Chapter in this post:
My tax advisor has the ardent wish that my PayPal account only works with euros and that amounts in US dollars or other currencies are converted directly. I had done that once before, but now I received another payment in USD, which unfortunately does not automatically change to euros. Instead, you have to convert the credit from one currency to the other in PayPal. I will show you exactly how this works in a short guide.
One note in advance: If you can somehow avoid converting the currencies, I would leave it. Paypal includes its quite proud processing fee in the USD-EUR exchange rate, so that you get an exchange rate that is about 4 to 5 percent below the current rate.
For example, in my case PayPal gave 0,78 EUR for 1 USD, while Google told me the current EUR-USD rate is 0,82 EUR per US dollar. So PayPal gives me a good 4 cents less per dollar ... That means that I paid over 40 euros in fees for the conversion. I think I have to speak to my tax advisor again ... ;-)
But now to the procedure itself. I did it with myself in a PayPal business account, but I think the principle should also work with a private PayPal account.
Here you can find the screenshots that I took. So you can see how the process works.
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Jens has been running the blog since 2012. He appears as Sir Apfelot for his readers and helps them with problems of a technical nature. In his free time he drives electric unicycles, takes photos (preferably with his iPhone, of course), climbs around in the Hessian mountains or hikes with the family. His articles deal with Apple products, news from the world of drones or solutions for current bugs.