Thursday, October 4, 2007

about online payments

At some point in your Internet life you'll need to send or receive money, but what service should you use for that purpose?

Friends might steer you towards PayPal, which might (... not!) be an option, given their proven record of customer happiness and devotion. If (for some reason) you choose to stick with them: a) don't EVER link your bank account with them, b) pay attention to their (by default enabled) conversion rate (adds a 2.5% fee to your payments in another currency) - disable it and let your bank handle this - they're better at it, plus they'll do it for free, c) add your own piece of advice here.

If you're done with PayPal (which I hope you are by now :-), maybe MoneyBookers will catch your eye (1% or at most €0.5 for sending money, free for receiving, escrow option). Last, but not least - don't keep your money too long in these "online" accounts! The bank is always a safer bet :-)


Unknown said...

do you know how to disable the conversion rate in PayPal?

tester said...

you can check from your last payment whether paypal made the conversion, or billed your credit card in the seller currency directly.

if paypal made the conversion, try to set your home currency as primary from paypal > my account > overview > manage currencies

I'm not sure if this will disable the conversion rate, the interface I'm having now (after I disabled the conversion rate) doesn't allow me to go back to paypal conversion

please let me know if this helps!