Do you convert earnings before you withdraw from Paypal?
By LK2018
@Letranknight2015 (51938)
Philippines
April 3, 2016 5:46pm CST
One of the reasons why I don't withdraw my money from paypal. It was only later that I've discovered that the exchange rate between dollars and my currency here is lower than what you see in money exchange stores. Although before it was just a dollar difference, but lately the gap reached almost two dollars.
This is why I won't get it until it goes up again. I know it's a tough discipline not to spent it, but I've seen others done it and I did this with bubblews before. maybe once it's reaches the amount were you don't need to pay the processing fee.
I wonder if any body does this too?
22 people like this
25 responses
@kaka135 (14931)
• Malaysia
4 Apr 16
I think the rate for money exchange stores is always slightly better.
I don't withdraw my money from paypal, because I usually use the money to purchase things online from United States. I have no idea if this will be better, but I have just allocated those money I earned online to buy any educational resources or homeschooling supplies.
There was once I transferred the money to my bank account, and it has reached the amount that I didn't need to pay the processing fee. I used it to buy a tablet.
3 people like this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
Hello @kaka135 You mean the processing fee from paypal? I think you need to reach at least two hundred dollars for it. The only thing that's important that i purchase now a days is the skype since i kept calling on the land line abroad.
@TiarasOceanView (70022)
• United States
3 Apr 16
That is wise then to wait Letran. Exchange rate sucks.
Of course I do not because of same country.
2 people like this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
oh i forgot @TiarasOceanView except to those living the us
sorry
sorry1 person likes this
@TiarasOceanView (70022)
• United States
4 Apr 16
@Letranknight2015 haha its okay lolz I often respond on discussions that say hey all you Indians or all you Filipinos haha lolz
I often respond on discussions that say hey all you Indians or all you Filipinos haha lolz1 person likes this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
@TiarasOceanView I should have noted for international users lol oh well thanks for responding
@marguicha (222756)
• Chile
3 Apr 16
The Bank charges us every time we change a foreing coin to chilean pesos. I wonder if now we can send uoe paypal money to the credit card in dollars.
2 people like this
@marguicha (222756)
• Chile
4 Apr 16
@Letranknight2015 I will have to check here. Things are changing.
@Letranknight2015 (51938)
• Philippines
4 Apr 16
the only thing that makes me happy is that there's no charge or fee when ever my money is sent to my bank, except the paypal fee @marguicha
1 person likes this
@cacay1 (83394)
• Cagayan De Oro, Philippines
6 Apr 16
@Letranknight2015, The charge is too small only P 50 pesos.
@allknowing (135925)
• India
4 Apr 16
We Indians have no control. The money immediately gets transferred to our bank account here in Indian Rupees
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Don't you just hate it? It's never benefit you when some one wants to your transaction fee so bad and you felt so umotivated when spending your paypal money.
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
I used to do it to buy online as well @wiLLmaH something I did last year
@Morethanamom (1948)
• Canada
4 Apr 16
More often than not, the By changing from USD to Canadian dollars means the money grows. So I just got $8.02 USD and the equivalent in Canadian is over $10. I haven't changed it, as I have a plan for it that does not require me to change it.
2 people like this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
well, you don't need to change it @Morethanamom
1 person likes this
@LdeL0318 (6400)
• Philippines
6 Apr 16
@Letranknight2015 That's right. Me I just let it stay at my Paypal account.
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Hello @LdeL0318 if we don't save our earnings everything we have hardly earned online will be just for nothing.
1 person likes this
thanks for the information@lady1993 (27224)
• Philippines
5 Apr 16
@Letranknight2015 i wonder if we wait a few more days, it the exchange rate will still go up or it will continuously go down...
@Letranknight2015 (51938)
• Philippines
4 Apr 16
Hello @lady1993 it's actually low if you check the conversion rate now in paypal. that's what made me change my mind, it's not high or the same like there outside.
1 person likes this
@SIMPLYD (90722)
• Philippines
6 Apr 16
@Letranknight2015 Oh is that so . I guess it was many months ago since i have exchanged at the black market .
@Letranknight2015 (51938)
• Philippines
6 Apr 16
The black market? right now it's close only to 46.80 something but exchange rate stores are probably lower than that @SIMPLYD
1 person likes this
@eagletrek2 (5499)
• Kingston, New York
5 Apr 16
It good to save money, for me since I am in us I do not have that problem.
1 person likes this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
why is that? that's crazy?! who came up with that kind of law @Gina145
1 person likes this
@Gina145 (3949)
• Johannesburg, South Africa
4 Apr 16
@Letranknight2015 I don't think it's so crazy - the government don't want people hiding money away so that they don't have to pay tax on their income.
1 person likes this
@cacay1 (83394)
• Cagayan De Oro, Philippines
4 Apr 16
Dollar rate in peso exchange will never goes up again this year due to money laundering scam in billions .Money from Bangladesh deposited in United States transferred illegally by some Filipino-Chinese businessmen and to be deposited scatteredly to the different bank branches of bank of RCBC.What a shame, fools, greedy people.May they rot in hell.
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Hello @cacay1 Then there's no reason for me to withdraw the money yet because of this dilemna done by some businessmen and bank officials. I can't believe what these people can do in the name of money, which they worship so bad.
1 person likes this
@cacay1 (83394)
• Cagayan De Oro, Philippines
6 Apr 16
@Letranknight2015 , Better withdraw your money.Transfer it to your pay pal affiliated bank. There is also scam there in pay pal.3 years ago my money there $9 was transferred to an account I haven't applied.Pay pal was able to trace that site, but my mo my was not returned. That is why Pay Pal is careful in dealing with transactions to anyone.Transfer your money to the bank.Never mind the dollar rate.it is P 44 per dollar.
@frankirung (72)
• Nairobi, Kenya
4 Apr 16
Haven't been paid yet,so I will see whether I will have to do it.
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
good luck to you and i hope you get your earnings soon @frankirung
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Yeah, that is really small @Yar_Joey infact for me that's small enough to be eaten by the banks yearly fee or something.
1 person likes this
@Yar_Joey (3271)
• Philippines
7 Apr 16
@Letranknight2015 PayPal needs P7k so there are no fees when transferring to your card or bank account, correct my friend?
@kiran8 (15348)
• Mangalore, India
4 Apr 16
There is no opportunity in our case to let the money stay on in paypal account because according to Indian RBI rules the money that comes into paypal has to be deposited into the persons bank account within 7 days and this is done automatically and at times the amount is so ridiculously small..
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Hello @frankirung I think it's safe to say that you should not withdraw your money from mylot until it reaches the amoung were you can spent it. just make sure that your account doesn't get hacked or don't violate rules. I know you don't the feeling of loosing an account w/ 40$ in it like what happened to me back in 2009.
@Letranknight2015 (51938)
• Philippines
4 Apr 16
nope i forgot it doesn't count in the US until your earning from a certain country
@jaboUK (64354)
• United Kingdom
4 Apr 16
I always had mine converted to British Pounds, but the last twice I've been paid it's been in US dollars. I queried it, but it seems a complicated process to convert it myself, so I've left it as it is. So I've got the two currencies sitting there - I won't be spending it yet anyway.
1 person likes this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
yes, lets not spend it right away, all that you did will not be worth it if we use it immediately. @jaboUK
1 person likes this
@Letranknight2015 (51938)
• Philippines
4 Apr 16
it's paypal who converts it to peso, from mylot to sent it to paypal @Lucky15 im just going to save it for now.
2 people like this
@brokenbee (11090)
• Philippines
4 Apr 16
No, I think Paypal is the one converting my money and it says, the rate is already inclusive of the conversion fee, if I am correct, once you withdraw it.
I don't withdraw my money right away. I always try to avoid the processing fee of P50. Hihihi That is because aside from that, my bank also charges P110.
1 person likes this
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Oh, what's your bank. Sorry I didn't realize it was a simulated dollar to peso converter, it gives an accurate amount how much will be sent to your bank once your transferred it from paypal to your bank or card. @brokenbee
@Letranknight2015 (51938)
• Philippines
6 Apr 16
Hello @AkoPinay no, it's more like a converter to know how much will be converted once it's transferred to your bank or card.
