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)