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Thread: Payment by Paypal.. Use paypal exchange rates or bank rates?

  1. #1
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    Default Payment by Paypal.. Use paypal exchange rates or bank rates?

    Hi,

    When checking out from paypal, there is 2 options for conversion to USD.. either take the paypal rates or let the bank decide the rates.. (which we will not know until it is actually charged)

    I have purchased about quite a number of things using paypal before.. but have always used the conversion rates given by paypal. As i am about to pay for something quite expensive, I am wondering, will the rates determined by the bank be better? Or will the difference be insignificant?

    Has anyone tried payment by letting the bank determine the rates? Any comments? (I am using POSB debit card for the paypal by the way)

    Regards,
    Rongren

  2. #2
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    Default Re: Payment by Paypal.. Use paypal exchange rates or bank rates?

    Upz Upz~
    Anyone??
    Transferring the funds soon.. would appreciate any feedback

  3. #3
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    Default Re: Payment by Paypal.. Use paypal exchange rates or bank rates?

    hmmz..the paypal rate is

    PayPal's Exchange Rate as of May 2, 2008:
    1 Singapore Dollar = 0.714452 U.S. Dollars which is 1.399674 SGD to 1 USD

    The exchange rate is 1.3621 as seen on http://sg.finance.yahoo.com/q?s=USDSGD=X

    Anyone knows how Mastercard charges for conversion?

  4. #4
    Senior Member creampuff's Avatar
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    Default Re: Payment by Paypal.. Use paypal exchange rates or bank rates?

    I prefer using the paypal exchange rate as I know upfront what the rate is. But then again in my case, I receive quite a bit of payment from some of my customers via Paypal.

  5. #5
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    Default Re: Payment by Paypal.. Use paypal exchange rates or bank rates?

    Quote Originally Posted by rOnGrEn View Post
    Hi,

    When checking out from paypal, there is 2 options for conversion to USD.. either take the paypal rates or let the bank decide the rates.. (which we will not know until it is actually charged)

    I have purchased about quite a number of things using paypal before.. but have always used the conversion rates given by paypal. As i am about to pay for something quite expensive, I am wondering, will the rates determined by the bank be better? Or will the difference be insignificant?

    Has anyone tried payment by letting the bank determine the rates? Any comments? (I am using POSB debit card for the paypal by the way)

    Regards,
    Rongren
    If you pay to someone, and use your credit card, you need to use the credit card banks rates......

    If you receive funds and want to withdraw, you need to use Paypal's rate....

    HS

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