Changing PayPal’s Default Currency Conversion Option
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Changing PayPal’s Default Currency Conversion Option

posted in: Tips | 10

So you have a credit card that doesn’t charge conversion fees and you’ve added it to your Paypal account. That’s it right? You’re no longer being charged conversion fees when using PayPal! Not quite.

By default Paypal performs its own currency conversion and charges you up to 3.5% on top of the exchange rate. To change this option, log onto your Paypal account and follow the steps below:

1. Click “Profile” cog in the top right.

2. Click “Payments“.

3. Click “Preapproved Payments“.

4. Click “Set Available Funding Sources“.

Paypal Currency Conversion Option - Step 4

5. Click “Conversion Options” beside the credit card with no currency conversion fee.

Paypal Currency Conversion Option - Step 5

6. Select “Bill me in the currency listed on the seller’s invoice.” and click “Submit“.

Paypal Currency Conversion Option - Step 6

That’s it! No more currency conversion fees! Please leave a comment below if these steps are out of date.

  • Бендер.Сгибальщик.Родригес

    Not working for me.

  • Saúl Huamán Alvarado

    Thank you, You are a life saver.

  • Elin Terese Sørelid

    Paypal has began its currency conversion process fraud. Please read more about it here:
    https://sites.google.com/site/paypalrip/
    I have tryed to contact paypal for over a year about this but its Clear to me it is a big fraud beacuse they dont want to tell anyone when its fixed!!!

  • Elin Terese Sørelid

    My bank and VISA card issuer have a considerable lower currency rate in its currency conversion process than Paypal use in its currency conversion process.
    This means I have always from I began using papal and for many years ago, set the currency conversion process option to use my card issuer will determine the foreign exchange rate to apply to this transaction. This is option (2):(Bill me in the currency listed on the seller’s invoice).
    For a over a year now this options are still available to be set at the “conversion options” page, but does not work any longer. The options have been set inoperative and and are only pointing to PayPal’s own conversion process option as default. Under this time period for a year now, the only way to change this option has been to change the conversion options back at each transaction at payment checkout(from case to case) and set the options manually so my card issuer will determine the foreign exchange rate to apply to this transaction. This is option (2):(Bill me in the currency listed on the seller’s invoice).

    For this whole year I have believed that the reason the conversion options has been inoperative,pointing only to PayPal’s currency conversion process and that I have been forced to set it manually at payment checkout(from case to case) is that it PayPal has been upgrading its webpage!!!

    But as an educated programming computer engineer I know that this has taken far to long time!!

    Last week I got the answer when PayPal has even removed the option to set the conversion options manually at payment checkout(from case to case) !!!

    All the currency conversion process option’s are now either set inoperative or are removed by PayPal, and the only
    conversion method or option is now set to use PayPal’s own expensive conversion process.

    In practice this means that PayPal has began acting like a criminal by unlawfully and by Unauthorized use has forced each transaction in foreign exchange rates to be set by PayPal’s conversion process as the only possible option.

    I therefor urge every PayPal and Ebay user to file complaint and law suit against PayPal to stop this criminal behavior, and if they don’t stop this policy
    immediately or very soon we will continue to warn against Paypal until all or most of the users has left PayPal.

  • DrAfrokid

    Hello it does´t work for me, the conversion options was missing 🙁

    • No_Style

      Do you have a credit card associated with your PayPal account? The conversion option is only available with credit cards.

      • Elin Terese Sørelid

        No, I have used both debit and credit Cards for years With paypal and both has of course been working until paypal began scaming People:
        https://sites.google.com/site/paypalrip/

        • Agv

          Yes, conversion can be changed deep in the PayPal site. But as a result it doesn’t work. And PayPal still continues to do conversion itself.

  • Nicolay Klarke

    Finally … You are a genious , I love you !!!

  • Kieran O’Quinn

    Interesting article. I’d add that PayPal has a lot of different fees and conversion rates based on different activities (and I don’t even understand all their descriptions). And most people probably have credit cards or bank accounts that also different conversion rates so people should really compare their rates before they change that option.