exchange rate today wired money

[NKY]

I posted above a copy of my PayPal transaction receipt where I sent funds for my house maintenance/construction where $20,000 Jamaican Dollars was withdrawn from a Santa Cruz ATM Machine at the Bank of Nova Scotia (BNS). The rate I got was $85.84 and it only cost me $1.00 US to complete the transaction.

I'm not suggesting that everyone's friends in Jamaica can be trusted with an ATM Card so I am only pointing this out for people who need to transfer money at frequent intervals. It has worked well for me over the years and I have never had any problems with it. In fact, if the money is not in your PayPal account, the machine will not allow a transaction to take place.

I also have a card to this account and control the PIN numbers of BOTH cards for added security. When I need to purchase things either here or in Jamaica, I use this card and account and not my regular bank account.

Peace and Guidance

Sounds great, but I'm a little confused about going this route. (could be the 100 degree days have fried my brain ) Are you sending the money to a friends bank account or do YOU have a personal account in Jamaica? Or is this an credit/debit card that is connected to your paypal account?

Thanks

Mark

[Flipadelphia26]

Anyone try and buy money through wells fargo?

[Accompong]

Sounds great, but I'm a little confused about going this route. (could be the 100 degree days have fried my brain ) Are you sending the money to a friends bank account or do YOU have a personal account in Jamaica? Or is this an credit/debit card that is connected to your paypal account?

Thanks

Mark

Hi Mark. I can see what this may be confusing. This should clear it up. Yes, this is a Debit Card issued by PayPal. The reason I don't like to use one connected to my regular bank account is that any amount of money that is in that account (and possibly more if the card is used at a store) becomes vulnerable.

I have a limited balance at all time (except when I am home in Jamaica) and have it set up in PayPal that any time I (or someone else) uses the card, I get an email alert and that lets me be more reactive to any fraud attempts. I can go in and change a PIN and/or file a dispute right away. Nothing is perfect but this works best for me.

Because I live in Jamaica much of the year, I need to send funds on a more regular basis than most people and I thoroughly trust my best friend, Marshall, whom I have known for over 20 years.

I used to use MoneyGram, Western Union etc. but all of them are just too expensive and the ATM is immediate assuming I have put money in the PayPal account.

Peace and Guidance

[NKY]

Hi Mark. I can see what this may be confusing. This should clear it up. Yes, this is a Debit Card issued by PayPal. I used to use MoneyGram, Western Union etc. but all of them are just too expensive and the ATM is immediate assuming I have put money in the PayPal account.

Very nice! I can't believe Paypal only charges a $1 fee and no foreign transaction fees. Better keep this on the down low because if too many people stare "beating the system" Paypal will probably start charging more.

Thanks

Mark

[NKY]

Just started to look into the Paypal debit card, and it looks like the $1 fee might not be entirely true. It appears to be a $1 charge for an atm in the US and a 1% fee if used at a foreign atm. And, the details on foreign transaction fees are a little grey as far as if you will be charged a fee for Jamaica.

PayPal Debit Card Fees.

Foreign Transactions If you obtain your funds or make a purchase in a currency other than the currency in which your Card was issued, the amount deducted from your funds will be converted by MasterCard International Incorporated into an amount in the currency of your Card. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by MasterCard International Incorporated from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate MasterCard International Incorporated itself receives, or the government-mandated rate in effect for the applicable central processing date. If you obtain your funds or make a purchase in a currency other than US currency, The Bancorp Bank may assess a foreign currency conversion fee of 2.5% (as outlined in Section 3 below) of the transaction amount and will retain this amount as compensation for its services.

ATM Withdrawal US $ 1.00 (Plus any amounts charged by the ATM owner.)

Signature Withdrawal $ 3.00 if a signature is required to obtain cash.

Non-US ATM Transaction (Using an ATM machine that is not in the US) 1%; This fee will apply even if the transaction does not require a currency conversion.

Non-US Debit Card Usage (Making a purchase from a seller that is not in the US) 1%; This fee will apply even if the transaction does not require a currency conversion.

Exchange Rate & Fee The currency exchange rate is determined by The Bancorp Bank based on the current market price and includes a 2.5% Fee. This Fee is variable and only applies when The Bancorp Bank performs the currency conversion.

I hope that you weren't misled by a less than truthful customer service agent and maybe the terms of use have changed. I've dealt with a few of those when calling credit card companies to figure out if CDW for a rental car was covered in Jamaica. Here is the link to card agreement on paypal's website if you want to check it out for yourself.

Debit card agreement

Even if all of these fees are imposed, it still seems safer than using a regular Debit card and cheaper than wiring the money.

Mark

[Accompong]

Hi Mark,

I read what you sent and am scratching my head as I have been doing this for many years and the example I sent was just two days ago. I am an accountant by trade so I am on top of money! I have never been charged more than $1.00 for the transaction when using Scotia Bank. Can't say for sure about any other bank.

I went back and looked at 3 years worth of receipts..... all were just $1.00

Maybe they just like me......nah. Whatever. It works.

Peace and Guidance

[NKY]

I am an accountant by trade so I am on top of money! I have never been charged more than $1.00 for the transaction when using Scotia Bank. Can't say for sure about any other bank.

I went back and looked at 3 years worth of receipts..... all were just $1.00

Maybe they just like me......nah. Whatever. It works.

Peace and Guidance

Hopefully it continues to work and thanks for the additional info!

Mark

[Ohio_Buckeye_1]

Sounds like some of those fees can be avoided if you plan for it, and do it right. Withdraw the money in $US and avoid the biggest fee - 2.5% foreign transaction fee. I know in Negril some ATMs give $US, some give $JA - so that should not be too hard. Then just hit a cambio to convert the $US to $JA.

A 1% fee for ATM use is pretty low - that would only be $1US for $100US, or $3US for $300.
Even if the ATM itself charges another $3US - that is still much better than Moneygram/Western Union.

[Ohio_Buckeye_1]

A quick question on using the PayPal debit card.

I already have a PayPal account and I just checked my PayPal card - is a MasterCard, not a Debit Card. I have never used that card for a transaction other than online. It seems like it is a traditional Credit Card because I don't have funds in my PayPal account - I pay after purchases when I get my billing statement. Wouldn't I get hit with Cash Advance fees if I use the PayPal MasterCard - or is it a dual-purpose credit/ATM card?

I am thinking I would need to apply from them for a seperate Debit Card and deposit funds in my PayPal account AHEAD of time for withdrawal?

Thanks in advance.

[Accompong]

A quick question on using the PayPal debit card.

I already have a PayPal account and I just checked my PayPal card - is a MasterCard, not a Debit Card. I have never used that card for a transaction other than online. It seems like it is a traditional Credit Card because I don't have funds in my PayPal account - I pay after purchases when I get my billing statement. Wouldn't I get hit with Cash Advance fees if I use the PayPal MasterCard - or is it a dual-purpose credit/ATM card?

I am thinking I would need to apply from them for a seperate Debit Card and deposit funds in my PayPal account AHEAD of time for withdrawal?

Thanks in advance.

That sounds like a good plan, Ohio_Buckeye_1, I would get an additional Debit Card for that account as I explain below.

Part of the reason why I started using Paypal so many years ago is that I was married to a Kingstonian and the Western Union fees were killing me. It was around that time that I also decided that although I am great with other people's money...... I sometimes ain't so good with my own! Sooo...I cut up those Credit Cards and made a conscious decision that if I didn't have it in the bank then I didn't have it.

I don't regret that decision one single bit. I use a Debit Card tied to my personal bank account that is electronically tied to another account where i actually have my Direct Deposits and other monies stored and have no other electronic ties to it so I feel pretty secure.

Now, this personal account that I use for my personal expenses here in the US is where I supply my Paypal account from. As an added layer of security, i don't keep squat in that account either.

This way, I use my Paypal Card in Jamaica and my best friend, Marshall, has a card to that Paypal account too. With my internet access I can control the inflow and outflow of funds within and between the two accounts.

Sounds a little complicated but it works just fine.

Peace and Guidance