I think most of you have try to use paypal to purchase online in foreign currency, and it will always show you the local currency. It looks like paypal is so cool and user friendly for showing your local currency, right?? Actually, you will get shocked when you checking the real time currency exchange rate and compare the price with paypal. It is because Paypal will charge you 4% of currency exchange fee. To avoid this, please remember to click “See currency options” and change the currency to your foreign currency but not your local currency.
Update currency options on paypal checkout page
Here is the example of purchase product in USD and my local currency is in HKD:
- Click “See currency options”
2. Select your foreign currency instead of local currency
3.Finally, please verify if your currency showing is matched
If you don’t want to do this step for everytime you do purchasing online, you could change the default currency options in “Manage Funding Sources” page, However, this page is hiddened by paypal and the path is always change. It looks like they don’t want you finding this page…
Changing paypal default conversion options from manage funding sources page
Luckily, i have bookmarked their page, for faster access the “Manage Funding Sources” page from paypal. Please login to your paypal with your computer.
After login, please directly click on this link
After clicking the link, you need to change your default onversion options for all your credit card one by one.
Please select “Bill me in the currency listed on the seller’s invoice.”
Update currency options on your paypal pre-approved payment
What is paypal pre-approved payment?
PayPal pre-approved payment is a process that allows customers to pay for items or services before they are received. This type of payment is beneficial for both buyers and sellers because it allows the buyer to purchase items immediately and the seller can receive payment in a timely manner. PayPal pre-approved payment also helps protect the buyer from scams because they are not required to send money to the seller until they have received the product or service that they purchased.
You could also updating your current pre-approved payment for using your credit card currency conversion rate.
To update your pre-approved payment, please go to this link
Select your pre-approved payment and edit the payment method
Then, choose your credit card and click “See Conversion options”.
Finally choose “Convert with your credit card” and click “Agree”.