{"id":1424,"date":"2024-06-05T21:11:32","date_gmt":"2024-06-05T13:11:32","guid":{"rendered":"https:\/\/www.you.co\/en-SG\/?p=1424"},"modified":"2024-09-04T15:05:02","modified_gmt":"2024-09-04T07:05:02","slug":"paypal-currency-converter-exchange-rates-guide-2019","status":"publish","type":"post","link":"https:\/\/www.you.co\/sg\/blog\/paypal-currency-converter-exchange-rates-guide-2019\/","title":{"rendered":"PayPal Currency Conversion and Exchange Rates Guide 2024"},"content":{"rendered":"\n

Should you pay in SGD or USD? Avoid PayPal\u2019s currency conversion fees and poor currency exchange rates with this simple guide!<\/strong><\/h2>\n\n\n\n
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So after hours of deliberation and self-bargaining, you\u2019ve finally reduced your 20 cart items to a few must-haves (ugh but those socks look really good thooo). Now that you\u2019re only left with a few clicks of checkout and payment, it must feel good to finally make the purchase.<\/span><\/p>\n\n\n\n

But wait, what\u2019s up with the PayPal payment page?<\/span><\/p>\n\n\n\n

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Should I pay in SGD or USD? Should I choose PayPal currency conversion? Or should I choose to convert currency with the card issuer instead? Wait, what\u2019s the difference? I should Google this, right…? <\/span><\/p>\n\n\n\n

Fret not YouTroopers, here\u2019s a step-by-step guide to navigating the PayPal payment page so that you can avoid Paypal’s currency conversion fees and poor exchange rates. Let\u2019s go!<\/span><\/p>\n\n\n\n

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\ud83d\udc9c  Stay Up To Date:
<\/strong>\u2013 Alipay For Foreigners: How To Use Alipay In China<\/a>
\u2013 A Guide To Booking Cheaper Flights And Accommodations On Trip.com<\/a>
\u2013 Things To Do In JB On Your Weekend Getaway 2024<\/a><\/p>\n\n\n\n

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Introduction to PayPal Currency Conversion<\/strong><\/h2>\n\n\n\n
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PayPal is a widely used online payment platform that enables users to send and receive money across the globe. One of Paypal’s essential features is its currency conversion service which allows users to convert funds from one currency to another. <\/p>\n\n\n\n

PayPal Currency Conversion and Exchange Rates Guide 2024: Find out how to book cheaper flights and stays with Trip.com here<\/a><\/strong><\/em><\/p>\n\n\n\n

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How PayPal Currency Conversion Works <\/strong><\/h2>\n\n\n\n
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PayPal has a 3-4% currency conversion fee<\/strong> that’s added to the base exchange rate. The exact percentage can vary depending on the transaction details and currencies involved. <\/p>\n\n\n\n

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Type of Transaction<\/th>Paypal’s currency conversion fee<\/th><\/tr><\/thead>
– Purchase of goods or services with a currency not available in your PayPal wallet

– Sending money to friends or family in a currency you don’t have at the time of transaction

– Using PayPal’s Payouts to send money in a currency not held in your PayPal wallet
<\/td>		~4% (depends on the transaction itself)<\/td><\/tr>
– Receiving money from a buyer, friend, or family member in a currency not supported by your PayPal account

– Converting your PayPal balance from one currency to another without a related transaction

– Withdrawing funds in a currency other than US dollars from your PayPal balance to your linked bank account

– Refunding or reversing a transaction when you sold something but don’t have the required currency in your PayPal balance at the time of the refund or reversal <\/td>		~3% (depends on the transaction itself)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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To better understand PayPal’s currency conversion process, here’s a simple example of converting S$1,000 to USD. Assuming the base exchange rate is S$1 = 0.75 USD, so S$1,000 = 740 USD<\/strong>. <\/p>\n\n\n\n

With PayPal’s conversion fee (typically around 3.5%), the exchange rate becomes S$1 = 0.7419 USD, so S$1,000 = 714.90 USD<\/strong>. This means you’ll get less USD for your SGD and have to fork out more money when making payments (yikes). <\/p>\n\n\n\n

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That’s why our handy YouTrip card comes in handy! YouTrip<\/a> gives you the best rates all day with 10 in-app currencies and the ability to pay in 150+ countries (online and <\/em>offline). Here’s how you can dodge PayPal’s currency conversion fees with YouTrip \ud83d\udc47<\/p>\n\n\n\n

PayPal Currency Conversion and Exchange Rates Guide 2024: Find out how to top up your Virtual Suica card with YouTrip here<\/a><\/strong><\/em><\/p>\n\n\n\n

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How To Avoid PayPal’s Currency Conversion Fees When Shopping Online:<\/strong><\/h2>\n\n\n\n
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Step 1: Trigger Payment<\/strong><\/b><\/h2>\n\n\n\n
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Once you\u2019ve decided on your final cart items, select PayPal payment and choose ‘Pay for goods or services<\/strong>‘. You\u2019re not required to pay a fee here.<\/span><\/p>\n\n\n\n

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Step 2: Change Currency to USD<\/strong><\/b><\/h2>\n\n\n\n
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Don\u2019t miss this step! Choose to pay in USD <\/strong>because the PayPal currency exchange rates are not the best. Plus, there\u2019s a PayPal currency conversion processing fee. Oof, double whammy!<\/span><\/p>\n\n\n\n

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Step 3: Select YouTrip as Payment Method<\/strong><\/b><\/h2>\n\n\n\n
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Remember to use your YouTrip card for the best rates all day with zero fees<\/strong>!<\/span><\/p>\n\n\n\n

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Step 4: Change Currency Conversion Method<\/strong><\/b><\/h2>\n\n\n\n
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This is where most people make a grave mistake. If you see the option ‘Convert currency with PayPal<\/strong>‘, hit the ‘Change’<\/strong> button<\/span> or you’ll be charged with Paypal’s currency conversion fee.<\/p>\n\n\n\n

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Step 5: Convert with Card Issuer<\/strong><\/b><\/h3>\n\n\n\n
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Select the \u201cConvert with card issuer\u201d option. Why? Because YouTrip offers Wholesale Exchange Rates <\/a>with zero fees<\/strong>!<\/span><\/p>\n\n\n

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That\u2019s it! You\u2019re all set to pay with your YouTrip card without having to be subjected to PayPal\u2019s poor currency exchange rates and currency conversion fees. Here\u2019s to more shopping!<\/span><\/p>\n\n\n\n

PayPal Currency Conversion and Exchange Rates Guide 2024: Heading to China? Here’s a WeChat Pay guide for Foreigners<\/a><\/strong><\/em><\/p>\n\n\n\n

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Wait, So How Much Am I Really<\/em> Saving With YouTrip?<\/strong><\/b><\/h3>\n\n\n\n
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Depending on your spending amount, you\u2019re saving around 3% to 4% on average, within a USD $200 transaction. Here\u2019s a table for comparison:<\/span><\/p>\n\n\n\n

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Item<\/b><\/td>Paying with PayPal Conversion<\/b>
(1 USD = S$1.40)<\/strong><\/td>		Paying with YouTrip <\/strong>
(1 USD = S$1.34)<\/strong><\/td><\/tr>
US$50<\/span><\/td>~S$<\/span>70.22<\/td>~S$67.36<\/strong><\/td><\/tr>
US$100<\/span><\/td>~S$14<\/span>0.45<\/td>~S$13<\/b>4.73<\/strong><\/td><\/tr>
US$200<\/span><\/td>~S$280.90<\/span><\/td>~S$269.46<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

*Rates taken at the time of writing on 5 Jun 2024<\/em><\/p>\n\n\n\n

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Pretty neat, huh? So the next time you\u2019re checking out with PayPal, remember to follow these five simple steps to avoid hefty fees and charges. <\/span><\/p>\n\n\n\n

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  1. Trigger Payment<\/span><\/li>\n\n\n\n
  2. Change Currency to USD<\/span><\/li>\n\n\n\n
  3. YouTrip as Payment Method<\/span><\/li>\n\n\n\n
  4. Change Currency Conversion Method<\/span><\/li>\n\n\n\n
  5. Convert with Card Issuer<\/span><\/li>\n<\/ol>\n\n\n\n

    PayPal Currency Conversion and Exchange Rates Guide 2024: Thinking of making the switch from SGD to Yen? Here’s how you can capitalise on the Japanese yen right now<\/a><\/strong><\/em><\/p>\n\n\n\n

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    Shop Fee-Free!<\/strong><\/h2>\n\n\n\n
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    Now that you’re an expert on how to dodge PayPal’s currency conversion fees and poor exchange rates, you’re ready to lock in more savings! Whether you’re shopping online or in-store, don’t forget to bring your YouTrip card along for the best rates all day at zero fees!<\/p>\n\n\n\n

    As Singapore\u2019s favourite multi-currency wallet, we aim to get those pesky fees out of the way and help you save on your travels. With the best foreign exchange rates, no longer will you have to deal with those long queues at money changers! So if you\u2019re looking for a go-to travel card, sign up for your complimentary YouTrip card today with <YTBLOG5><\/strong> and get FREE S$5<\/strong> in your account! Then, head over to our YouTrip Perks<\/a> page for exclusive offers and promotions \u2014 we promise you won\u2019t regret it. For more great tips and articles like this, join our Telegram<\/a> (@YouTripSG) and subscribe to our free weekly newsletter here<\/a> or down below.  <\/p>\n\n\n\n

    And while you\u2019re at it, why not join the conversation with thousands of #YouTroopers in our very own Community Telegram Group @YouTripSquad<\/a>? Get tips and tricks to everything YouTrip including exclusive invites to exciting events and experiences, & be part of the #YouTripSquad! \ud83d\udc9c<\/p>\n\n\n\n

    Stay safe, and happy travels!<\/p>\n\n\n\n

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    sign up now!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n
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    Related Articles<\/strong><\/p>\n\n\n\n

    Should I Exchange Money in Singapore or Overseas?<\/a><\/span><\/strong>
    <\/a>    Fluctuating Exchange Rates and How to Take Advantage<\/a><\/span><\/strong>
    Foreign Currency Transactions: Earning Miles vs YouTrip Savings<\/span><\/a><\/strong><\/p>\n\n\n\n

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    Here’s to more savings \ud83d\udcb0<\/p>\n","protected":false},"author":8,"featured_media":26989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[621],"tags":[],"class_list":["post-1424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-foreign-exchange"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/posts\/1424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/comments?post=1424"}],"version-history":[{"count":0,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/posts\/1424\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/media\/26989"}],"wp:attachment":[{"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/media?parent=1424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/categories?post=1424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.you.co\/sg\/wp-json\/wp\/v2\/tags?post=1424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}