Money Transfer system - Too good to be true ????

[vrooje]

If you buy in a different currency to your card you have to pay an extra fee.

Hm, I don't recall that being the case for me. I've used my bank card and my visa/amex cards overseas and I don't believe I've ever been charged a fee on top of the currency exchange rate. I've always presumed the fees are folded into the exchange rate itself, which is still better than what I get at most over-the-counter places here and sometimes even better than bank exchange rates.

Perhaps it's a country-by-country difference?

In any case, I've got more and more clients now using the eCheck method as their way of paying us through PayPal. It withdraws directly from the client's checking account, and I presume PayPal does the exchange, so there shouldn't be any banking fees, but I'm not sure about that. Either way, I love eChecks now because I get charged E5 rather than a percent commission!

[Fraise]

Hi Brooke,I just found my latest credit card statement and on the back in tiny print it says:
If a transaction is made in a currency other than sterling the amount will be converted to sterling by applying the exchange rate and a charge of 2.75%. The exchange rate shown on the statement reflects the charge"

www.thepetitmanoir.com

[Teresa]

So far, I've only displayed prices in sterling, usually have payment either by cheque or direct into my UK account and when the need arrises and the rate is good, transfer via phone banking to my French account. The only problems I've had have been: with a euro cheque when my dear French bank charged me 17.5 Euros for a 119 euros (deposit) payment, with a couple from New Zealand who flatly refused to pay transfer charges but did book for 2 weeks, and an American family who also whinged about the $ - euros exhange, wouldn't pay the charges and left the house in the worst state I've ever seen. Incidentally, having once (only) used paypal, I received an e-mail asking that as my subscription to them was expiring, would I update their records in order for them to reinstate my 'membership'. As I had also then received a new bank card, it kind of made sense - until I looked at the details they wanted: card security code and pin number! Needless to say, I ignored the whole thing but was then subjected to a barrage of quite nasty, intimidating e-mails claiming that my e-mail accounts would be closed down etc etc. So it's a word of warning as the paypal site in question was the spitting image of the real thing.

[Alan Knighting]

Teresa,

Yes! There is PayPal lookalike lurking out there waiting to catch the unwary. It is totally illegal and fraudulent. You are absolutely right to point it out.

Alan

[paolo]

There are many PayPal imitators out there, and every bank too. If you get one of these emails, remember that no bank or company like PayPal would ask you to verify your details by email. If they do you know it is a scam.

[janskov]

Whenever I get one I at once forward to spoof@paypal.com.
The answer is fast and they seem to appreciate it.

[Hells Bells]

Brooke mentioned the e-cheque with Paypal, I used this to transfer some money between English and French accounts a couple of weeks ago, as I couldn't get to the bank to sort it out. It costs far less than a normal transaction, but it did take twice as long for the money to reach my account.

[vrooje]

Helen,

Yes, me too, it took about a week for the money to clear. But we ask for the money pretty far in advance, so for E5 instead of E40 per transaction, I don't mind waiting!

[Hells Bells]

On the subject of credit card?debit card fees for foreign transactions, Nationwide building society offer an account with a debit card that has no fee for foreign transactions, nor does their credit card. I just opened one yesterday

[roxytoo]

I have used the Nationwide debit card (you have to open a flex account) abroad for years with no charges and you tend to get a very good exchange rate, think you can withdraw up to 300 euros per day. I think their credit card incurs charges of 1.5% on cash withdrawals thought, it used to be free but don't think it is anymore!

[drearyogre]

Last week I had a PayPal scam - all the logo etc looked legit and said Limited Account Access Details. Stated as random security check they were limiting my access and to remove the limitations, I was required to confirm all my details - giving bank account and pin no. PayPal confirmed not legit. Have changed password etc as security - and reminded myself of PayPal own security questions. So easy to proceed with these things if look OK.

[Hells Bells]

I had a similar mail from Paypal France. I ignored it as it asked me to verify an already verified account, but it did appear to be legitimate.

[vrooje]

Oh, yes, they all appear to be legitimate. It's very, very simple to fake an e-mail address, and even use the Paypal logo and style in an e-mail. Unlike our fake check scammers, these people also speak proper English most of the time.

When I get these e-mails, I forward them to spoof @ paypal.com, and then delete them. I sometimes then log in to my paypal account just to make sure nothing's up. If Paypal really wanted some information from you, they would tell you immediately upon login. They would never ask for it over e-mail. At most, they would e-mail you to say that you should visit their website (but wouldn't provide a link) and log in to do whatever it is they want.

[geoffreycoan]

When I have several cheques to transfer, I bank all sterling cheques in the UK then transfer them to my French euro account using currencies4less, the rate is commercial, so better than the tourist rate, but there is an admin charge of about £20 for amounts under £5k.

I'm suprised that no-one has picked up on the original poster's suggestion of using moneybookers.com for overseas transfers.

We charge our rent in Pounds and have (so far) had all of our rentals from the UK. Most of them have paid by cheque and just a few have paid (mainly deposits so they can secure the booking) by paypal. For paypal and nochex I add 4% to cover the fees and so far I've not had anybody objecting.

Every 6 months or so I transfer money from the UK to my French account using moneybookers. Transfer it as a standing order payment from my UK account to moneybookers (no charge), then use moneybookers to withdraw it out into my French account (0.8% spread + a minimal fee €1 ?).
It takes a while to get the money over (5 days for the standing order, 5 days for moneybookers) but it costs virtually nothing and has been hassle free.

I've heard reports on livingfrance's forums of other people having their money "stuck" in moneybookers but I've used them for over a year with no problems at all.

[vrooje]

geoffreycoan,

Welcome to the forum!

If I didn't already use PayPal to transfer money between countries (transfer between bank accounts is free, and the conversion rate is reasonable, if not the best), I would be very interested in this!