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I have the following situation wrt revenue from online business that I transact

  • funds are coming in to my PayPal account in EUR & USD
  • funds are coming in (currently) via a US payment provider in USD, who's bank then converts it to EUR and sends it my EUR account

Obviously PayPal whacks me over the head with 3% when they convert to EUR (a lot of people are unaware of this, but they do) and of course the US bank that sends me the EUR does the same.

Now I would like to setup something so that I can lower the fees, yet maintain a fully automatic solution.

So far I have investigated a few options:

  • CurrencyFair - seems the cheapest, but doesn't take PayPal. Normally I have to do a manual step to indicate the incoming transfer (which I really would like to avoid) and then I have to manually convert the funds and send them. Cheap, but incomplete and not automatic
  • TransferWise - cheap, but don't accept 3rd party payments according to their support team, so that's a no go
  • Opening a USD account with my bank - this allows me to receive the USD from my payment provider, but I'm not 100% sure yet as to PayPal (they are the most terrible provider anyways in terms of service); Then I could go off and do the manual step again via one of the above
  • Using my Payoneer account - not possible to move funds out anywhere other than using the funds with the debit card
  • ForexUK, XE and others - the whole process is manual. Recurring plans can be set up, but only for fixed amounts. PayPal obviously never accepted

Does anyone have a good idea on how to go about this? I'm losing hundreds of dollars in exchange fees every month...

EDIT: I just found out PayPal will not let me take out the money in USD anyways so please take that out of the equation (see link on PayPal forum)

closed as off-topic by Chris W. Rea, Victor, JoeTaxpayer May 27 '16 at 23:47

This question appears to be off-topic. The users who voted to close gave this specific reason:

  • "Questions seeking product or service recommendations are off-topic because they tend to become obsolete quickly. Instead, describe your situation and the specific problem you're trying to solve." – Chris W. Rea, Victor, JoeTaxpayer
If this question can be reworded to fit the rules in the help center, please edit the question.

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You're asking three different things: What is the fastest way, what is the cheapest way and what is the easiest way. You will not find one method that is all three at once.

The fastest way is a wire transfer. The cheapest way that I've encountered is a foreign exchange service like XE. The easiest way is probably Paypal since the money is already in Paypal.

  • Sorry, but I don't agree - I wrote: "that I can lower the fees, yet maintain a fully automatic solution". So I'm looking for a cheaper solution, but still without too much hassle. Also your answer doesn't list any specifics at all. PayPal is the crappiest service in existence and I would loose money there for sure. – user1914292 Oct 17 '14 at 21:19
  • @user1914292 If speed is not a concern, then please change the title of your question to something other than "fastest way to move USD to EUR". Do you have a US bank account? Does PayPal need to stay in the picture? – Eric Oct 17 '14 at 22:51

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