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[cyaxrex]

The exchange rate is the mathematical difference between two currencies. For what you are suggesting to take place, a company would be changing the value of the currency of a country and that is impossible/would mess up the economy.

Companies aren’t changing the exchange rate itself, just adjusting what they charge to fulfill it and/or updating the exchange rates at different times. They may just say it is the “exchange rate,” but that number accounts for multiple things.

The exchange rate is the mathematical difference between two currencies. For what you are suggesting to take place, a company would be changing the value of the currency of a country and that is impossible/would mess up the economy.

I guess you have never experienced shopping around for the best rates at different bureau de change windows when travelling.

Yes, the exchange rate is the mathematical difference between two currencies. However, companies can add fees which they incorporate into the exchange rate they offer.

It is also the case that exchange rates can depend on where funds are banked and what fees banks impose on currency conversions. Fiverr may not add extra fees to their exchange rate. However, the exchange rate they use will most likely be dictated by the bank Fiverr uses to hold funds and what fees they incorporate.

[humanissocial]

I still don’t get your point, I would lose more money, I ended up with €11.05 more by withdrawing in US$ from Fiverr to PayPal and have PP send me € than I’d have gotten if I had withdrawn in € from Fiverr to PayPal and have PP forward me those € and I don’t quite see why it’s easier and faster to do conversions in Fiverr than in PP. Either way it’s a couple clicks on Fiverr or a couple clicks on PP. I don’t have to do anything more on PP for the conversion, I choose some US$ amount to send to my bank and they automatically convert and send in €, I don’t think it’s even any added steps or clicks.

I don’t want to avoid all exchange costs, that’s not the point at all, I just want to not choose the one of two equally comfortable methods which puts less € into my bank account, because why would I.

Anyway, let’s leave it at that, it seems we’re talking past each other somehow. 🙂

If I have two different currencies in my PayPal balance, I have to withdraw them separately or convert one of them and then withdraw them together.

It is less work for me to change the currency in Fiverr.

[miiila]

(post withdrawn by author, will be automatically deleted in 24 hours unless flagged)

I guess I’ll keep checking for the next withdrawals, to see if it seems to always be the case or if Fiverr might be favourable sometimes, I’m curious enough for that.

[miiila]

If I have two different currencies in my PayPal balance, I have to withdraw them separately or convert one of them and then withdraw them together.

It is less work for me to change the currency in Fiverr.

Ah, well, I see, that might be less work then, I don’t. I only have US$ in the PP account I use for Fiverr.

[humanissocial]

The exchange rate is the mathematical difference between two currencies. For what you are suggesting to take place, a company would be changing the value of the currency of a country and that is impossible/would mess up the economy.

I guess you have never experienced shopping around for the best rates at different bureau de change windows when travelling.

Yes, the exchange rate is the mathematical difference between two currencies. However, companies can add fees which they incorporate into the exchange rate they offer.

It is also the case that exchange rates can depend on where funds are banked and what fees banks impose on currency conversions. Fiverr may not add extra fees to their exchange rate. However, the exchange rate they use will most likely be dictated by the bank Fiverr uses to hold funds and what fees they incorporate.

. However, companies can add fees which they incorporate into the exchange rate they offer.

I know. That is my entire point.

I am saying that it is the individual company fees and differences in adjustment times that account for the variation in what they charge, not the exchange rate itself.

[humanissocial]

Ah, well, I see, that might be less work then, I don’t. I only have US$ in the PP account I use for Fiverr.

Yeah it is a bit of a pain having to do them separately in PayPal.

[miiila]

So far so good but at the same time, this is so sad and dishearten that we could not get Naira on the currency list… Fiverr needs to see to this ASAP or do we have to. Contact support for this?

I guess you can contact support and suggest to them to add Naira, perhaps you’ll get some informative reply that will tell you if they plan to add currencies of all countries they got users from, or if they want to keep it to the major currencies used by their users or whatever,

or you could post a thread in the Site Suggestions forum subcategory.

[patrickcharlie]

This is great news, as I have to withdraw to payoneer in USD, and can then only transfer EUR, this way there is one less conversion (at least I can choose when / where to convert) 🙂

[jamesroscoe]

If I have two different currencies in my PayPal balance, I have to withdraw them separately or convert one of them and then withdraw them together.

It is less work for me to change the currency in Fiverr.

It is less work for me to change the currency in Fiverr.

How much effort do you find it takes on PayPal though? Because I’m in a similar position whereby I sometimes receive GBP and USD to PayPal, and yes the USD needs handling separately, but I find it’s only a few clicks (takes a matter of seconds, certainly less than a minute) which I do once a month when I pay myself.

Whereas, the sacrifice you make for the ‘convenience’ of converting on Fiverr is effectively a 1-2% levy on all your earnings. In my eyes that’s an unacceptable cost. I suppose it depends how much you earn on Fiverr, how often you want to withdraw funds, and how much you value your time.

I think the key message here is that being paid in your own currency by Fiverr might feel better psychologically, but you are almost certainly better off financially by letting PayPal do the conversion.

[humanissocial]

(post withdrawn by author, will be automatically deleted in 24 hours unless flagged)

Obviously exchange rate is universal, however be it due to lag, or varying currency conversion charges, at any given time, you can end up with different results.

It should be obvious to people, but it isn’t. That is why I made the distinction.

As I explained in several comments, the differences in rates are caused by other fees, not the exchange itself, so you don’t need to explain this to me, thank you. You’re just reiterating what I have already said.

[twistedweb123]

Obviously exchange rate is universal, however be it due to lag, or varying currency conversion charges, at any given time, you can end up with different results.

It should be obvious to people, but it isn’t. That is why I made the distinction.

As I explained in several comments, the differences in rates are caused by other fees, not the exchange itself, so you don’t need to explain this to me, thank you. You’re just reiterating what I have already said.

I’m sorry but this isn’t correct. There is an interbank exchange rate and then their is what company’s define as their own exchange rate.

You know when you see company’s advising 0% commission on exchanging your funds? It’s because they are giving you a worse rate than the interbank exchange.

So, let’s say the interbank exchange is 80 pence (GBP) for every 1 dollars (USD) - this doesn’t mean that when you exchange your money with different company’s that they give you the same.

For example, PayPal charge 2.5% (see here: https://www.paypal.com/uk/webapps/mpp/cross-border-and-conversion-fees) " Fees for converting your balance or payments that you receive into another currency: **2.5% above the Base Exchange Rate""

So rather than 0.80, PayPal will give you 0.78, keeping 2.5% for themselves. This is a very common rate. It isn’t great but it’s certainly not the worse. The 0% commission places you see aboard are massive rip offs (https://www.youtube.com/watch?v=2zQ5j3T0v0I is a great video explaining this).

I can’t see anywhere Fiverr has publicised their own conversion fees but it looks like it’s 2.75-3%.

So @miiila is correct, converting with Fiverr costs her more than just withdrawing in USD and converting with PayPal.

I understand that you are saying the exchange rate is the exchange rate and you can’t change that but company’s hide behind poor exchange rates rather than the interbank exchange and then claim no fees for changing your money. This then gives the impression that wherever you change your money you will get the exact same. This isn’t true so it’s important to make the distinction - so whilst there is a set interbank exchange, very few companies/banks will use this and levy their own fees hidden in a poorer exchange rate (Monzo & Revolut are two banking apps which have gained popularity from using the interbank exchange rate).

[humanissocial]

I’m sorry but this isn’t correct. There is an interbank exchange rate and then their is what company’s define as their own exchange rate.

You know when you see company’s advising 0% commission on exchanging your funds? It’s because they are giving you a worse rate than the interbank exchange.

So, let’s say the interbank exchange is 80 pence (GBP) for every 1 dollars (USD) - this doesn’t mean that when you exchange your money with different company’s that they give you the same.

For example, PayPal charge 2.5% (see here: https://www.paypal.com/uk/webapps/mpp/cross-border-and-conversion-fees) " Fees for converting your balance or payments that you receive into another currency: **2.5% above the Base Exchange Rate""

So rather than 0.80, PayPal will give you 0.78, keeping 2.5% for themselves. This is a very common rate. It isn’t great but it’s certainly not the worse. The 0% commission places you see aboard are massive rip offs (https://www.youtube.com/watch?v=2zQ5j3T0v0I is a great video explaining this).

I can’t see anywhere Fiverr has publicised their own conversion fees but it looks like it’s 2.75-3%.

So @miiila is correct, converting with Fiverr costs her more than just withdrawing in USD and converting with PayPal.

I understand that you are saying the exchange rate is the exchange rate and you can’t change that but company’s hide behind poor exchange rates rather than the interbank exchange and then claim no fees for changing your money. This then gives the impression that wherever you change your money you will get the exact same. This isn’t true so it’s important to make the distinction - so whilst there is a set interbank exchange, very few companies/banks will use this and levy their own fees hidden in a poorer exchange rate (Monzo & Revolut are two banking apps which have gained popularity from using the interbank exchange rate).

There is an interbank exchange rate and then their is what company’s define as their own exchange rate.

You’re misunderstanding, saying I’m incorrect because I’m saying the same thing you’re saying. The differences are present because of the factors that companies incorporate in the rate they charge. It isn’t the companies deciding what the differences are between currencies because the economy determines that. There are differences because of what the companies add on or don’t add on to that existing rate, not because they are determining the economy. We’re literally saying the same thing.

[twistedweb123]

There is an interbank exchange rate and then their is what company’s define as their own exchange rate.

You’re misunderstanding, saying I’m incorrect because I’m saying the same thing you’re saying. The differences are present because of the factors that companies incorporate in the rate they charge. It isn’t the companies deciding what the differences are between currencies because the economy determines that. There are differences because of what the companies add on or don’t add on to that existing rate, not because they are determining the economy. We’re literally saying the same thing.

I was speaking in relation to:

“You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.”

“In any case, my point was that cost saving isn’t the reason you would want currency exchange in Fiverr because that doesn’t happen and that isn’t its purpose. It is easier and faster to do conversions in Fiverr than it is in PayPal.”

I’ve just explained why would you be losing more money in PayPal vs Fiverr, as well as why it is about cost and not convenience.

I understand what you are saying about the exchange rate being the exchange rate but you are not understanding what I’m saying about company’s repackaging their fees into their publicized exchange rate and then promoting that as THE exchange rate. It’s very common practice and important to make the distinction, otherwise based on what you are saying, the 0% commission places would be the best place to exchange because they advertise no fees, so the you must get the most money (but you don’t because they advertise a worse exchange rate - not the exchange rate and a breakdown of fees). Fiverr also doesn’t say anywhere what it’s conversion fees are and to the uninitiated the withdrawal exchange looks like I would receive all my money but instead I’d actually be losing more. So it’s very important to state that whilst there is an interbank exchange, the exchange rate you often see publicized when changing money isn’t that.

[humanissocial]

I was speaking in relation to:

“You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.”

“In any case, my point was that cost saving isn’t the reason you would want currency exchange in Fiverr because that doesn’t happen and that isn’t its purpose. It is easier and faster to do conversions in Fiverr than it is in PayPal.”

I’ve just explained why would you be losing more money in PayPal vs Fiverr, as well as why it is about cost and not convenience.

I understand what you are saying about the exchange rate being the exchange rate but you are not understanding what I’m saying about company’s repackaging their fees into their publicized exchange rate and then promoting that as THE exchange rate. It’s very common practice and important to make the distinction, otherwise based on what you are saying, the 0% commission places would be the best place to exchange because they advertise no fees, so the you must get the most money (but you don’t because they advertise a worse exchange rate - not the exchange rate and a breakdown of fees). Fiverr also doesn’t say anywhere what it’s conversion fees are and to the uninitiated the withdrawal exchange looks like I would receive all my money but instead I’d actually be losing more. So it’s very important to state that whilst there is an interbank exchange, the exchange rate you often see publicized when changing money isn’t that.

Okay that isn’t the comment you responded to.

If you look at my comments, you’ll see I just hadn’t realized that PayPal and Fiverr rates are different because I am not seeing that difference on my end. That doesn’t mean I don’t understand how repackaging works, as I’ve explained that I do several times.

My not identifying the difference in this particular case (PayPal vs. Fiverr) doesn’t mean I don’t understand that rates can differ across companies. As I’ve explained many times, I know that they do and I know why. I’m just not seeing this particular difference on my end and that’s why I didn’t see the profit difference.

[twistedweb123]

Okay that isn’t the comment you responded to.

If you look at my comments, you’ll see I just hadn’t realized that PayPal and Fiverr rates are different because I am not seeing that difference on my end. That doesn’t mean I don’t understand how repackaging works, as I’ve explained that I do several times.

My not identifying the difference in this particular case (PayPal vs. Fiverr) doesn’t mean I don’t understand that rates can differ across companies. As I’ve explained many times, I know that they do and I know why. I’m just not seeing this particular difference on my end and that’s why I didn’t see the profit difference.

For anyone reading this thread, I believe it’s important to highlight the distinction otherwise they may read your initial replies and think the same about PayPal vs Fiverr, as you’re right, it isn’t very clear and easy to miss, that’s why I brought it up. Enjoy the rest of your evening 🙂

[humanissocial]

For anyone reading this thread, I believe it’s important to highlight the distinction otherwise they may read your initial replies and think the same about PayPal vs Fiverr, as you’re right, it isn’t very clear and easy to miss, that’s why I brought it up. Enjoy the rest of your evening 🙂

I appreciate that, but you didn’t need to make me look ignorant in the process.

Have a good night.

[twistedweb123]

I appreciate that, but you didn’t need to make me look ignorant in the process.

Have a good night.

I think that’s a bit of an unfair assessment. You were very forthright in telling @miiila about her own finances without the full facts (although she did break it down) and as someone observing that for the first time, it could be very easy to mistake the information. My reply simply clarified and cited sources for anyone who wished to learn more about it.

[humanissocial]

I think that’s a bit of an unfair assessment. You were very forthright in telling @miiila about her own finances without the full facts (although she did break it down) and as someone observing that for the first time, it could be very easy to mistake the information. My reply simply clarified and cited sources for anyone who wished to learn more about it.

very forthright in telling @miiila about her own finances without the full facts

I never, ever referred to “her finances.” That’s quite a misrepresentation, yet I’m the one being “unfair.”

I clarified my point multiple times that company fees account for the differences.

I explained why, if you have multiple currencies to withdraw, it’s easier to convert in Fiverr than in PayPal. In PayPal I used to have to withdraw each currency separately, or go through several steps to convert one currency into the other one. The poster said herself that she hadn’t had to do that so didn’t know it was more work.

None of that is specific to the poster in question or her particular finances. It is all discussion about the issues.

Saying I’m talking about her finances means that I’m being personal and that reflects poorly on me. I was explaining concepts and clarifying my points. I never, ever got personal.

[twistedweb123]

I was speaking in relation to:

“You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.”

“In any case, my point was that cost saving isn’t the reason you would want currency exchange in Fiverr because that doesn’t happen and that isn’t its purpose. It is easier and faster to do conversions in Fiverr than it is in PayPal.”

I’ve just explained why would you be losing more money in PayPal vs Fiverr, as well as why it is about cost and not convenience.

I understand what you are saying about the exchange rate being the exchange rate but you are not understanding what I’m saying about company’s repackaging their fees into their publicized exchange rate and then promoting that as THE exchange rate. It’s very common practice and important to make the distinction, otherwise based on what you are saying, the 0% commission places would be the best place to exchange because they advertise no fees, so the you must get the most money (but you don’t because they advertise a worse exchange rate - not the exchange rate and a breakdown of fees). Fiverr also doesn’t say anywhere what it’s conversion fees are and to the uninitiated the withdrawal exchange looks like I would receive all my money but instead I’d actually be losing more. So it’s very important to state that whilst there is an interbank exchange, the exchange rate you often see publicized when changing money isn’t that.

You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.

This is you talking about finances. If you want me to change the wording of my statement, then it would “This is where you talked about Miiila’s personal experience with converting money”.

You seem determined to have an argument, so I think it best to just leave it there.

[humanissocial]

You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.

This is you talking about finances. If you want me to change the wording of my statement, then it would “This is where you talked about Miiila’s personal experience with converting money”.

You seem determined to have an argument, so I think it best to just leave it there.

If you want me to change the wording of my statement, then it would “This is where you talked about Miiila’s personal experience with converting money”.

As I said, I never, ever talked about her personal experience with money. Nothing was remotely personal and your supposed evidence it was personal proves that it actually wasn’t. If you don’t want an argument, don’t make me look bad in a public forum.

Nothing I said pertained to her personal finances. Nothing.

Good night.

[freelanceplus1]

You would have to pay the exchange rate either way. I don’t see why you’d be losing “more” money doing the conversion in PayPal vs Fiverr.

This is you talking about finances. If you want me to change the wording of my statement, then it would “This is where you talked about Miiila’s personal experience with converting money”.

You seem determined to have an argument, so I think it best to just leave it there.

Ignore; some just want to be right all the time and can never admit being wrong. Your analysis is on point.

[tshrgood1]

I am completely sure that this will not come to India. Payoneer is the best option available for Indian users. Even after PayPal and Fiverr are now together and removed the freelancer fees, it still hurts my soul if I withdraw the money to PayPal. There is atleast $2.00 difference in PayPal and Payoneer.

How? (Difference b/w PayPal and Payoneer.)

[iamsachmusic]

How? (Difference b/w PayPal and Payoneer.)

Experience. 😀

[tshrgood1]

Experience. 😀

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[tanyaprude]

Any way to minimise PayPal fees (paid in USD withdraw in GBP)