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PostPosted: Tue Sep 26, 2017 1:30 pm 
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Not sure if anyone else has noticed, but I just paid for an item via Paypal in USD. Paypal "kindly" did the exchange for me in CAD. I did a quick check on mastercard us for the daily exchange rates and the USD to CAD rate was better. So I clicked the exchange rate options and selected to be charged in USD. On a $450 USD purchase it saved $20 CAD. So something to think about when using your credit card for an FX transaction.

Rob...


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PostPosted: Tue Sep 26, 2017 1:45 pm 
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pp is always pig on exchange rates......that is why they love me....


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PostPosted: Tue Sep 26, 2017 2:02 pm 
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Be careful though, many cards will charge you and additional 2.5% fee just to do the conversion.

$450 * 2.5% = $11.25 (still better than paypal)


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PostPosted: Tue Sep 26, 2017 2:03 pm 
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Location: St. John's, NL, CA
I always pick my credit card rate. Even they are out to make money off you, but I don't want PayPal to take any more of my money.

Even on smaller purchases. I bought something that was like 22USD, and PayPal wanted $28.91CAd and my card rate was like $28.10... 81 cents on a very small transaction. Screw paypal.


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PostPosted: Tue Sep 26, 2017 4:56 pm 
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libor wrote:
pp is always pig on exchange rates......that is why they love me....


:lol: me too!!

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PostPosted: Tue Sep 26, 2017 5:13 pm 
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Location: Toronto, ON, CA
When purchasing something priced in $USD, the credit card I use is the amazon.ca visa card. It has no currency transaction fees. There is no annual fee for this card.

I have this credit card set up on my PayPal account. When I purchase something priced in $USD, I decline to have PayPal do the currency conversion. The credit card is billed in $USD and it does the conversion. You save a few percent that way.

There are probably other credit cards that have this feature.


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PostPosted: Tue Sep 26, 2017 5:35 pm 
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therealco wrote:
I always pick my credit card rate. Even they are out to make money off you, but I don't want PayPal to take any more of my money.

Even on smaller purchases. I bought something that was like 22USD, and PayPal wanted $28.91CAd and my card rate was like $28.10... 81 cents on a very small transaction. Screw paypal.


+1

This has been my strategy for years as well.


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PostPosted: Tue Sep 26, 2017 6:56 pm 
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Try to find a credit card company that does not charge for exchange fees. 2.5% is very common but there are likely options.

I would suggest the Amazon Visa but that is no longer available.


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PostPosted: Wed Sep 27, 2017 3:26 am 
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Location: Sarnia, ON, CA
i use a Rogers Platinum mastercard which gives 4% cash back reward on all foreign purchases.

it's actually only net 1.5% since they do add the usual 2.5% before they give you the 4% back.

the card also give 1.75% on Canadian purchases which isn't bad either

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PostPosted: Wed Sep 27, 2017 3:41 am 
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I use the Amazon Visa as well but there’s also a Marriott Visa that doesn’t charge a conversion fee.


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PostPosted: Wed Sep 27, 2017 11:26 am 
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PostPosted: Wed Sep 27, 2017 2:44 pm 
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Canadian banks love foreign money.

when you deposit money in your account, the bank can back $10 worth of loans with your $1 deposit.

With each $1cdn worth of US dollar deposits from out of country..., the bank can loan $100 cdn.

These numbers are not exact, but you get the idea.

The banks will never let you know this thing about foreign money coming in being worth ~10x over normal deposits for loan purposes.

Lets say that my old company (still involved) did $1M in deposits in a year, of US and other foreign moneys coming in.

The bank could use that as backing for as much as...lets say...$50M Canadian in loans, according to the Canadian bank charter they operate under. Under any normal reality this is known as Rehypothecation, but ....

Thus a company that brings foreign deposits in is automatically a 'bank darling' that rolls at a seeming minimum weight of 10X-50x its 'foreign-to-Canada' currency deposits.

Just something you might need to know one day when negotiating with a bank.

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PostPosted: Wed Sep 27, 2017 3:19 pm 
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Location: Calgary, AB, CA
Teo Audio wrote:
Canadian banks love foreign money.

when you deposit money in your account, the bank can back $10 worth of loans with your $1 deposit.

With each $1cdn worth of US dollar deposits from out of country..., the bank can loan $100 cdn.

These numbers are not exact, but you get the idea.

The banks will never let you know this thing about foreign money coming in being worth ~10x over normal deposits for loan purposes.

Lets say that my old company (still involved) did $1M in deposits in a year, of US and other foreign moneys coming in.

The bank could use that as backing for as much as...lets say...$50M Canadian in loans, according to the Canadian bank charter they operate under. Under any normal reality this is known as Rehypothecation, but ....
Ken great insight but no....... Canadian banks do not loan $100 for every US 1.00 invested .
Thus a company that brings foreign deposits in is automatically a 'bank darling' that rolls at a seeming minimum weight of 10X-50x its 'foreign-to-Canada' currency deposits.

Just something you might need to know one day when negotiating with a bank.


-- 27 Sep 2017 17:20 --

Teo Audio wrote:
Canadian banks love foreign money.

when you deposit money in your account, the bank can back $10 worth of loans with your $1 deposit.

With each $1cdn worth of US dollar deposits from out of country..., the bank can loan $100 cdn.

These numbers are not exact, but you get the idea.

The banks will never let you know this thing about foreign money coming in being worth ~10x over normal deposits for loan purposes.

Lets say that my old company (still involved) did $1M in deposits in a year, of US and other foreign moneys coming in.

The bank could use that as backing for as much as...lets say...$50M Canadian in loans, according to the Canadian bank charter they operate under. Under any normal reality this is known as Rehypothecation, but ....
Ken great insight but no....... Canadian banks do not loan $100 for every US 1.00 invested .
Thus a company that brings foreign deposits in is automatically a 'bank darling' that rolls at a seeming minimum weight of 10X-50x its 'foreign-to-Canada' currency deposits.

Just something you might need to know one day when negotiating with a bank.

Really..... banks value $100 CDN to $1 US ? Gee I'm should be getting better interest on my US account.


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PostPosted: Thu Sep 28, 2017 7:48 am 
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I think I found a work around this issue and you can set the default to always go with your credit card.

Try this: Profile (that gear looking thing by Log out at the top right) - Payments - Set Pre-Approved Payments - Set Available Funding Sources

This will give you a list of all the funding sources you have on your Paypal account. Select the credit card and then select to have the credit card issuer do the conversion. It only works for credit cards.

I thought this would only work for pre approved payments like my eBay invoice. But after making the change, it always defaults to credit card issuer.


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PostPosted: Thu Sep 28, 2017 7:53 am 
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eddiel wrote:
I think I found a work around this issue and you can set the default to always go with your credit card.

Try this: Profile (that gear looking thing by Log out at the top right) - Payments - Set Pre-Approved Payments - Set Available Funding Sources

This will give you a list of all the funding sources you have on your Paypal account. Select the credit card and then select to have the credit card issuer do the conversion. It only works for credit cards.

I thought this would only work for pre approved payments like my eBay invoice. But after making the change, it always defaults to credit card issuer.

Thanks for pointing this out. I believe it's just recently that PayPal is allowing users to "default" to their credit card for payment, in the past you had to manually choose it each time, and then you would have to select to have the currency conversion done on your credit card, rather than PayPal do it first.


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