- Go to “Money” on your Paypal profile.
- Below the currency, you want to convert, click Convert currency.
- Click Next after entering the amount you want to convert to.
- After you’ve gone over everything, click Transfer.
FAQs
Go to your PayPal account and sign in.
Go to “Wallet” and choose it.
If you desire, you can add a new currency by selecting “Add a currency.”
Select “Make Primary” from the menu (3 dots) next to the currency.
When you make a sale, the foreign currencies are converted at the current exchange rates and credited to your PayPal Business account in USD. Alternatively, you can convert them manually at each transaction.
When you create a PayPal account, you choose a primary currency, which is GBP in this example. All payments in this currency will be processed without delay. You can set up a different currency on the Money tab if you wish to.
PayPal’s transaction processing fees range from 1.9 percent to 3.5 percent of the transaction amount, plus a set cost of 5 cents to 49 cents. The amount you pay is determined by the PayPal product you use. Although it may not appear to be a significant sum, a $100 transaction will cost you between $2 and $3.99.
The reason for this is that PayPal charges a fee for each payment that a company receives, thus the more payments a company receives, the more fees it will have to pay. Micropayments rate for domestic payments is 5% + $0.05 USD each transaction, compared the regular fee of 2.9 percent + $0.30 USD per transaction.
Divide your current currency by the exchange rate if you know what it is. Consider the following scenario: the USD/EUR exchange rate is 0.631, and you want to convert 100 USD to EUR. Simply multiply 100 by 0.631 to get the total amount of EUR you’ll receive: 63.10 EUR.
You might even anticipate that PayPal exchange rates will be better than those offered by your bank. That isn’t always the case, though. To send money in a different currency, PayPal charges currency conversion costs as well as an additional transfer fee.
If you utilize the PayPal website, you will be able to send a payment in a foreign currency to an overseas firm or a specific person. Before confirming your payment details, you can choose the currency you want to use when you log into your PayPal account.
Transferring money to friends and relatives in the United States with your PayPal account is free, however, sending money to another nation incurs fees. For personal international payments, PayPal will charge you up to 5.00 percent of the transaction value.