Does Paypal has its own Currency Conversion Rate?

I have been conducting a research and experiment about this question because a lot of people ask me this and I am also curious to know the answer. Based on what I researched and experimented, the answer is YES! Paypal has its own Currency Converter.

I have provided a snapshot image below that shows Live Exchange rate for that time. Rates for 1 U. S. Dollar is equal to 48.4401 Philippine Pesos.

This other image below shows the Paypal Currency Converter for USD to Php at same time as the image above. The Paypal Exchange rate for 1 U.S. Dollar is equal to 47.1777 Philippine Pesos.

The difference is only small and I think that this is just fair enough considering that they are offering FREE accounts and they process your online transactions fast and secure.

Other methods of receiving your earnings like check charges you a minimum of $5 USD just for check issuance and payment arrival usually takes 2 weeks to 1 month while other money remittance services charges high rates and has a lot of hidden charges.

Paypal is still one of the best tools I use for my online payment transactions.

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9 Comments on “Does Paypal has its own Currency Conversion Rate?”

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  1. mike says:

    I would agree that the profit they make on the currency exchange was fair IF they weren’t also charging a 3.9% fee for all international transfers of funds. The currency exchange charge is on top of this, and the combination of the two is excessive. Paypal are greedballs.

    1. beepinoy says:

      I think Paypal isn’t charging international transfer of funds. I successfully withdrawn my Paypal funds to my bank account with no extra transfer of funds fee. I received exactly what the Paypal currency converter gave me.

      If you are talking about international EFT (electronic fund transfer) fees, then it is not Paypal who charges it, it’s your own bank. Your bank deducts this fees upon receiving international funds from Paypal.

      Here in the Philippines, we also have many banks that also charges this fee.

      But we also have a bank that doesn’t charge any international transfer of funds fee like Unionbank so we received our withdrawals exactly what the Paypal converter gave us.

      You can read more about incoming EFT (electronic fund transfer) fee here.

      Please ask your bank about this EFT fees. You can also search other banks within your country that doesn’t charge this type of fee.

      Thank you for visiting. 🙂

  2. maan says:

    hi. where can i check the current Paypal exchange rate (to Php)? Thanks!

    1. beepinoy says:

      Log-on your Paypal account.

      Under ‘My Account’, click ‘Withdraw’,
      Then click ‘Withdraw funds to your bank account’,
      There’s a link entitled ‘Currency Converter’, click it.

      A pop-up page will appear, this is Paypal’s currency converter.

  3. ace says:

    i want to ask if if paypal to paypal money transfer is possible. is it? if so, how much is the cost to transfer 1 dollar to another paypal account?

    1. beepinoy says:

      There are some factors to consider for the sending fees.

      If you are going to send money to another paypal account within your country using your paypal balance, there’s no fee but if you don’t have a paypal balance and you used your credit card as funding source, a fee of 3.4% + Fixed fee will be imposed. This fee is payable by either sender or receiver (sender decides).

      While if you are going to send money to another paypal account outside your country using your paypal balance, there is a small percentage fee based on the recipient’s country. A larger fee will be imposed if you used your credit card as funding source.

      The table of fees for specific recipient’s countries is here. Check it out if you want to compute the potential cost of your sending transaction.

      Thanks for dropping by.

  4. ace says:

    thanks a lot for the response. i got a few more questions. can i transfer 1 dollar to another paypal account? if not what’s the minimum amount that can be transfer? another thing, can i transfer or receive 1 dollar or any amount even though my account is not verified? i’m all talking about paypal to paypal transaction only. advance thanks for the response. more power!!!

    1. beepinoy says:

      Yes, you can transfer 1 dollar to another paypal account.

      You can also receive any amount if you are not verified. It’s very easy to get paypal verified, why not verify your account?

      Hope this helps.

  5. Nicole says:

    Am at newb at Paypal so excuse the very newbie question.:D

    When I receive payments via paypal in USD would I be saving money if I set my primary currency to USD and then change that again when I withdraw funds to my bank account? Was thinking to withdraw when their exchange rates are high.

    Or will it make no difference if I just set the primary currency to Php since they will only consider the exchange rate of the day the payment was received?

    Thanks so much!

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