Best card for making PayPal payments in local currencies

grumbler

Have you looked at the 'old' thread I posted above?

Milarky

grumbler wrote: »

Have you looked at the 'old' thread I posted above?

Hmm. The descriptions given in the old thread don't match the options available (under 'Profile') when I log in to PP. It could be that I can't set the option for who does the conversion. (But that can't right, surely?)

The issue has come up since I was switched from the old Barclaycard [VISA] with cashback to the new Amex Barclaycard this month. There is now a 'transaction fee' added by the credit card when paying in a local currency. Previously with the Barclaycard [VISA] an on screen conversion was shown giving the final cost of the transaction in GBP and no additional fee was applied. (So it could be that??)

NiftyDigits

Whilst I'm paying in a foreign currency with PayPal, I'm usually asked if I want PayPal or my institution to apply the forex rate.

DesG

SuperHan wrote: »

Never? Why?

Why would I pay for anything out of my bank account rather than paying with 50+ days free credit plus cashback or without 3+% currency markup.

Nothing against DD's, just not for Paypal use, in case that's what you thought I meant.

InsideInsurance wrote: »

Care to share where to find it?

No idea, next time I add a new no-loading CC, I'll take a note.

thenudeone

InsideInsurance wrote: »

To the best of my knowledge you can only ever be billed in your local currency with PayPal when the source of money is cards or DD.

Not true.

I have one of the old Nationwide CCs which charges no fee on foreign transactions, and if I am buying something on ebay which is priced in USD or EUR, I always change the default method so that my card is charged in the relevant currency rather than paypal doing the conversion.

It's not easy to find how to do this, especially if you have linked your ebay and paypal accounts, but it is definitely possible.

Vortigern

grumbler wrote: »

Have you looked at the 'old' thread I posted above?

I looked at the old thread. I think it's now out of date. I can't see any way to set a permanent preference for currency conversions on a per account, or per card basis. You can still make a choice each time you make a payment with a credit card.

When making a payment look for Currency Conversion Options. You see this after you have chosen to pay by credit card. You do not see it if you're paying by DD from a bank account, which is PayPal's default choice.

Milarky

Having checked how my PayPal account is trying to send payments this morning it is evident that Amex is different to Mastercard and Visa by not offering PP to convert amounts I wish send into sterling. (At least that is how it appears) With the two 'major' credit card types the option to select conversion (the default) OR local currency still applies.

I've now sent a small converted amount using my Barclaycard Visa. If they don't charge a transaction fee on their statement I'll know for certain that the Barcalycard Amex branding is the cause.

UPDATE: That has gone through now with no extra charge so Amex cards are the issue here.

SuperHan

DesG wrote: »

Why would I pay for anything out of my bank account rather than paying with 50+ days free credit plus cashback or without 3+% currency markup.

Nothing against DD's, just not for Paypal use, in case that's what you thought I meant.

Fair enough. There's just a possibility that the current account mark up will be less than the credit card (I know, not necessarily the case). And it's also a good way to hit required direct debits on some accounts (i.e. Halifax Reward).

But yeah, I did think you meant the second part, so was trying to understand why we couldn't entertain it as an option

DesG

Milarky,

I'm confused, are you trying to work out how to change the option, or are you trying to work out which is the cheapest option?

You are saying that your BC AMex, is defaulting to paying in foreign currency only?

And you want to know if that is dearer than letting Paypal do the conversion?

2nd question first, using Paypal to do the conversion is obviously much worse if you have a no-load card, in the case of a card with a fee, it depends on the fee. Paypal charge you 3-4% for doing their handy currency conversion.

Not sure the exact %, sorry. But I would wager that BC would still be cheaper, its just that the fee is obvious and separate, not integrated and hidden like the paypal one. ( I think that is what your original question was )

NiftyDigits

thenudeone wrote: »

Not true.

I have one of the old Nationwide CCs which charges no fee on foreign transactions, and if I am buying something on ebay which is priced in USD or EUR, I always change the default method so that my card is charged in the relevant currency rather than paypal doing the conversion.

It's not easy to find how to do this, especially if you have linked your ebay and paypal accounts, but it is definitely possible.

They charge 1% for currencies outside the EEA. So that's 1% on your US$ transactions.

Just so you know.