Paypal Vs Barclaycard VISA for Purchase Priced in Euros

Tatterdemalion

I want to buy some goods from Germany which are priced in Euros. The website takes payment via Paypal. As a UK customer, I can choose to accept Paypal's OWN quoted and confirmed exchange rate of 1.19 GBP to the Euro or "gamble" and blindly select an unknown rate from (Barclaycard) VISA.

I believe Barclaycard charge a 2.75% Transaction Fee (which increases to 2.99% on Monday) but I have no idea what Exchange Rate they would be working from and doubt they could be pinned down to anything (I have tried messaging them with no response yet).

I think the actual exchange rate is about 1.24 but, as I VERY RARELY buy goods from abroad, I don't know if 1.19 is the best deal I could *expect* to get.

Perhaps someone could illuminate me there - also does anyone know if Barclaycard publish the exchange rates they use online ?

[Deleted User]

It will change daily. Call them and see what it is at present.

InsideInsurance

It changes (at least) daily and the rate used is the date the money is claimed not the date you handover your card - often this is the same day but not necessarily.

The other consideration for you will be what protection you will receive. Paying by PayPal you only get PPs own protection where as potentially you have greater protection if you are buying using credit card directly with the merchant

dazza.mk

InsideInsurance wrote: »

rotection you will receive. Paying by PayPal you only get PPs own protection where as potentially you have greater protection if you are buying using credit card directly with the merchant

Note this only applies if the merchant accepts VISA directly, I think the OP is talking about Paypal and charging his VISA by Euros (and using Barclaycard Fx rates), or £ (using Paypal Fx rates).

Tatterdemalion

dazza.mk wrote: »

Note this only applies if the merchant accepts VISA directly, I think the OP is talking about Paypal and charging his VISA by Euros (and using Barclaycard Fx rates), or £ (using Paypal Fx rates).

Yes that IS what I was asking about. I am paying by Paypal - it is the only option. Paypal is funded by my credit card. When I go through my Paypal Account screens I get to an option where I can pick between accepting Paypal's 1.19 (not sure if they then charge a fee as well) or gambling that the UNQUOTED exchange rate offered by VISA will mean I have to pay less.

I have no idea what the difference would be between the two charges.
Obviously I want to pay the least and don't want to RIP MYSELF OFF by being ignorant.

I don't know if 1.19 is a fair exchange at a consumer level. Actual trading is at around 1.23 or 1.24. I don't know if VISA wold be offering something much closer to those figures than Paypal's 1.19.

dazza.mk

Barclaycard generally use VISA Fx Rate +2.75%

For transactions converted into Euros Paypal use

"An Fx rate determined by a financial institution" +3.5% (See Additional Fees subsection under Fees section of User Agreement).

I'd presume the "Fx rate by a financial institution" would also have a load.

dazza.mk

dazza.mk wrote: »

Barclaycard generally use VISA Fx Rate +2.75%

For transactions converted into Euros Paypal use

"An Fx rate determined by a financial institution" +3.5% (See Additional Fees subsection under Fees section of User Agreement).

I'd presume the "Fx rate by a financial institution" would also have a load.

The % above would be built into the Fx rates.

Tatterdemalion

dazza.mk wrote: »

The % above would be built into the Fx rates.

Thank you very VERY much for getting me on the right track. Following your responses, I was able to find this excellent tool -->

http://www.visaeurope.com/en/cardholders/exchange_rates.aspx

which let me put in all the details for my transaction - with custom transaction fees.

ABSOLUTELY BRILLIANT !!!

InsideInsurance

dazza.mk wrote: »

Note this only applies if the merchant accepts VISA directly, I think the OP is talking about Paypal and charging his VISA by Euros (and using Barclaycard Fx rates), or £ (using Paypal Fx rates).

Yes you are correct re the protection but I cannot say I have seen paypal give you the option on if you want to be charged Euros or Stirling for a transaction

dazza.mk

InsideInsurance wrote: »

Yes you are correct re the protection but I cannot say I have seen paypal give you the option on if you want to be charged Euros or Stirling for a transaction

There is the option, but it isn't highlighted (assuming Paypal makes a margin on the Fx exchange), I've used it myself in the past in order to charge Foreign Currency to my Santander Zero card.

terra_ferma

dazza.mk wrote: »

There is the option, but it isn't highlighted (assuming Paypal makes a margin on the Fx exchange), I've used it myself in the past in order to charge Foreign Currency to my Santander Zero card.

I believe PP will give you an option if you have a balance in that foreign currency, so the OP would be able to pay in euros is they already have a Euro balance in their account.

However if I've missed something and there is actually an option to get charged in foreign currency I'd be happy to be proven wrong..:)