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Paypal are very cagey with the exchange rate but do state that they take a %.
My building society don't seem to have a clue, although I suspect that it'll be pricey as they use HSBC as an intermediary.
Anyone have any ideas on if it's possible to avoid the fees and get the current exchange rate please?
I've always used PayPal. Rate has been ok and fees are no worse that their usual and it's easy. The one time I had to use a bank the fees were far worse.
Just pay direct with CC.
Credit card will probably be in the region of 3% away from the spot rate. You could get it tighter (poss 1%) but your best bet for doing that is to use an FX house, someone like World First who are reputable. Whoever you choose you'll need someone that can make third party payments. Unless you're buying a very expensive bike/frame it's probably not worth the faff of setting it up.
Depends on the amount... for big amounts (5 figure type amounts) an FX House will be a much better option but as per Gotama it is a phaff.
Hmm. It is a fair amount. 3% = over £100.
I've always used PayPal. Rate has been ok and fees are no worse that their usual and it's easy. The one time I had to use a bank the fees were far worse.
How would one go about finding what the fees are because for the life of me, I can't!
If the goods you're buying are from Europe, you get someone to deliver them personally. If you can arrange transport, they'll actually [i]pay you[/i]......
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Hmm. It is a fair amount. 3% = over £100.
Yes, but you'll still pay c.1% through an FX house.
Paypal use a 'retail rate' and unclear what that is. They're operating in a murky world as they're verging on being classified as a bank given the amount of customer deposits they hold. I suspect their rate is similar to what you would receive from a bank whilst they will be trading at close to spot so they make a nice turn. Gift a euro to a mate and see what rate they give you? Post the time and date you do so on here and i'll give you spot at that point if you want.
Besides, what happened to your £2k budget?!
a foreign exchange house for me, I used TORFX. Call them and tell them what you need, transfer them sterling to right level and they then pay your designated accont
Paypal fees here:
https://www.paypal.com/uk/webapps/mpp/cross-border-and-conversion-fees
Ok if you don't then use a card to pay your PayPal.
There will still be the standard PayPal fees but the sellers pays those.
Besides, what happened to your £2k budget?!
Yeah......about that......things changed.
Sod it I'll just use the CC, I want the protection anyway.
Nick - you're mixing cross border with FX. Lower down the page you linked it says 3.5% on top of interbank for Euro which is the expected spread and similar to credit card and banks. Strange how they refer to it as retail rate in other areas of the site.
Anyone know what the score is buying via paypal with a credit card?
Because is involves currency exchanges, I'm a bit lost and the CC company doesn't seem to know either.
I understand that I'll be subject to the shit PP exchange rate and fee, but will it count as a cash withdrawal on the CC? As the exchange would be done by PP, the CC transaction would be in £ I think so I wouldn't be charged an exchange fee by the CC provider.
Paypal will bill in £ so you SHOULD pay their rate only
Does not count as cash when i use the CC for Paypal
Ps you are looking nice today 😉
YOU SEXIST PIGDOG HOW DARE YOU etc etc
Thanks for the info, very useful.