PayPal Currency Converter - About pay pal Currency Conversion - Paypal Currency Conversion Tool

PayPal Currency Converter - About pay pal Currency Conversion - Paypal Currency Conversion Tool, PayPal Currency Converter - About pay pal Currency Conversion - Paypal Currency Conversion Tool

When you withdraw money from Paypal in a foreign currency, they will levy a 2.5% conversion fee on the prevailing foreign exchange rate.

That’s fine but try calculating the exchange rate using the PayPal currency converter and the result may surprise you.

For me it says that 1 USD = 0 INR inclusive of the Paypal exchange rate fee. Fortunately, this bug doesn’t come into effect when PayPal performs the actual currency conversion but you may still want to confirm that.

Currency Conversion

Transacting in Multiple Currencies

PayPal launched Multiple Currencies to facilitate payments among our diverse base of international members. PayPal is pleased to offer conversion rates that are competitive with those of other consumer services.

The most readily available information on currency exchange rates is based on "interbank exchange rates". Interbank exchange rates are established in the course of currency trading among a global network of over 1,000 banks, and are not available through consumer or retail channels. Consumers may use these rates as a reference, but should not expect to use interbank rates in transactions that involve currency conversion. To obtain actual retail rates, contact your local financial institution or currency exchange, or check the rate displayed in your PayPal transaction.

Displaying Conversion Rates

PayPal will always provide information on transactions that include a currency conversion. The currency conversion rate will be displayed each time you:

• Send a payment in a non-local currency
• Accept and automatically convert a payment to your primary currency
• Withdraw funds in a non-local currency to your local bank account
• Transfer funds between currency balances

In addition, you can go to History to review the currency conversion calculations from previous transactions.

There is no currency conversion for transactions where you:

• Send a payment using a funding source in the same currency
• Receive a payment in a currency for which you hold a balance (you do not need to have funds in the currency balance)
• Withdraw funds in local currency to your local bank account

Paypal Currency Conversion Tool helps you find out the worth of your American Dollar (USD $)  in Indian Rupee(INR).  Log into your Paypal account.  Click on the My Account tab.

Paypal Currency Conversion Tool

You will find “Withdraw” there. When you click on it, it opens a new screen – Withdraw Funds. Click on the option:  “Withdraw funds to your bank account“. If you have a verified bank account it is displayed as default in the amount transfer “To” box. Right beneath it to you will find the Paypal “Currency Converter“. Click on it.  It opens pops up a new window displaying the currency converter. This is the window that tells you exactly the equivalent amount Paypal is likely to consider at that point of time. Take a look at the screen shot for a detailed view.

The Paypal office in Chennai is a development center and has nothing to help you.  When I reached them while writing this post on 044 – 6634 8001, the receptionist there gave me this US toll free  # 1 402 935 2050.