In this article I’m going to show you how to do a currency conversion on Paypal.
Why convert currency?
You may need to convert your money from one currency to another for a number of reasons.
You may need to pay someone in a currency you do not currently hold. You may need to withdraw money from Paypal to your bank account, but you need it to be in a different currency to be able to do that. Or perhaps there are some currency fluctuations and you want to trade out of a weak currency and into a stronger one.
Whatever the reason is, read on to learn how to do it.
What about fees?
We wrote an article some time ago where we compared the currency conversion rates and fees between Paypal and Payoneer, and we also included Wise in the comparison.
Here is the article – https://onmoneyline.com/payoneer-versus-paypal-currency-conversion-fee/
Hint: Wise came out as the best 😉
Learn how to convert currency on Wise here – https://onmoneyline.com/how-to-convert-currency-on-wise-transferwise/
How to do a currency conversion?
Converting a currency (USD, EUR, GBP) on Paypal is a very easy and quick process (see the video at the end of this article where I do it live).
Here are the steps:
1) First login to your Paypal account. Then locate your balances, and click on “Paypal balance“.
2) Decide which currency you’re converting from, click on the “3 dots” next to it, and then click on “Convert currency“.
3) Select the currency you’re converting into, and click “Next“.
Euro, Australian Dollar, British Pound, Canadian Dollar, Czech Republic Koruna, Danish Krone, Hong Kong Dollar, Hungarian Forint, Israeli New Shekel, Japanese Jen, Mexican Peso, New Taiwan Dollar, New Zealand Dollar, Norwegian Krone, Philippine Peso, Polish Zloty, Russian Ruble, Singapore Dollar, Swedish Krona, Swiss Franc, Thai Baht
4) Input the Conversion Amount, and click on “Next“
5) Review the details, and if everything looks okay, click on “Convert Now“, and you’re done.
After you click, the conversion happens instantly.
As you can see, the process is easy, quick and transparent. However, it must be said (in case you didn’t read our article about currency conversion fees) that Paypal technically doesn’t charge you a currency conversion fee, but what they do is they give you a bad currency conversion rate. So in the end you lose more of your money converting currencies on Paypal than you do on Payoneer and Wise.
Here is a video I made talking about this:
Summary
As you can see, it’s a simple procedure that will only take a minute. Although, you may need a minute to figure out how to do it, unless you already know how, or you’ve read this article. That’s all folks 😀