PayPal when I not convert to thb. Did I get the better rate or not?

[Sandman77]

Hello!

Again the question about exchange rate pound to thb when I send without converting first over paypal

Where I have the better rate?

I just withdrawal 180 pounds

If I send money directly pp shows me

The thb amount of there exchange rate

But after one week kadikorn charge me around 300 baht for receiving pounds

But I got 2,85 Procent better rate because I not let paypal convert, is that right or not ?

Or maybe I loose money , coz paypal allready converted ?

If I got better rate from thaibank on the day pounds arrive I calculate everything over 200 pounds is better let Thai bank convert and not paypal

When my above calculation is right?

Does every Thai bank charge same fees receiving foreign currency

I have kadikorn and scb account

What bank is cheaper?

[pancakeman]

I was not aware Paypal gave you an option not to cover it first.

When I do a Paypal withdrawal is only gives me the option to convert it to THB.

[ezzra]

PayPal has their own currency exchange values and it's never in our favor, they add about

5-10% premium on top of the amount you have used them to pay for you,

with PayPal, it's like take or leave it deal, they don't really gives a hoot what you think or whether

it's fair or not....

[Regyai]

I was not aware Paypal gave you an option not to cover it first.

When I do a Paypal withdrawal is only gives me the option to convert it to THB.

This

When I try to withdraw in GBP to my linked Thai Bank account...no way Jose - its THB or the money goes nowhere

[bangarang]

As mentioned above, Paypal does have their own currency conversion rate. Im guessing the % is similar to the USD. What I find is that the yellow bank allows you to take out 30,000thb from the ATM per transaction. On top of that is $5 ATM fee, and my bank charges a non bank ATM fee of $5, so thats $10 in fees.

After all of those fees I find that with Paypals currency rates its usually about the same give or take $1-2USD. The main consideration here is if you want your money in 1.5-2 days or 5-7 business days. I found that when I transferred from paypal to my Kasikorn account... If I transferred on a Monday I would get it the following Monday. But from USA bank it could be in my account by the following evening depending on the time I transferred.

So in conclusion it really doesn't matter as long as you take out 30,000thb at a time. If you're doing smaller amounts then I recommend just doing transferring into your thai account. I have been doing this for about 3 years now.

Hope that helps.

[bangarang]

I was not aware Paypal gave you an option not to cover it first.

When I do a Paypal withdrawal is only gives me the option to convert it to THB.

They will calculate it automatically for you. When you transfer the amount, it will show on the next confirmation screen what the exchange will be.

Also if you go under Profile > My Money, it will show available currencies and give you a calculator to see what their rates are for the day. If you want more detailed instructions on how to reach the calculator, its a simple google search.

[FredNL]

Don't use PayPal !!! It's the most criminal organisation on the internet !!!

More than a year ago I transfered 200,000 THB from my PayPal account to my "verified" Bangkok Bank account. It never arrived !!! An investigation done by the Bangkok Bank learned me that PayPal never had transfered the money. When I got myself a lawyer to have everything solved because PayPal denied everything, they just closed my account without giving a reason. On my account was over 400,000 THB. Up till now I never have received a Baht. My lawyer is having cases against PayPal in Califonia, Luxembourg and Singapore. I am not the only one.

Be warned !!!

Another thing to think about. Why don't mayor internet stores use PayPal ???

It's the biggest scam on the internet !!!

Edited May 12, 2014 by FredNL

[Pib]

I expect there is more background and details to above post.

[mrdome]

Don't use PayPal !!! It's the most criminal organisation on the internet !!!

More than a year ago I transfered 200,000 THB from my PayPal account to my "verified" Bangkok Bank account. It never arrived !!! An investigation done by the Bangkok Bank learned me that PayPal never had transfered the money. When I got myself a lawyer to have everything solved because PayPal denied everything, they just closed my account without giving a reason. On my account was over 400,000 THB. Up till now I never have received a Baht. My lawyer is having cases against PayPal in Califonia, Luxembourg and Singapore. I am not the only one.

Be warned !!!

Another thing to think about. Why don't mayor internet stores use PayPal ???

It's the biggest scam on the internet !!!

I am sorry this happened to you. However, let's stay reasonable, they are not a scam but if they suspect anything remotely fishy or against their Terms of Service, they will close your account immediately. These days all the financial institutions and banks are scared re. money laundering. Really, the banks are just like PayPal too and will do the same to you.

How's your case developing?

[Sandman77]

Hello!

So the money in my case always arrived!

When we transfer to Thailand , Iam not sure what law can be used that from the eu , or that in Singapore ?

Is it exactly same I also don't know!

PayPal has a bank licence in Luxembourg but not follow the international standarts that something I not understand

In the eu you must verify your account with passboard when you get over 2500€ a year here on Thai account in problem about this

I could imagine that larger amount

Also 'follow, this eu money laundering law without knowing any details

3 month ago also big problem

With paypal Germany sold some electronic before I come to Thai

The seller complained some fault that not exists I have 700 positive feedback in 12 years

My sister sign the parcel but I not refund the money to paypal when I send working goods out after one month force me 10 times to pay a German lawyer wants 100€ more for the coasts, for the money collection office!

When I sale here over paypal Singapore there guidelines will be apply I think or I never heard about a case that money collection office

Send there lawers internationally when law from another country is in use?

On eBay uk where I sale people are forced to accept paypal..

[slipperylobster]

been using XE with good results.

[max72]

PayPal ,like Western Union, uses a much worse exchange rate than the official rate.

But you have the option to leave the money in your PayPal account (for which you will receive NO interests of course) indefinitely, until the exchange rate improves therefore you can compensate that gap little bit.

I am currently have a positive balance in Pay Pal,while deciding in which account i will send that money, according to the next forex movements.

Edited May 12, 2014 by max72

[jsflynn603]

IMHO Paypal is evil and to be avoided when possible.

This based upon a $1400 loss I incurred with them about two years ago.

I was right, and had all necessary documentation to prove I was right--yet it made no difference, the agreement you sign essentially allows them to have the last say.

Small claims court was an option but even there, with everything in hand to prove without a doubt that they were in the wrong their one sided agreement could easily be used against me.

Look up Paypal complaints online and you will find many of them.

[kaydee412]

been using XE with good results.

I agree, XE is great -- http://www.xe.com/xetrade/. It takes a bit of effort to get set up due to the security and verification process, but after that it's a breeze. Rates are the best I've seen.

[uwe_rayong]

Sandman77 if you have a Paypal account that is linked to a Thai Bank you can only withdraw THB to that account. It does not matter you have USD, GBP, EUR or whatever in the Paypal account. IE if you decide to withdraw 100 USD Paypal convert it to 3100 THB something...

The exchange rate is always lower compared to the bank. The paypal deposit to your account takes 4-7 days and it is not from a foreign account. Paypal sends the money from within Thailand.

So I don't understand your question.

[Sandman77]

Then some policy changed and not same last year!

When I send lady year pounds from Thai paypal pounds arrived in kadikorn and fees of receiving foreign money was charged coz amount was lower then pp shows after sending