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How to Convert Currency in PayPal 2020 to Spend Your Online Earnings! | PayPal Currency Conversion - YouTube
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Hello, everybody, welcome back to my channel,
Jennifer Marie VO, where I teach you different
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ways that you can make money online working
from home.
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So today's video is a little bit different,
but I feel like it's really relevant to all
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the videos that I produce on my channel.
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When you start making money online, whether
that's doing paid surveys, or data entry,
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micro jobs, transcribing, translating, or
whatever it is you're doing to make money
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online, the majority of these websites pay
via PayPal.
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But depending on what country you're in your
currency is probably different than the currency
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you're being paid in.
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There are some websites that pay in British
pounds, some that pay in euro, and the majority
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pay in US dollars.
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But let's say you live in India or another
country and the dollar or the pound or the
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Euro, isn't your home currency?
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How do you convert those funds into your currency
so that you can then go ahead and spend the
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money you earn in PayPal?
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So I had a question on one of my videos a
couple days ago, I've blurred his information
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just to protect his privacy.
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And he asked this question here, if you cash
out in euro, and I'm in the US when the money
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will be sent to my PayPal, would I receive
it in US currency or euros.
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So for example, this website right here, Prolific
actually pays in British pounds, because it's
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a British website.
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So you can see that so far, I've earned almost
12 pounds with this one website called Prolific.
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Now here survey time, for example, they pay
in US dollars.
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So what happens is when that money is sent
to your PayPal account, let's go over to PayPal,
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you can see here I've got these different
accounts available.
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So got USD, Canadian dollars, euro and GBP
British pounds.
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So you can see that Prolific this nine pound
50 is from my last deposit with Prolific.
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So maybe now you're wondering how do I use
this British pounds?
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What can I do with it?
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Or how do I convert it into my own currency.
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Now the way they have it laid out, you might
think to click transfer money.
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But when you click transfer money, if I clicked
on British pounds here and clicked next, this
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is basically getting you to send your money
to your bank.
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And you could do that and that's fine, I could
click I want a standard transfer, and then
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have it sent to my Canadian bank account,
for example.
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But say, I don't want to do that.
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Say I want to convert this currency into US
dollars, because maybe I'm saving up for something
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and I want to keep all that money in my balance
or keep all my US dollars together.
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So I can pay for something via PayPal on the
internet, like my Spotify account, for example,
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we're going to click on money.
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And here you have all your different currencies
available.
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We've got us dollars, Canadian dollars.
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And you can see the conversion rate right
here, Euro or British pounds.
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At the bottom here you can link a bank account,
or you can link a credit card as well.
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You can also click Add a currency.
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And that says when you add a currency, any
payments you receive in that currency will
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be credited to that balance will use your
primary currency when you send or request
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payments.
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So let's say you're from the Philippines,
for example, you might want to add that as
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a currency, so then you could change the US
dollars or the British pounds into this currency.
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So what I want to do is change the British
pounds and put it in my US dollar account.
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So what you do is go convert currency.
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And then I'm going to fill in how much I want
to convert.
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So I want to convert all of it the nine pound
50 and then it will tell you what it's going
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to convert to.
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So you could change this to whatever currency
you want to change it to.
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And I'm going to go ahead and change this
to the US dollar.
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Okay, then they tell you the PayPal exchange
rate.
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And then that exchange rate also includes
PayPal's currency conversion fee.
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So I'm going to go ahead click Next.
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It says review and convert.
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So this is how much money should be added
to my balance to my US dollar balance, then
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click Convert.
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Okay, and so it says you converted 9.50 to
$12.26 cents, click Done.
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And now that money has been added to my US
balance.
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So now if we go back to summary, you'll see
here that my balance is $84.85.
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This balance was like that before but that
was the estimate of the conversion of British
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pounds to US dollars.
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So I had 70 something here with us dollars,
and then the nine pound 50 from Prolific So
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now that I've converted it, it is all in my
us balance ready for me to use on whatever
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I want to use.
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That requires payment in US dollars.
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So I like to do this.
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And then you kind of know how much you have.
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And then if you wanted to convert this once
it reached a certain amount and click on transfer
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money, and then you could go ahead and you
could send it to your bank or your Visa Debit
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Card For 1% fee or standard two
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transfer to your bank in one to five days
for free.
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If you don't already have a bank account linked,
you just click on link a bank, and then basically
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you will start typing your bank name.
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So because I'm Canadian, all of the banks
that are popping up are banks in my country.
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So wherever you're applying for a PayPal account
from the banks listed will be from your country.
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So let's say I was from, or I had a bank account
with CIBC, I'd click that, then I'd go ahead
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and I would log into my online banking with
my card number and my password, and then I'd
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Click Agree and link, you CIBC could also
click link, you're being banked another way.
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And if you prefer to do this, rather than
logging in with your bank information, maybe
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you're uncomfortable with that, you could
do it the more standard way and put in your
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bank name and put in if it's either a checking
or savings account, put in bank transit number,
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institution number account number, and then
click Agree and link.
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I'm going to cancel that because I already
have my bank account linked.
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If you want to see a record of the conversion
that you just did, you can go ahead click
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on activity.
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And as you can see here, it says transfer
debit from British Pound balance to the US
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dollar balance.
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So you can see that I have transferred minus
nine pound 50.
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And that was transferred to $12.26 cents.
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Now as with any platform like this, they do
take a currency conversion fee, unfortunately.
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So let's see how much that is right now I
like to go to xe.com.
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So let's say I put in nine pound 50 in British
pounds, and let's convert that to US dollars.
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So the direct conversion would be $12 and
72 cents or 73 cents if we round up.
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And so between the 12.72 and the 12.26.
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That's a 46 cent fee that they took.
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So not so bad.
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Okay, so there you have it.
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I hope you enjoyed this video and you learn
something that's really easy.
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So don't get worried about currency conversion.
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You can accept currency into your PayPal account
from any type of currency.
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And it's a really quick conversion process.
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It's done instantly once you go through the
process.
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And then you can feel free to spend your earnings
if you want to buy something on a website
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that you can pay with PayPal, I usually prefer
to keep my PayPal balance and I pay all sorts
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of stuff, whether that's web hosting, or my
Spotify, or whatever else.
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And then if I have a large sum, I go ahead
and transfer that into my bank account for
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use later on.
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So thank you very much for watching this tutorial.
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If you have any other questions on PayPal,
or transfer wise or anything else regarding
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this sort of topic, feel free to leave a comment
in the description below, or have any sort
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of related videos that you'd like me to do
on my channel.
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If you like this video, click like and I'll
also be in your list so you can remember how
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to do it when you are making money and need
to convert currency into your home currency.
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Thanks again for watching and I will see you
in my next tutorial.
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