PayPal Exchange Rate
Before going deep into what a Paypal Exchange Rate is, I will like to tell you what an exchange rate is all about. An exchange rate is a rate at which a currency is exchanged for another currency. It can also be referred to as the value of onecurrency from a country in relation to another country.
Now you knowwhat an exchange rate is, you should not be confused about the topic above.With the explanation above, you should know by now that the Paypal payment service known as PayPal is involved in the action of exchange rate.
These exchange rates are all determined in the foreign exchange market, which isalways available to a wide selection of buyers and sellers and currency tradingand conversion is continuous, which is every 24 hours of the day, except onweekends.
How PayPal Exchange Rate Works
Recently, there has been an update in the payPal exchange rate system. A user once testified of making a few transfers of 2,500 dollars to her euro bank account, below is the results of the exchange rate;
- 2,500 dollars converted to euro by paypal – 2,171.92 euros
- 2,500 dollars converted to euro by the bank – 2,216.06 euros
That is about 45 euros difference for each transaction! Bear in mind that paypal charges you about 2.5 dollars for any transaction – it is a fixed fee.
If your paypal account works in US Dollars and your home currency is in Euro or anyother currency, then a conversion has to take place. And they handle thisconversion at their own exchange rates.
How to Find PayPal Exchange Rate
It is certain that PayPal earns about 3 percent on exchange rates – exchanging or conversion of currency. Now the question is where it really indicates thatpaypal earns about 3 percent or above in the exchange of currency.
Paypal charges a 2.5 percent currency conversion fee. Now let us carefully follow the procedures on how to find the paypal exchange rate.
- Log in to your PayPal account.
- Click on the “My account” button.
- Click on “Profile”, you will find this at the top of the page.
- Also, click on “Currency Balances”, you will find this under the column of financial information.
- You will be prompted to enter some required details.
- Now click on the “Calculate” button.
You see, it is simple and easy.