Paypal - payment arriving in dollars, to withdraw in pounds?

[meryll83]

I'm thinking of using David's Vacation Rentals to rent some DVC points, and they pay via Paypal.

Can anyone help me with the logistics of this?
I assume the payment arrives in dollars into my account? (or is there a conversion that takes place here?)
If not, then it must convert when I withdraw, if I send it to a UK bank account?

Any advice on the best way to manage this without losing out too much to exchange rates?

 

[Elise79]

The amount will arrive as Dollars in your PP account. From there you can convert it to pounds using their currency converter (You will lose out a bit but the exchange rate is favourable at the moment for going from $ to £) and then withdraw it your bank account.

 

[onestitchloose]

Seem to remember there being a smaller charge for extracting money to a UK account as well?

 

[meryll83]

Just a general withdrawal fee do you mean?

 

[onestitchloose]

Yea when u take money from your eBay account to a bank account, I thought there was some sort of transaction charge.

 

[meryll83]

Is that only at a certain amount?
I know when I'm collecting eBay earnings (which are only small amounts and no currency conversion involved) there's no charge to withdraw.

 

[wilma-bride]

There are no withdrawal fees as long as when you accept the payment, you choose to convert it into the currency you hold in PayPal (i.e. UK £££).

The withdrawal fees are only if you are withdrawing a balance in one currency and converting into another at the same time.

 

[meryll83]

Thanks Joh, so convert immediately on arrival of funds (with conversion fee), then withdraw (no fee).

 

[wilma-bride]

Thanks Joh, so convert immediately on arrival of funds (with conversion fee), then withdraw (no fee).

Yep

 

[meryll83]

Money has arrived - looks like it's gone into a US $ balance "pot" automatically - so do I now have to do a manual transfer within PayPal to UK £ (at a fee) and then withdraw the £ (with no fee)?

Just want to be sure!

 

[Balmacara]

Like you we have just rented points out through DVR for the first time since buying DVC (will definitely do it again as it was so easy). When I opened the PayPal account I opened both £ and $ accounts. The money went straight into the $ account as expected with the converted £ value also quoted. As I found it difficult to find any way of using the $ I decided to simply transfer the balance to my quoted (UK) bank account. This was transacted at no fee which is what I expected as they will of course make money on the conversion rate.

Hope this helps!