PayPal Currency Conversion Fee for Canadians (And How to Avoid It)
It seems that PayPal made a bit of an update since my initial publication of the training on how to avoid PayPal conversion fees for Canadian users.
A few people pointed that out in the comments, so I updated the Step #5 of the training.
Definitely consider going through the tutorial again if you still haven't taken the steps necessary to set up a Canadian USD account.
For those who don't know:
1). The first issue is that PayPal's conversion rate is 2.5% every time they convert US dollars to Canadian dollars.
It may not be a big deal but it's $2.5 on every $100 that you earn, $25 on every $1000 that you earn and so forth.
And the bigger the income, therefore the higher will be the fee.
2). Second issue is that PayPal automatically converts USD to CAD, and there is no option to change that.
But there is a workaround, so if you have never seen this training and are a Canadian resident, this training is a MUST-READ for you.
I am serious.
Let me know your thoughts and/or experience in the comments!
- Zarina
P.S. Set a few minutes to go through the training without distractions - I think it is one of the longest (and useful) tutorials I've created here.
Recent Comments
36
Just olne more reason to love our PayPal!
Wow, having only been on the consumer end, I couldn't really understand all the whining from vendors.... It's starting to come clearer now!
Thanks for the advice, even though I'm pretty far south of you!
Tim
Yeah there can be a lot of different complications for every country, whether it's PayPal or Amazon or stuff like that.
Glad for your it isn't complicated with PayPal ;)
Be good if if this was possible for Australians too. Not that pleased with Paypal's latest fees structure update.
:) -Mark
Miren was also asking about the one for Europe and I recommend asking on Reddit forum if you can't find in Google :) You can also try that!
This will be very useful for those who live in Canada. In my case, I would love to know how to avoid the PayPal fee but when it comes to euros instead of CAD. I've been searching for ways to avoid it but haven't found anything.
Have you tried asking a question on Reddit? There are a lot of smart people who know how to work things around.
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Nice post, Zarina. I'm not Canadian, but think it will be very helpful for those who are. Carol
Definitely Carol. Seems like this post hasn't seen too many Canadians at WA but hopefully they will find the tutorial eventually :)
Hope so. I'm sure it will be very useful info for them. Carol
Thank you Carol :)