PayPal internal exhchange rate very bad

[wdafert]

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Following problem:
I have US$ on my PH based PayPal account.
To withdraw to a PH bank account i have to first convert the US$ to Php within PayPal.
The US$->Php exchange rate PayPal offers is around 2 to 3% worse than the official rate.



The only way around i see would be to withdraw the US$ PayPal amount to a US based US$ bank account.
PayPal does not allow to withdraw US$ to a PH based US$ account!

I am European citizen, but have no chance to get a US based US$ account.

Any ideas?

[LittleBigMan]

Well, you could ask someone to create US Dollar Account in BDO/BPI so that you could withdraw your Paypal funds in US Dollar currency.

[wdafert]

That does not work!

>> PayPal does not allow to withdraw US$ to a PH based US$ account!

[jackdi]

Following problem:
I have US$ on my PH based PayPal account.
To withdraw to a PH bank account i have to first convert the US$ to Php within PayPal.
The US$->Php exchange rate PayPal offers is around 2 to 3% worse than the official rate.



The only way around i see would be to withdraw the US$ PayPal amount to a US based US$ bank account.
PayPal does not allow to withdraw US$ to a PH based US$ account!

I am European citizen, but have no chance to get a US based US$ account.

Any ideas?

I've heard that in Philippines, Payoneer has better rates (both forex & fees) and better bank acceptance than Paypal.
You might want to try them out and see if transferring your funds & collections from Paypal to Payoneer is viable.

[wdafert]

Great tip. Thx a lot Jackdi!

[wdafert]

Outch ... looks like i am not going with Payoneer
There is always complains, but the amount Payoneer gets is a bit too much ...
https://www.sitejabber.com/reviews/www.payoneer.com
Google: complains about Payoneer

[jackdi]

Outch ... looks like i am not going with Payoneer
There is always complains, but the amount Payoneer gets is a bit too much ...
https://www.sitejabber.com/reviews/www.payoneer.com
Google: complains about Payoneer

Whichever online payment system you go through, you will always see a lot of posts and reviews like these online.
My suggestion is, try to do a small transaction/bank deposit. And see how it goes from there. Experience it first hand.

But that's not what i've read.

On my end, i got no problems with both Paypal and Payoneer. But i use more on the former.
I wont mind the charges anyway as I always take these as part of my "operational costs".

Your other option by the way, is find somebody who is willing to buy your paypal funds for PhP cash.
If you can find one like this, good for you.
(It's just that this has been plagued by scammers who'd reverse the paypal transfer after a few days)

Goodluck mate.

[etgo]

one option is you can sell your paypal fund to me.
X rate is better than PayPal can offers.