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Default Currency Conversion Option

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Sausages
Contributor
Posted on

I just paid for an eBay item in Euros, but I didn't check the currency conversion options and notice that PayPal have performed the conversion, using a pathetic rate, and charged my credit card in pounds. My credit card doesn't charge any currency conversion fees, so this mistake cost me about £3 - not much, but it's annoying because it's just a total waste of £3 which I needn't have wasted.

 

My mistake for not checking, granted, but I'm sure I have paid in foreign currency before, and the default has been to charge my credit card in the foreign currency - I've never had to change the option before. 

 

Has the default changed, or is it possible to set the default option for future transactions? 

 

 

9 REPLIES 9

Default Currency Conversion Option

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PayPal_Siobhán
Moderator

Hi there Sausages, 

 

When you use your credit card, we may ask you to choose whether PayPal or the credit card associations' should perform the currency conversion for your transactions.

 

When we perform your currency conversion, we’ll show you the conversion rate there and then. 

 

If you choose to use the credit card association's currency conversion, we can’t show you the conversion rate. Your card issuer will determine the foreign exchange rate to apply to the transaction, and you will not be informed of the foreign exchange rate or any additional foreign exchange fees applied until you are billed by your card issuer.

 

Siobhan

Default Currency Conversion Option

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Sausages
Contributor

Thanks Siobhan,

 

I am aware of all that - what I was asking was why the DEFAULT appears to have changed, and how I can set it back to using the credit card's currency conversion? 

 

I will never, ever, ever, ever want to use PayPal's currency conversion, so I would like to set the default to using the credit card for currency conversion - is this possible?

 

Thanks.

 

Default Currency Conversion Option

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bairog
Contributor

My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit

Hope, it helps.

Default Currency Conversion Option

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abottoni
Member

Hi Bairog.

 

I was trying to get that options in my account, but it appears that I don't have them for some reason (Maybe because my paypal account is from Venezuela). Do you know what should I do about this?

 

Thanks

Default Currency Conversion Option

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mmz
New Community Member

Hi! I have exactly the same problem.

Default Currency Conversion Option

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limon31
New Community Member

Thankyou! it worked!.. im from Mexico and it was exactly like post it!! thanks... is ridiculous the paypal currency.. its a rob!..

Default Currency Conversion Option

Options
JoeBlade
New Community Member

I too have just been stung by the PayPal automatic FX machine.  I spent an hour trying to make sure that my EUR invoice would be paid in EUR, rather than converted into GBP for payment.  But failed abysmally as I was using my tablet device.  I even tried using PayPal full "classic" site to no avail.

 

I get charged zero for FX conversions on my credit card, and so obviously wanted to pay with no conversion, but couldn't find this on the PayPal website for love nor money, not even in the help or FAQ section.

 

Why PayPal have chosen to squirrel this option away in somewhere that a reasonable person wouldn't intuitively think to look, or provide any online FAQ help to find this option is disingenuous.  Why we are not offered the option at checkout for the card provider to perform the conversion is beyond me.

 

Showing (typically) a 7% bid/offer spread on FX conversions when the wholesale market is highly liquid, and with much tighter spreads than that is ridiculous and unjustifiable.  It's not as if PayPal have a load of extra overhead in performing the conversion.  Plus PayPal is also able to achieve netting benefits, where someone wants to convert from EUR to GBP at the same time as someone wanting to convert from GBP to EUR.

 

Ah well, now that I've changed the settings I won't be making the same mistake again.  But shame on PayPal fo rnot making this otion more accessible.

Default Currency Conversion Option

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Job_CF
Contributor

@ bairog.  Many thanks.  I followed your instructions and changed the option to ""Bill me in the currency listed on the seller's invoice".

Hope it works!

Default Currency Conversion Option

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gene2u
New Community Member

Great advice, bairog.  Worked perfectly for me.


@bairog wrote:

My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit


 

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