MyE28.com

I am wanting to send money to Reyno for a steering wheel, but PayPal is a ripoff. They convert $ to Euros and pack in an extra 5.5% conversion fee.
bullshit

Anybody know of a better way?

Saying it is a rip off is a bit extreme. You are using their service and they are a well established company providing a secure transaction. They certainly deserve to get paid for their service. Paying approx $25 to send $500 to Europe does not seem bad to me. Plus the recipient gets their funds immediately. 

I definitely would not buy something without using the goods and services transaction, then your funds are protected by them. Again, using their service.

After all, you are on here asking how to do it?

Just my 2 cents.

Not to be argumentative, but 5% to convert US dollar's to Euro's is huge. It's an instantaneous conversion for PayPal, very little if any risk for them losing money due to currency fluctuations. I've been in finance for 40 years, and if I could have made 5% on transactions I would have been retired 30 yrs ago.

Plus PayPal charges something like $4.95 to do the transaction on top of the currency discount. Last time I use their services for something like this. Hoping Reyno (Deer Wheels) is legit.

Last time I did this, I sent it in dollars using PayPal Friends and Family. My friend getting the money had no problem converting the dollars to Swedish Krona on his end. But that was a good while ago now, I will admit.

krhodes1 wrote: Sep 01, 2023 5:00 PMLast time I did this, I sent it in dollars using PayPal Friends and Family.

That's fine if the money is actually going to friends or family, but I wouldn't use it for buying parts from a stranger - you lose some protection in the event the deal goes bad.

gwb72tii wrote: Aug 25, 2023 4:46 PMNot to be argumentative, but 5% to convert US dollar's to Euro's is huge.

I'm no expert, but a quick search indicates a typical conversion fee is from 1% to 3%?

I use Wise (formerly TransferWise) for everything. I only use Paypal if it's a must.
I've had my account for 2 years after I lost quite some money because PP randomly blocked me - and I still didn't get an aswer why.

It basically works like a normal bank account, and you get a real VISA card that works everywhere.
The twist is, that you can keep pretty much any currency on the same account.
The conversion fee is basically non-existent and it always uses the middle exchange rate.

I send and recieve a lot in EUR and USD, while my home currency is HUF. I also travel a lot in Europe.
I can't even count how much money this has saved me, I even ditched my 'real' card and bank. I truly love it. It is cheap, flexible, a safe.

Mark40 wrote: Aug 25, 2023 2:09 PM Saying it is a rip off is a bit extreme. You are using their service and they are a well established company providing a secure transaction. They certainly deserve to get paid for their service. Paying approx $25 to send $500 to Europe does not seem bad to me. Plus the recipient gets their funds immediately. 

I definitely would not buy something without using the goods and services transaction, then your funds are protected by them. Again, using their service.

After all, you are on here asking how to do it?

Just my 2 cents.

Personally, I do think it's a ripoff.
The main issue is, that you are only allowed to use the currency of the country you are located in.
This means, that even if I recieve USD, I can only withdraw HUF. So, PP will first exchange it to HUF.

Let's talk about that 500.
If someone sends me 500$, I'll only recieve 482,06 USD, which I will then need to convert to HUF on the laughable PP rates, (RN 1 USD = 339,6261 HUF)
Meaning that I will end up with 163.720HUF, which is 461 USD.

That is a 7.8% cut, just to send some money online.
My 0.02$

szacsi72 wrote: Sep 04, 2023 12:05 PM

Mark40 wrote: Aug 25, 2023 2:09 PM Saying it is a rip off is a bit extreme. You are using their service and they are a well established company providing a secure transaction. They certainly deserve to get paid for their service. Paying approx $25 to send $500 to Europe does not seem bad to me. Plus the recipient gets their funds immediately. 

I definitely would not buy something without using the goods and services transaction, then your funds are protected by them. Again, using their service.

After all, you are on here asking how to do it?

Just my 2 cents.

Personally, I do think it's a ripoff.
The main issue is, that you are only allowed to use the currency of the country you are located in.
This means, that even if I recieve USD, I can only withdraw HUF. So, PP will first exchange it to HUF.

Let's talk about that 500.
If someone sends me 500$, I'll only recieve 482,06 USD, which I will then need to convert to HUF on the laughable PP rates, (RN 1 USD = 339,6261 HUF)
Meaning that I will end up with 163.720HUF, which is 461 USD.

That is a 7.8% cut, just to send some money online.
My 0.02$

Why would you only receive $482.06?

How else would you rather receive funds?
Do you take charge cards? What does that cost? Wire transfer? That cost $$ too. Send a check in the mail? No risk there..

Just saying, they provide a service, they should get paid. If you are sent money, you get it now!! That is pretty amazing to how it used to be. Fees are dictated by what the market will bear.

Like others, I think ripoff is a bit strong to describe it as long as they were upfront about their fees. Remember, they're not in business to provide a product for a fair cost, they're in business to charge as much as they can and stay in business. Pure Laissez-faire capitalism. OP sounds like he has some experience in dealing with real $$$ internationally. Not a fair comparison, that is a competitive business, Paypal is not.

Relatively expensive, maybe. But cheap compared to what it was before the internet and Paypal. And no, I'm not even a fan of Paypal, but I calls them as I sees them.

All of the above comments are true, but it’s still a ripoff in a time where I can use a major bank Visa card for international travel with no conversion fees back to US dollars as I charge a meal in Spain.

PayPal is not waiting to convert US dollars into Euros, so in reality they have very little to no currency risk. Maybe it is what the market will bear, and it is convenient, but 5% conversion fee plus the PayPal fee is excessive.

I am not saying the fees don't seem high, but I have no idea what is actually involved. To be honest I think most if not all banking is a bit of a profit rich environment. Like when they hold your large deposit for up to 5 days when you know they get the funds almost instantly, hmm interest on my money maybe? 

However, to me, a rip off is when one of our local repair shops quoted new rotors for my sister's car and told her that all new rotors need to be machined to fit the car correctly and wanted to charge $60 a corner to do it.  :roll:  :shock:

Just saying...

Mark40 wrote: Sep 05, 2023 4:48 PM

szacsi72 wrote: Sep 04, 2023 12:05 PM

Personally, I do think it's a ripoff.
The main issue is, that you are only allowed to use the currency of the country you are located in.
This means, that even if I recieve USD, I can only withdraw HUF. So, PP will first exchange it to HUF.

Let's talk about that 500.
If someone sends me 500$, I'll only recieve 482,06 USD, which I will then need to convert to HUF on the laughable PP rates, (RN 1 USD = 339,6261 HUF)
Meaning that I will end up with 163.720HUF, which is 461 USD.

That is a 7.8% cut, just to send some money online.
My 0.02$

Why would you only receive $482.06?

How else would you rather receive funds?
Do you take charge cards? What does that cost? Wire transfer? That cost $$ too. Send a check in the mail? No risk there..

Just saying, they provide a service, they should get paid. If you are sent money, you get it now!! That is pretty amazing to how it used to be. Fees are dictated by what the market will bear.

Did you even read what I wrote? Your question is answered

szacsi72 wrote: Sep 09, 2023 9:03 AM

Mark40 wrote: Sep 05, 2023 4:48 PM

Why would you only receive $482.06?

How else would you rather receive funds?
Do you take charge cards? What does that cost? Wire transfer? That cost $$ too. Send a check in the mail? No risk there..

Just saying, they provide a service, they should get paid. If you are sent money, you get it now!! That is pretty amazing to how it used to be. Fees are dictated by what the market will bear.

Did you even read what I wrote? Your question is answered

It seems some of that has to do with the USD - HUF exchange rates? Paypal does not dictate that. Anyway, this discussion is buried. I'm Done.