Methods to avoid currency conversion fees

sam999 · #1 02-28-2018

So I have some USD currency in a Paypal and want to withdraw to a UK bank. UK bank fees are pretty similar to Paypal afaik. I was thinking there must be exchanges where you can transfer money in over paypal and put your money on the market where you get paid back in GBP at less than the 2.5% fee?

Does anyone know of such a service?

I know this might be open to laundering so perhaps such services are hard to find, but it should be possible via something like a Bitcoin exchange as a medium to do so. I'd prefer not to go that route though if possible. Any suggestions?

Thanks

dallis · #2 03-01-2018

The easiest way to avoid currency conversion fees is to purchase product and resell it.

sam999 · #3 03-01-2018

But surly that is a worse option with 10% + PP fees as a non business account.

sam999 · #4 03-02-2018

I'm surprised I thought this would be a pretty hot topic with so many people here having a vested interest in circumventing these fees. Unless people want to keep their methods quiet?

rsot · #5 03-02-2018

I work in multiple currencies - CAD, USD, quid - I have separate bank accounts for withdrawal to AVOID the bogus paypal conversion rate as well as bank rate.

How large of an amount you looking at withdrawing?

dallis · #6 03-02-2018

As a buyer you pay no fees, the seller pays the fees, so what do you care?

sam999 · #7 03-02-2018

A few thousand USD, I have no ties with the US so even if I had a US bank account it wouldn't really help me.

Because I would only be buying to resell as conversion.

sam999 · #8 03-05-2018

Seriously no one does anything besides buy products or swallow the fees outside the US?

MM78 · #9 03-05-2018

Quote:

Originally Posted by sam999

Seriously no one does anything besides buy products or swallow the fees outside the US?

Yes, they figure out HOW to open a bank account in the Country's PayPal they are opening BEFORE selling....as to avoid these types of problems.

rsot · #10 03-05-2018

Quote:

Originally Posted by sam999

A few thousand USD, I have no ties with the US so even if I had a US bank account it wouldn't really help me.

Because I would only be buying to resell as conversion.

Understood - guess most people just eat the fee or % loss

dallis · #11 03-05-2018

Good planning ahead of time resolves many of these issues. Perhaps you should restart with a system that doesn't require conversion.