Yes, also ebay has crazy conversion rate but there is where they make some extra money, every time I get new plastic need to call paypall to tell them to bill me in Dollars when I buy something, as Im in Dominican Rep. they bill by default in Dominican Pesos.
- Thread starter Superpana
- Start date
Banco Popular and PayPal....Please Decipher
Yes, also ebay has crazy conversion rate but there is where they make some extra money, every time I get new plastic need to call paypall to tell them to bill me in Dollars when I buy something, as Im in Dominican Rep. they bill by default in Dominican Pesos.
That's right, So I suggest use a Pesos account and avoid 2 currency conversion.
100 USD from From Paypal
You will receive 90 due to fees.
Convert it to pesos 90*45.00 = 4,050 Pesos
4,050 Pesos converted to dollar to transfer to USD Account = 4,050 Pesos/ 45.42
Leaving with with a total of 89.
important to know such "lil" details.
basically i does not bother me at all to get Pesos on a Peso account instead.
for the monthly Bills in US$ i receive sufficient US$ cash on daily bases,
so the BPD received money will be used for the bills in Pesos.
important is, to get such info ahead of time to set it up the correct/best suitable way.
very valuable info
thanks again
Mike
basically i does not bother me at all to get Pesos on a Peso account instead.
for the monthly Bills in US$ i receive sufficient US$ cash on daily bases,
so the BPD received money will be used for the bills in Pesos.
important is, to get such info ahead of time to set it up the correct/best suitable way.
very valuable info
thanks again
Mike
yes, fido.
this is a very important to know point.
basically, where ever possible, i keep all leftover money in dollars of course,
to not be at risk of the Peso's devaluation moods.
so i would havekept those dollars on the BPD account as a extra savings,
and where ever more pesos(more than the ones anyways coming in due credit card acceptance from my customers, as that money is credited in Pesos anyways) needed i would have continued to exchange the necessary amounts of dollars from the cash at hand.
so it looks like soon there will be more pesos available on a BPD account to be spent for the daily expenses over the month,
and the cash at hand(the cash dollars) will not be used for that anymore, and deposited on the US$ account.
at the end the same outcome.
important is to know about such,
or every month would show a higher expense(in case of double exchange fees) than necessary.
Mike
Oh wow, this thread is so useful! I have been foolishly taking money from a USD Paypal account, transferring it to a Canadian bank account (I don't have a USD account outside of this country), then transferring it to pesos to get out here... not because I thought that was a good idea but because I didn't know I could skip the Canadian bank account and have my Paypal linked right to my Dominican bank account and take the money out in pesos. That could be a very handy change for me since like MikeFisher said, double currency exchange is never good. However, I only have a Progresso bank account at the moment. Is it only Banco Popular that works with Paypal?
til now i only heard about Banco Popular,
but i could imagine others to look jealously on the BPD profits made with all those Gringos and their incoming PayPal money plus dominicans using the same venues for ebay shopping and such, so they may already have started their own negociations with PayPal on the matter.
Mike
Okay, thanks. Makes it a bit trickier with no Popular in Cabrera but glad to know it is even an option.
you would need to visit a branch of Banco Popular only once,
to set up your account with them.
from there on you request your PayPal money/transfers per online banking from where ever you are and then you can withdraw your funds with the debit card from your Banco Popuar Account at any ATM in your own area,
without the need of a BPD office nearby.
Mike
Sorry to bump this thread, but since it is related to the same subject, I didn't want to open a new thread for this.
I have a problem. I have a non-us verified Paypal Account from DR. I started doing jobs in upwork, and has little over 1K in paypal balance. My idea was to actually withdraw the funds to a Banco Popular account, but since I just knew from someone on this thread that the money gets translated into DOP, this is not an option for me, as I would like to have the funds in dollars.
So, for those of you doing the same: How do you get PayPal balance in USD instead of pesos ? I have heard/saw that some people just transfer the funds to somebody who owns a USA verified PayPal address and from there withdraw to the bank, but how much is the fee to transfer from a DR PayPal to a USA Paypal ? Any other methods you can use?
Thanks a lot everyone
I have a problem. I have a non-us verified Paypal Account from DR. I started doing jobs in upwork, and has little over 1K in paypal balance. My idea was to actually withdraw the funds to a Banco Popular account, but since I just knew from someone on this thread that the money gets translated into DOP, this is not an option for me, as I would like to have the funds in dollars.
So, for those of you doing the same: How do you get PayPal balance in USD instead of pesos ? I have heard/saw that some people just transfer the funds to somebody who owns a USA verified PayPal address and from there withdraw to the bank, but how much is the fee to transfer from a DR PayPal to a USA Paypal ? Any other methods you can use?
Thanks a lot everyone
The rate to transfer from one paypal to another is the same, it does not matter from where the account is from, you can get your paypal funds in USD but not the BPD-Paypal way.
Are you serious ?
Someone mentioned here you can't get Paypal funds transferred to a BPD account in dollars. They will do the conversion thing and hit you with that. Can you please ellaborate more ? Are you only charged the $10 transaction fee and that's it ?
Thanks!
Thanks, but it seems this is not the case according to their user agreement here -> https://cms.paypal.com/al/cgi-bin/?&cmd=_render-content&content_ID=ua/UserAgreement_full#2. Sending Payments.
You can see different rates depending on where you are located for sending money.
Yeah, I have no problems with that.. actually, I already have a DOP account at BPD, so I am just opening a USD account as well. You know, this was the idea I had before but got confused by somebody else here to said that they will convert your USD to DOP and then back to USD. So confused.
Thanks for the help, buddy!
hey Mike,
that's the perfect news for me.
so you transfer 1K US$ from PayPal to your Banco Popular Dollar account and receive the 1K minus the $10.- Fee for $990.- credited on your account here in US$.
you are sure about that, right?
as that is my best solution for me, dollar account a BHD already exists.
thanks
Mike