Follow this guide if you want to know how to find and use the currency conversion calculator inside Paypal.
There are instances when you need USD Paypal funds for whatever reason but you don’t have any USD left in your Paypal account. What will you do?
Since Filipinos cannot yet use their savings accounts in Philippine based banks to add funds to their Paypal account or to do “top up”, some would resort to buying USD Paypal funds from another Filipino freelancer, then payment can be via local bank deposit in peso.
The next question become what is the USD to PHP conversion rate that you will use?
The buyer and seller could agree to use the forex market exchange rate for the day, see here for a forex currency converter. Or the buyer and seller could agree to use the official Paypal forex conversion rate for USD to PHP.
Now, if buyer and seller agree to use the Paypal exchange rate for USD to Peso, you now need to check on Paypal itself for the day’s prevailing forex rate.
Calculating Paypal USD to PHP Exchange Rate
Checking the Paypal rate USD to PHP is easy by using the currency conversion calculator you can find when you login to Paypal. If you have a Paypal account, login and follow the iSensey guide below.
First, login to your Paypal account and then click the arrow after “Paypal balance”. Refer to sample screenshot below as guide.
Second, after clicking the arrow, a new page will load that will give you option to “Withdraw Funds” or “Manage Currencies”. Click the latter.
Third, the Paypal Manage Currencies page will display. Look at the “Currency Exchange” fields on the right side. Select the appropriate options in the drop down menus.
- You now need to select conversion type.
Do you want to go for Balance conversion or Payment conversion? Choose “balance conversion”
- On the field that says “From” – you can select which type of currency that you want to convert to another currency.
The assumption is you are selling the currency “USD” to your friend. So you will choose “U.S. Dollar”
*Aside from USD to PHP conversion, you can convert EURO to PHP, USD to EURO, Singaporean dollar to Philippine pesos, USD to GBP, etc, using the same Paypal calculator for forex.
- On the “Amount” field, you can just add in “$1” if you want to check what is the exchange rate for 1 USD to PHP. If you are selling 500 USD you can input it directly as the amount. But for the purpose of this guide, we will just try to covert 1 USD to Philippine peso.
- The “To” field is a dropdown, click the dropdown arrow, scroll until you find the option ‘Philippines peso”.
- You can now click “Calculate.
Fourth, after clicking “Calculate”, you will see the Paypal USD to PHP exchange rate conversion.
Take a screenshot of the rate on the day you will transfer your funds for your file, add the date on your screenshot for your guide. This might come in handy if dispute arise between you and buyer.
You can now inform the buyer to deposit to your bank account the peso equivalent of the USD funds that you will send to his Paypal account from your own Paypal account.
**If you want to know how to transfer Paypal funds from your account to another Paypal account, follow this guide Paypal Fund Transfer made easy.
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