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Best conversion rate payment methods

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#1 Jonathan Pfundstein

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Posted 10 November 2014 - 12:13 PM

I'm in the process of completeing my purchase for an RT Motion follow focus system, and have to complete payment via paypal from US dollars to GBP.  Does anyone have experience with what method seems to provide the best conversion rates? As of now a bank transfer seems to be the most expensive, while the paypal conversion rates seem to be the running standard.  Paypal does provide another option to go with your card issuers conversion rates, which some people state to be the lowest, although after consulting Discover they directed me the banks conversion rate.

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#2 Alan Rencher

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Posted 10 November 2014 - 01:14 PM

I think the conversion rate is a standard rate across all banks. It does fluctuate, and it can be higher or lower at any given time.
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#3 Nathan Chapman

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Posted 18 November 2014 - 02:41 PM

The difference with allowing your card or or bank to process the currency conversation for you is they may charge a Foreign Currency fee. When I've done it, the exchange rate has been similar or very slightly below - but then the bank fees push my real "loss" (remember when the Aussie dollar was up at parity with USD? Good times, good times...) up above PayPal's rates.

However, I am in Australia, so your mileage may vary... But I can't imagine a bank giving up an opportunity to charge some extra fees.
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