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