Proper use of PayPal allows you to avoid double conversion in commodity-money relations. If you do not use special settings, then uncontrolled exchange will increase the purchase price by up to 10%.
Before starting the operation, find out the current dollar exchange rate. For this you need:
- pass authorization in the system;
- in the "Account balance" window, click the "Details" button;
- open the "Manage currencies" option.
In the first window, set the Russian ruble, and in the second, the US dollar. It remains in the "Amount" window to put the desired figure and get up-to-date data.
Convert dollars to rubles
For a long time, Paypal did not have a license to transfer money between foreign currency accounts. Therefore, the only option was to order a withdrawal from a dollar account to a bank card. In this case, the automatic exchange of dollars for rubles took place. When making payments in online stores, you do not need to take any action, since transfers are carried out automatically.
Today you can use special services. To do this, you must log in to your account and to your profile. It remains to click "my funds", select "Currencies", enter the amount to be converted in the "Currency Exchange" section.
After that, the sums are calculated. If it suits you, click the continue button and make the exchange. This method of exchanging dollars for rubles is convenient, but it should be remembered that the conversion rate within the payment system differs from that set by the issuing bank.
Some subtleties
Citizens of Russia can only withdraw funds from the payment system to a card in rubles. Therefore, sooner or later, each user has to use the services of the exchange system.
If you want to convert at a favorable rate, then you must have third-stage verification. Otherwise, dollars will be converted into rubles at the most unfavorable exchange rate.
For a more profitable exchange when paying for goods on the Internet, disable double conversion. For this:
- enter the profile settings and log in;
- go to the payment settings in the corresponding tab;
- open the "Manage payments" menu;
- select available sources of payment, click on the link "Set available sources of funding";
- for each source, select the appropriate conversion option.
There are two options: for internal exchange and for Visa and MasterCard systems. By default, each user is given a checkbox in front of the first option. But it is best to change it to the second option, since in this case the exchange of dollars for rubles will be carried out at the rate of the issuing bank that issued the plastic card.
As you already know, no commission is taken from the sender of funds to PayPal. The recipient pays for everything. This is a big plus and advantage of a foreign payment system. But there is one small nuance that many buyers face - conversion. In our last article "", we touched on the topic of conversion a little, and gave a short answer on how to change money correctly without losing a large percentage of the amount. Today, I would like to consider this issue in more detail, tell the algorithm of actions, suggest how to make purchases in foreign stores as profitably as possible.
Convert funds to PayPal: we will teach you how to save
As a rule, conversion is carried out when the accounts of the sender and recipient are in different currencies. For example, you buy a product in a European online store that costs euros, but at the same time your account is opened in rubles. In this case, PayPal converts rubles into euros at the internal system rate.
It would seem, well, let it do it. Convenient, fast, without unnecessary problems for the sender. All the same, there is no alternative, why worry then. But, as it turns out, there is an alternative, and you can save a good percentage on conversion. And if you make purchases regularly, then this amount can be more than 100 euros.
Each registered user can choose a currency conversion method. There are two options: either the exchange is made by PayPal, or the bank that issued the card. By default, all newly registered members of the payment system have a conversion via PayPal, and they do not even suspect that something can be changed.
So what's more profitable? Exchange directly through the bank, or entrust this procedure to PayPal? There is no clear answer, and you need to look at what rates the payment system offers, and what conditions your bank sets. But experienced PayPal users note that in 95% of cases, banks offer much better rates than the payment system. Therefore, we recommend changing the conversion method in your account settings.
However, we recommend considering each individual case individually. Sometimes when converting a ruble into a dollar or euro, the bank seems to offer the best rate, but at the same time charges additional fees (for transferring money to another bank, for servicing, etc.). Read all the conditions of the bank in detail, find pitfalls, draw conclusions about the benefits of one or another conversion method. Of course, most large and reputable banks will not hide any additional fees from their customers, and indeed there may be no such fees at all. But if you are a client of a little-known and small financial institution, then we advise you to be careful.
Banks can also carry out the so-called "double conversion". This is the most predatory option that you need to immediately find and exclude. What is "double conversion"? For example, you opened a currency card for US dollars. PayPal payment must also be made in dollars. Everything seems to be fine, and there should not be any conversion. But over and over again, you notice that more money is withdrawn from the account than is necessary to pay for the purchase. Why? The reason is that the bank can carry out all its operations only in the national currency, for example, in rubles. Then he carries out the following combination in automatic mode: he buys dollars from the client (at the purchase rate) and immediately sells him the required amount of dollars (at the sale rate) in order to pay the required amount. As you guessed, payment for the difference in the rate of buying and selling falls on your “shoulders”. This may not be noticeable if you are making small purchases, up to $100. But if you need to pay a bill for several thousand, then the amount of the “commission” may not please you.
How to find out which is more profitable? Here you need to make several small purchases through different conversion cents (using PayPal and the Bank), and then compare what is more profitable and where they charge less.
Related article:
How to change the method of converting money? Action algorithm
- Step one
- step two
Find and click on the tab "My finances"
- Step Three
On the same page we find the line "My pre-approved payments", next to which there will be an "update" button. Click on it and update the list of payments.
- Step Four
On the "My pre-approved payments" page at the very bottom, click on the "Set available funding sources" link.
- Step five
On this page you will find a list of all payment cards that are linked to this account. Opposite the card for which you want to change the conversion method, click the "conversion options" button.
- Step Six
And now the only thing left is to choose the necessary center for converting your funds. Either PayPal will do this, or the bank that issued your card.
If you still have any questions, we advise you to watch the video below. There you will find detailed information about the conversion, and some of the nuances that we did not pay enough attention to in the article.
The PayPal payment system serves customers in 150 countries around the world. For comfortable work, 25 different currencies have been introduced. Universality and multicurrency have led to the fact that clients making transfers are often located in different countries. To troubleshoot, the developers have introduced an automatic currency exchange. This seems to be very convenient, but there is one unpleasant detail: when transferring money, PayPal conversion rates are used. They differ from banking ones for the worse. Let's figure out how to change the conversion in PayPal so as not to lose funds on the exchange.
What are the types of conversion
There are two types of currency exchange in the PayPal electronic payment system: through the bank serving the client, and directly through the service (see). PayPal conversion options are different, it is not always possible to determine unambiguously which one to choose. The fact is that, despite a more favorable exchange rate, banks sometimes use double conversion.
For example, a user has dollars and is going to make a purchase with euros. The bank will first exchange dollars for rubles, and only after that, rubles for euros. Of course, the client will lose money on such operations. In each case, it is worth determining: if there is only one direct conversion, then it is more profitable to carry out the exchange through a bank, if there are several, directly in the PayPal payment system. How to remove double conversion in PayPal, consider below.
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How to work with the new PayPal interface
Changes in the interface of the site brought not only convenience, but also hidden tricks. In the old version of the system, it was intuitively clear how to avoid double conversion to PayPal. On the updated pages of the site, everything is rather confusing, but the function of switching between exchange services has been preserved.
To get started, you need to log in to your account. After that, in the "Payments" tab, find the window for managing approved payments. 
Clicking on this window will open a new tab. In it, you need to find a line that is highlighted in an even smaller font, but still clickable. 
Now you just need to carefully monitor how many times one currency needs to be exchanged for another in the process of paying for the purchase. On the sites of popular online stores, it seems that either payments are made in dollars, that is, only one conversion is required. Therefore, in most cases it is more profitable to choose the exchange of funds through a bank.
Alternative methods of exchange
Sometimes you can't turn off double conversion in PayPal. This is related to payments in euros. This is where Internet exchangers come to the rescue - sites that specialize in converting currencies and transferring money between wallets of different payment systems. They often have good exchange rates.
The service monitors exchange points on the Internet, automatically updating their rates around the clock. You need to work with this system like this:
- select two currencies in the column on the right: the one that is available and the one that is to be bought;
- choose the exchanger with the best exchange rate from the list of suggested sites (they are located at the top of the page);
In exchange offices, conversion between all payment systems is not always available. It's worth refreshing the page from time to time to see which site has updated its backlog and is up and running.
- fill in personal information on the site: the numbers of two wallets, a mobile phone, an e-mail address. Some systems also require a first name, last name, and passport details. Such measures are taken to protect against fraudsters;
- transfer money to the system wallet and wait until the operator makes the transfer in the opposite direction. This procedure takes place in manual mode, so you will most likely have to wait 10-15 minutes.
In addition, sometimes Internet exchangers set a not very favorable rate or a hidden commission. It is worth considering all the nuances carefully before determining which conversion to choose in PayPal. See below for a video on how to change PayPal conversion.
Judging by the messages on the forum, not everyone knows or remembers how PayPal changes the currency conversion for payments. Well, taking into account the fact that PayPal changes interfaces all the time, and, frankly, is not interested in this procedure (because it is beneficial for the payment system to change the currency at its own rate), they hid this function deeply. Therefore, I decided once again to make an instruction with pictures on this issue.
First, a little theory: As you know, PayPal can do currency conversion when making payments from your card, either at its own (to put it mildly, not very favorable) rate, or currency conversion will occur at the rate of the issuing bank of the card added by the user to PayPal. The second option is always more profitable for the buyer. Well, maybe with the exception of double currency conversions.
So, we change the conversion options in PayPal, step by step, in the new (2018) PayPal interface:
Step 2: Go to account settings.
Step 3: In the account settings, select the "Payments" section 
Step 4: On the "Payments" page, click on the link " Manage pre-approved payments". If you don't know what it is and / or don't understand, feel free to click anyway :) 
Step 5: On the next page, find the inconspicuous link " Manage pre-approved payments"And feel free to click on it again. 
Step 6: After completing Step 5, you should have a new browser tab open" My pre-approved payments". The interface here will be old. But you need to click on the link " Specify Available Funding Sources". 
Step 7: A list of bank cards and bank accounts linked to your PayPal account opens. Opposite each card we see a link " Conversion options". Feel free to press it opposite the card with which you want to make the next payments. 
Step 8: Bingo! We are on target! Select the desired conversion option and click the "Submit" button 
Actually, that's all :)
But I want to note that if you think that once you have set the necessary conversion option, you will be able to use it all your life, then this is not so. PayPal has been seen periodically resetting conversion settings. But now you know exactly where to go and what to do if you suddenly see a strange conversion at the next payment.
P.S. For those who are especially lazy or for those who do not want to deal with the interface settings in PayPal, you can change the conversion simply by clicking on this link. And you will immediately get to the right page. Naturally, you must first be logged into PayPal.
Happy shopping!
Those who paid with their payment card for goods in foreign stores are used to the fact that there are usually no problems. If there are no restrictions on the part of the bank, then cards issued in Russia, Ukraine, Kazakhstan are accepted for payment all over the world, both online and in traditional stores. The card-issuing bank carries out currency exchange in automatic mode, without bothering the client. Bank exchange rates with such a non-cash exchange are slightly different from cash in a less favorable direction. But nevertheless, they can still be defined as “mid-market”. You can pay a little for comfort. But if you start using PayPal, then be on the lookout, remember - PayPal is the default takes away the currency exchange function from your bank and converts the funds itself. And the exchange rate will be much less favorable.
Almost all new PayPal users sooner or later face the fact that they discover an unpleasant fact: the amount of funds withdrawn from their payment card differs upwards from the payment amount. And the larger the payment, the greater the difference. What's the matter? Let's figure it out.
Video instruction:
As you know, the services of the payment system are free for senders of funds and the commission is taken from the sellers of goods and services, i.e. from recipients of funds. Unless, of course, the transfer of funds is not "personal" and the sender does not indicate that he himself will pay a commission. However, there is a small nuance that can be solved at the expense of the sender, namely, the conversion of funds. The fact is that PayPal users have accounts in different currencies, and if the currencies of the sender's and recipient's accounts are different, this is where the conversion or simply "currency exchange" occurs.
What PayPal conversion looks like
The conversion looks like this: the payment card used to work with PayPal can be opened in one currency - rubles, hryvnia, tenge, and the payment must be made in the currency of the recipient's account, usually dollars, euros, British pounds. Therefore, during the payment there is an "automatic currency exchange". And everything would be fine, no extra worries for the client, but after payment, he may notice that the expected payment amount is significantly more than the actual one (5-7%). The fact is that Paypal conversion, or rather its exchange rates, are significantly different from those set by banks. Of course, in a less favorable direction for the client.
And the most unpleasant thing is that by default, for each new payment card added to the account, PayPal is set as the conversion center.
It is possible to deal with this and, of course, it is better to do it in advance, prophylactically, and not like most users who begin to understand when they feel the loss of their pocket. And it’s good if they were attentive to the card statement and identified the problem in small amounts. After all, on large purchases, the size of losses on conversion can ruin your mood for a long time. And everything is simple. Users are offered the opportunity to choose who exactly will convert the funds. This can be the bank that issued the payment card (and all banks now automatically make the exchange if the transaction currency differs from the currency of the card) or directly by PayPal.
Which of the conversion centers to choose and which one is more profitable? Usually, according to reviews, it is always better to choose a bank, because. PayPal exchange rates, consistently unfavorable.
It is worth mentioning that there are still cases when a bank (small ones sin this) charges a commission if the transaction currency differs from the currency of the card or the recipient of funds in another country (these commissions can be limited to both a fixed amount and a percentage of the transaction amount ). But this is rather an anachronism, which is no longer so easy to meet. But even considering this option, the bank as an "exchange" will still be more profitable.
Changing the conversion center
In any case, after adding a new card to your PayPal account, it is highly advisable to immediately change the conversion center, setting it as the default bank. Don't forget about it, because it is almost impossible to cancel the operation due to disagreement with the exchange rate. Do not waste money, it is always better to spend it on charity. So, here is a brief instruction on how to change the conversion center.
Step 1
Log in to your PayPal account. And go to your "Profile". To do this, in the upper right corner, click on the "gear" icon. PayPal has recently changed the interface to be more mobile friendly.
Step 2
At the top of the page, look for the "PAYMENTS" tab.
Step 3
On the next page, find the "My pre-approved payments" section and click on the "Manage pre-approved payments" link.
Step 4
On the "My pre-approved payments" page, at the very bottom, click on the "Set available funding sources" link.
Step 5
This page displays a list of payment cards that are entered into the account. Opposite the card for which you want to make changes, click "Conversion Options".
Step 6
And now it is enough to choose the center of funds conversion you need. Or it will be done by PayPal or your bank.
What is double conversion?
And if you can still put up with a loss of 3-4% on PayPal conversion, then you should remember that there are worse things. Always (!!!), "double conversion" must be avoided. This is a real apocalypse in fact. Because of it, the amount can lose weight by 10 percent or more. And it's very easy to get caught. Double conversion is an exchange when funds are converted several times before reaching the recipient. For example, it so happened that the currency of your card is euros, and the invoice that needs to be paid via PayPal is in dollars. It seems simple: change euros to dollars. But the bank that issued your card cannot change it directly. by law, all exchange operations are carried out through the national currency. Therefore, the mechanism looks like this: they will first buy euros from you (at the buying rate), and then they will sell you dollars (at the selling rate). There are situations when one of the stages of the exchange during the "double conversion" is PayPal, and the second is the bank. For example, if PayPal initially incorrectly determined the currency of your card. But this is rare. Be careful.
If you cannot select a conversion center
Sometimes, in front of one or another, or even all cards, the link “conversion options” may disappear, i.e. for them, PayPal does not allow you to choose a bank as an "exchange" and converts the currency on its own. The reasons for this situation can be quite a lot, and different. Significant jumps in the course, problems with the bank that issued the card, some difficulties on the side of PayPal itself. Sometimes it’s impossible to find them out, but situations do happen and are resolved over time. Sometimes it's months. Just be prepared for the fact that when paying for goods in a currency other than the currency of the card, in this case you voluntarily “substitute” for PayPal conversion. Alternatively, you can try using a card from another bank.
