just transfered my first cash from stock photography (from another website) to my paypal account and SURPRISE!!! Their exchange ratings are shocking!!
According to the news and Google, 1US$ is worth 6.53SEK since thursday, but for Paypal it is worth 6,35SEK!! It is a big difference, trust me!! I wonder if anyone here has had the same issue and if anyone here knows a way to solve this issue, it's a huge fee!! In the end of the transfer the difference is about 50SEK and with that money I can do a lot here in Sweden!!
After exchaging some e-mails with Paypal, they said to me that the exchange ratings that we see on the newspapers and on Google are only a reference for bakns and companies who deal with huge ammounts of money and don't apply for people like me who deal with a very litle ammount of cash. Is ths true?? Never heard of this before, and I have been traveling abroad and I never had this problem, because my bank converts automatically what I pay with my card into SEK without charging any extra for it. So... this whole story sounds very strange to me...
Please, let me know of your thoughts and experiences about this issue...
On which rate are you looking? there is an high rate and a low rate. When you are buying foreign currency the bank is using the high rate and whe you sell foreign currency the bank is using the low rate.
I myself using my paypal account only if I need to buy in $ in ebay otherwise I send the payment to my bank account
I don't know which rating, aparently the high one... I didn't even know that there was two ratings! I would like to send my earnings directly to my bank account, but I don't see that option in stock photography websites... How do you do that?
You shouldn't rely on Google exchange rates when thinking about PayPal withdrawls. PayPal charges a fee for conversion into other currencies. Check HERE. And so does Moneybookers. Check HERE. If you chose to receive your payment by bank check, then your will have to deal with banks exchange rates and fees as well.
Yep, unfortunately the advertised exchange rates are never quite as good as what's happening in the bureau de change. I always check before exchanging money for holidays & always get less than I expect....
Paypal is quicker & easier than getting a cheque, it takes about a fortnight to process the request, then wait for delivery via the post & then take it to the bank to pay in. And if the cheque is in US dollars you will also pay a fee to your bank for changing from dollars to your local currency. In the UK this fee can be quite a lot so Paypal works out cheaper in the end for me.
On the payment request page you should have the option to ask for a cheque (it's below the Paypal request section).