Instructions: Convert Paypal credit from dollars to euros and have it exchanged

Convert PayPal credit into another currency

My tax advisor has the ardent wish that my PayPal account only works with euros and that amounts in US dollars or other currencies are converted directly. I had done that once before, but now I received another payment in USD, which unfortunately does not automatically change to euros. Instead, you have to convert the credit from one currency to the other in PayPal. I will show you exactly how this works in a short guide.

If you only want to have euros as the currency in your PayPal account, you can remove all other currencies and have the credit converted.
If you only want to have euros as the currency in your PayPal account, you can remove all other currencies and have the credit converted.

Important: an exchange rate fee of 4 to 5 percent applies

One note in advance: If you can somehow avoid converting the currencies, I would leave it. Paypal includes its quite proud processing fee in the USD-EUR exchange rate, so that you get an exchange rate that is about 4 to 5 percent below the current rate.

For example, in my case PayPal gave 0,78 EUR for 1 USD, while Google told me the current EUR-USD rate is 0,82 EUR per US dollar. So PayPal gives me a good 4 cents less per dollar ... That means that I paid over 40 euros in fees for the conversion. I think I have to speak to my tax advisor again ... ;-)

Instructions for credit conversion

But now to the procedure itself. I did it with myself in a PayPal business account, but I think the principle should also work with a private PayPal account.

  1. Go to the PayPal dashboard (should be this link be)
  2. Click on the three dots at the top left under “Credit” and select “To the credit page” (must this link be)
  3. now you can see all currencies in which credit is planned
  4. under the currency you want to convert select “Remove Currency”
  5. Now the following are a few pages on which you have to confirm the exchange rate and the conversion
  6. after the action, the corresponding currency is no longer available in the list

Instructions in screenshots

Here you can find the screenshots that I took. So you can see how the process works.

PayPal screenshot 1
PayPal screenshot 1

 

PayPal screenshot 2
PayPal screenshot 2

 

PayPal screenshot 3
PayPal screenshot 3

 

PayPal screenshot 4
PayPal screenshot 4

 

PayPal screenshot 5
PayPal screenshot 5

 

PayPal screenshot 6
PayPal screenshot 6

 

PayPal screenshot 7
PayPal screenshot 7

 

PayPal screenshot 8
PayPal screenshot 8

 

 

 

 

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