When to Withdraw funds from Paypal?

[oatmeal]

This might seem pretty obvious but believe it or not, I didn't actually think of this until just recently.

I noticed that paypal has their OWN currency exchange rates and is always much worse than the actual exchange rate or most banks.

For example, currently Paypal gives about 1.30 - 1.31 cdn dollars for everyone 1 US dollar. The actual rate is more at 1.36 - 1.37. So paypal is obviously doing this to profit off our withdrawals that require currency exchange.

My question is, is it wise to try and wait and check daily when the rates are best to withdraw from paypal to my cdn bank account or is it so insignificant that I shouldn't really bother?

I noticed it's just like the stock market. If I wait tomorrow or next week, the rate might be better (1.325) instead of today's rate (1.307), and I could make an extra few bucks! But I could also risk losing money if the rates keep going down (say 1.29 or 1.28) and then I lose some.

How or when do you know is the best time to withdraw funds from paypal to the bank account?

 

[toml3030]

My question is, is it wise to try and wait and check daily when the rates are best to withdraw from paypal to my cdn bank account or is it so insignificant that I shouldn't really bother?

If you can correctly call currency fluctuations, you'd make much more money trading currencies than selling on eBay.

 

[tite003]

I don´t think is going to be worth the time. Also do not withdraw big quantities from Paypal all at once, account could get flagged.

 

[bartosimpsonio]

Yeah I noticed this too. They make a shit ton of money from the exchange spread.

I guess you'll be speculating...it may never swing in your favor. Probably best to just withdraw and invest somewhere where the money will eventually recover from Paypal's byte.

 

[JamesBlake]

This is why I've been advocating for alternative payment exchangers for my clients. Most would rather keep me happy and go through the slight hassle of paying through another system or via direct wire. Paypal is sort of like the person you crushed on growing up, they seemed like a good choice for the longest, lots of people have told you how they screwed them, but you don't care. Then eventually they screw you too and its horrible. FIND A BETTER PAYMENT PROCESSER

 

[oatmeal]

This is why I've been advocating for alternative payment exchangers for my clients. Most would rather keep me happy and go through the slight hassle of paying through another system or via direct wire. Paypal is sort of like the person you crushed on growing up, they seemed like a good choice for the longest, lots of people have told you how they screwed them, but you don't care. Then eventually they screw you too and its horrible. FIND A BETTER PAYMENT PROCESSER

But doesn't ebay ONLY use paypal (since paypal owns ebay or the other way)? Correct me if I am wrong. My business is on ebay and people pay me directly to my paypal. Is there another way to get paid on ebay?

 

[oatmeal]

I don´t think is going to be worth the time. Also do not withdraw big quantities from Paypal all at once, account could get flagged.

Can you elaborate on this? What would be considered "big quantities"? And why would they flag it if it's a legitimate business/operation? Just asking for learning purposes.

 

[solidguy_82]

I suggest you when the exchange rates are high withdraw immediately but paypal exchange rates dont change immediately ,they watch over time.If you need in urgent withdraw immediately or else withdraw bulk amount at once.Ask the sender to send money along with paypal fees.