Paypal exchange rate question (1 Viewer)

[Lemonzest]

Hey Yall,

I have several thousand in my Paypal in USD. I have been collecting payments for a while and just letting them accrue in my pp account. What I never realized is how trash their exchange rate is. As a Canadian I want to withdraw these to CAD in my bank account but the exchange is really bad. I would lose about 50 bucks just to make the withdrawal.

Any good ideas about how to get money off of Paypal?

The annoying thing is I even have a separate USD bank account but they won't let me withdraw to a USD account within Canada.

Thanks in advance,
-Perry

 

[Bill]

There is only one solution. Use the funds to purchase chips.

 

[Thomacetti]

Lose $50 to exchange several thousand...
You should be an Euro chipper, then you know how it feels to get f*cked over by shipping, custom fees, exchange, ...

 

[beaver]

Not sure if this will work or not, but I have a seperate Paypal account set up and linked to my US bank account. Maybe you could do the same then send yourself the balance and withdraw it to your US account?

 

[CdnBeerLover]

Lose $50 to exchange several thousand...
You should be an Euro chipper, then you know how it feels to get f*cked over by shipping, custom fees, exchange, ...

To be fair, the Euro (1 Euro = $1.22 USD) compares much more favourably than our dollar (1 Cdn = $0.78 USD). Paypal tacks 3% onto the exchange rate (so they give us $0.75 USD). I think they are also charging conversion fees now, as well.

Shipping from the US to Canada is still not great, but better than to Europe. Don't get me started on UPS fees. We also pay sales tax (13% here in Ontario) on anything comng over valued at $20 CDN or more ($60 CDN marked as a gift). If it wasn't for NAFTA, we'd also have to pay duty.

I've read repeatedly about the concept of "renting" chips since you can generally sell them for what you paid. If you are in the US, that's true. Not here.

 

[Ethan]

There is only one solution. Use the funds to purchase chips.

This! If you don’t need anything, use it for a big purchase for a friend and have that person give you cash.

 

[Lemonzest]

thanks for the input. i might buy bitcoin i will see

 

[xxmurrxx]

If you're not hurting for the cash I'd save it and just use it for future purchases, chip related or not.
Paypal is getting ridiculous with the conversion fees and knocked back exchange rates.

 

[Nex]

We also pay sales tax (13% here in Ontario) on anything comng over valued at $20 CDN or more ($60 CDN marked as a gift). If it wasn't for NAFTA, we'd also have to pay duty.

Better lube up for our 19% here...

PayPal's trash exchange rate includes their conversion fees already. When the stock exchange rates are at 1.24 USD per EUR, PayPal will offer me something around 1.20 as the effective exchange rate for converting funds. Still bad.

Probably really best to just make purchases at US sellers with the funds on your account if they don't let you withdraw in USD. I think it has to do with where your primary residence is, even if you have multiple different currency accounts in your PP account. Maybe if you have a trustworthy US based guy you can F&F him the money (provided PP doesn't charge anything on that - they do when I send money to a US chipper or vice versa), he then withdraws it on his US bank account and then you proceed from that somehow?

I don't know how bad it is with US<>CAN wire transfers, but if I send money to anywhere outside the EU, I get really good currency exchange rates but there are some hefty (albeit fixed) handling fees on each transaction. It's only starting to get cheaper than the loss you eat with PP's exchange fees after the transaction amount goes beyond something close to 900€ for me.