It’s impressive that PayPal nudges you to using its own conversion rate for foreign payments. It takes a few clicks to change to using your bank’s rate, but you have to do this every time! It never saves between transactions.
This is mega-annoying for me because my bank offers fee-free international payments, so I don’t need a middleman.
And of course, PayPal’s exchange rate is actually painfully bad.
To convert 15 USD to GBP, PayPal will charge you £12.10. However, the Mastercard rate that my bank uses is only £11.61, meaning PayPal skims half a quid per fifteen US dollars, or three pennies per dollar!
It all adds up.
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