Paying loan with rental income

[ThunderSpook]

I've been renting my points out this year and taking payment via PayPal. Made the mistake of having my PayPal account set to £ for the first incoming payment which automatically converted it from $ to £.

Have now set my PayPal to default to $ and have had a new payment come in in $.

Question is, I want to use this money to pay our DVC loan, but it looks like that can only be paid on credit card.

Is the only way to do it going to be convert it to £ in PayPal (pay large fee), transfer it to my bank, transfer it to Revolut, convert it back to $, pay loan?

Converting something from $ to £ and then back to $ seems daft and expensive.

[gavvy]

you can buy gift cards and use them on the DVC site. Target take paypal and I think Disney direct do as well.

You have to use a USA address for Target, I use the boardwalks :-)

[ThunderSpook]

You can't use gift cards to pay towards the loan though, only the dues.

[gavvy]

Ah yes, there's no way of doing it for the loan, you will have to take a hit on the 3% PayPal load the exchange by I think.

[Gelatoni]

I'm confused on this. What fee is it? I receive USD but on each transaction it has 0 under the fees. And again when it's paid out in £ 0 fees. Never had to set Paypal to £ or $.

Have I been getting charged hidden fees?

[gavvy]

Originally Posted by Gelatoni

I'm confused on this. What fee is it? I receive USD but on each transaction it has 0 under the fees. And again when it's paid out in £ 0 fees. Never had to set Paypal to £ or $.

Have I been getting charged hidden fees?

See more...

you have. Paypal load the exchange rate by 3% so it costs you 3% more to convert than the market spot rate. It can be quite expensive on large transactions.

You don't see the charge, its hidden in the exchange conversion

[Gelatoni]

Originally Posted by gavvy

you have. Paypal load the exchange rate by 3% so it costs you 3% more to convert than the market spot rate. It can be quite expensive on large transactions.

You don't see the charge, its hidden in the exchange conversion

See more...

Oh no. I wish I'd researched this before 🙄 Thanks for letting me know.

[YorkshireT]

It cost me about £50 on a transfer of just over £1000 in US dollars. So PayPal are making a fortune, but price of doing business.

[Gelatoni]

Originally Posted by YorkshireT

It cost me about £50 on a transfer of just over £1000 in US dollars. So PayPal are making a fortune, but price of doing business.

See more...

I'll have to look into TransferWise etc to see if there's a cheaper option for me.

[zoemoo]

How can you set your PayPal account to $