Does anyone have advice on how to avoid the crappy Paypal exchange rates?

[varietylights]

Hello There.
I'm trying to figure out away around Paypal exchange rates.
I just withdrew some cash from paypal to a Canadian accoutn and the exchange rate was 1.1587. But if you goto ING direct or RBC right now they are buying for 1.79. Has anyone set up a system to avoid paypal? Does anyone know if you withdraw from Paypal using your Paypal Debit card, is it their rate or the bank machine's rate from where you withdraw?
Does anyone withdraw to a US account and write themselves cheques? any advice would be great, I have some idea's, I just want to know what works for others.
Thanks

[phoebescollectables]

Check out this thread for a recent discussion.

http://forums.ebay.ca/thread.jspa?threadID=300022207&start=0

You can either open an RBC Centura account or cross the border and open a US$ account.

Both work well.

[javax.swing]

PayPal's commission is 2.5% compared to around 1.7% for banks. Smart thing is to do what's discussed in that thread.

[recped]

If you have larger (but not huge) amounts to exchange you can use xe.com, they have pretty much the very best rates.

Ben
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915

[the_only_lacoste]

Wait till the dollar goes down, then send 25% of the funds to your bank account.

[zarzuella]

Accept payment in Canadian dollars only

(joke)

[ospreylinks]

Actually for Canadian buyers (I list in US$'s) I do exactly that (accept payment in Cdn$ equivilent only).

I go the XE site and use their posted exchange, then send the buyer a form that I have completed showing the current exchange and the value of the goods they have bought in Cdn$ equivilent. I also show shipping in Cdn funds, as well as GST and PST as applicable.

The form also invites them and provides a spot for them to complete their credit card info and fax it back to me (saying me from going through Paypal). At the same time I send them a request for money via Paypal in Cdn funds and explain that if they remit in US$'s we will refund the payment.

As a result and as an example today I was getting an exchange of just about 1.19 on transactions and paid in Cdn funds that are not fluctuating downwards as is the trend as they sit in my Paypal account.

I realize that Paypal's discount rate is different for Cdn$ transactions, but honestly, after review I am still ahead about 1.5% to 2% given Paypals dismal exchange.

Jeff

PS haven't been around here much, so hi to all.

[marcopoloca]

If you have any US suppliers, how about getting a Paypal credit/debit cards? That way you can use your balance in the accounts to pay them and you can convert whatever left (if any)to Canadian $.
i have been converting them to Canadian $ first, then pay the suppliers using a Cdn.$ credit card (which they have to converted from US$ and charged another 1%) for the last 2 years!
Ouch 😞