Bank/Credit Card vs Paypal conversion rates

[jazzcomp]

Since a lot of items are ordered overseas, which conversion rate do you normally use? Which normally saves more for you? In paypal, you can select your bank's rates or theirs?

What do you recommend?

[Ravagecat]

That's a good question you raise....
I guess it comes down to which amount is more, paypals conversion rate/fee(and this could vary depending on the exchange rate) or the fee your bank charges. Suncorp charge 3% of the converted Aus Dollar and I have noticed Paypal convert your dollar at around 4 cents lower then the going exchange rate. My head hurts trying to do the math :p so have always just gone with paypal rates. :o

[Deonasis]

I believe there are some credit cards out there that offer a nicer conversion on currency exchange as well. Any info on these would be appreciated.

[Sinnertwin]

Here's quick look at the rates & what's charged for $1 UsD

XE.Com
$0.9333

Paypal
$0.9007

St.George
$0.8954

Travelex
$0.8841

[Tetsuwan Convoy]

I've found that credit cards can have a varying exchange rate, so even though you purchase at the time of say 96AU to 100US (Talking cents here to keep it simple), the actual time of the money transfer can be different, so if the dollar drops a lot to say 80au/100us, then that's the amount you will pay, despite you actually making the purchase at the higher rate.

Then on top of that you may have to pay the old international transaction charge of some % as well. I found my CC to be worse than paypal at times. But then even using paypal, I'd still pay the international transaction amount.

It all depends on your CC as some have an option of no charge for the int. transaction, but of course the interest/yearly fee will be higher I guess.

[jazzcomp]

I would recommend this to everyone here :)

28 degree mastercard has no international transaction fee and seems to have a better exchange rate than paypal :) This is pretty good for international travel and transactions.

a US$204/20700 yen charge was supposed to be AU $221 via Paypal compared to AU $214 for 28 degrees.

I know it's counting pennies but at least there's a few $ savings.