Author Topic: Weak Dollar. Problem for European stock contributors (Read 13770 times)

niserin · « **on:** February 12, 2014, 05:30 »

Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker !

) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Michal

Ron · « **Reply #1 on:** February 12, 2014, 06:01 »

Why is that stealing? Every bank or currency exchange charges a fee. Some are cheaper and some are more expensive then PayPal.

I never understand why people call paying for a service stealing.

Quote

steal
stiːl/
verb
gerund or present participle: stealing

1.
take (another person's property) without permission or legal right and without intending to return it.

Gregory_D · « **Reply #2 on:** February 12, 2014, 06:03 »

For my part, I expect conversion USD $ => € is the best ! that is to say not now, and it's getting worse !
By cons, paypal takes nothing at all for just the conversion (in France anyway), it just takes something when you transfer your money to your bank account ... normally...

niserin · « **Reply #3 on:** February 12, 2014, 06:45 »

Yep, 'steals' is not a best word, it just expressed my frustration at weak dollar and Paypal having such huge spread.

Red Dove · « **Reply #4 on:** February 12, 2014, 07:04 »

Quote from: niserin on February 12, 2014, 05:30

Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker ! ) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Michal

I transfer the payment to my bank account asap. Much safer than leaving it with Paypal and any interest accrued is all mine.

Minor fluctuations in currency are unavoidable and since I'm not dealing with five figure numbers just yet I'm not that worried. It will all be in Yen soon the way things are going.

Ron · « **Reply #5 on:** February 12, 2014, 07:14 »

Quote from: Red Dove on February 12, 2014, 07:04

Quote from: niserin on February 12, 2014, 05:30
Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker ! ) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Michal

.... Much safer than leaving it with Paypal and any interest accrued is all mine.

Thats interesting. My bank account was emptied last week. 830 euros stolen in fraudulent payments. Probably because of the Adobe fiasco. If I had left my earnings on my PP account, I still would have the money

Anyka · « **Reply #6 on:** February 12, 2014, 07:18 »

It's not just the weak dollar that is a problem : PayPal uses a different rate (as said before), but the Belgian taxes use the official rate to calculate my income. That means that my income statement is higher than what I actually receive on my bank account, so I pay taxes on income I never had ...

Red Dove · « **Reply #7 on:** February 12, 2014, 07:33 »

Quote from: Ron on February 12, 2014, 07:14

Quote from: Red Dove on February 12, 2014, 07:04
Quote from: niserin on February 12, 2014, 05:30
Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker ! ) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Michal

.... Much safer than leaving it with Paypal and any interest accrued is all mine.

Thats interesting. My bank account was emptied last week. 830 euros stolen in fraudulent payments. Probably because of the Adobe fiasco. If I had left my earnings on my PP account, I still would have the money

Yikes. Three years ago my Paypal account was emptied of $600 in fraudulent payments to some chap in Taiwan....Keeping your lolly in an old sock under the mattress might be the safest option after all.

PS. To their credit Paypal acted swiftly and I was reimbursed

KaetSand · « **Reply #8 on:** February 12, 2014, 08:00 »

Quote from: niserin on February 12, 2014, 05:30

Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker ! ) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Michal

I convert $ to £. The exchange rate has been horrendous for the last few months. I withdraw every week or asap from paypal to my account. I don't think I'm loosing that much over the year.
Paypal charges are relatively good money for the service they provide. After all they are a Business like we all are :-) and i get the £££ in 2 hours into my account, it used to be 3-4 business day.

roede-orm · « **Reply #9 on:** February 12, 2014, 08:13 »

Who knows, how stable the euro remains in the future. Perhaps the best exchange is in Swiss francs or open an agency yourself

bunhill · « **Reply #10 on:** February 12, 2014, 08:29 »

Quote from: Ron on February 12, 2014, 07:14

My bank account was emptied last week. 830 euros stolen in fraudulent payments. Probably because of the Adobe fiasco.

The lesson here is never use a debit card online or remotely. That's what can happen. You are much better protected using a credit card.

Ron · « **Reply #11 on:** February 12, 2014, 11:09 »

Quote from: bunhill on February 12, 2014, 08:29

Quote from: Ron on February 12, 2014, 07:14
My bank account was emptied last week. 830 euros stolen in fraudulent payments. Probably because of the Adobe fiasco.

The lesson here is never use a debit card online or remotely. That's what can happen. You are much better protected using a credit card.

??!?

I get my money back from Visa, whats the problem? Its the same card protection.

You really are Captain Hindsight... seriously, stop being so pedantic about everything.

Beppe Grillo · « **Reply #12 on:** February 12, 2014, 11:29 »

Quote from: roede-orm on February 12, 2014, 08:13

Who knows, how stable the euro remains in the future. Perhaps the best exchange is in Swiss francs or open an agency yourself

It is not the Euro to be unstable, it is the Dollar.
I agree with you about the Franc Suisse

Personally I will get all what I can get before it is too late…

bunhill · « **Reply #13 on:** February 12, 2014, 11:42 »

Quote from: Ron on February 12, 2014, 11:09

I get my money back from Visa, whats the problem? Its the same card protection.

No there is a clear and obvious advantage to not having your bank account suddenly drained as a result of debit card fraud: If your bank account is suddenly emptied you cannot use it until the problem is resolved. Where as with CC fraud you have until the due date to notice and address the issue.

Suppose you have a large sum of money in your account when it is emptied - e.g. the proceeds from a property sale. There is also the fact that different degrees of consumer protection typically apply.

Google it. Experts agree that using debit cards online is a bad idea.

http://finance.yahoo.com/news/pf_article_109125.html

Quote

"You don't use a debit card online," says Susan Tiffany, director of consumer periodicals for the Credit Union National Association. Since the debit card links directly to a checking account, "you have potential vulnerability there," she says.

Her reasoning: If you have problems with a purchase or the card number gets hijacked, a debit card is "vulnerable because it happens to be linked to an account," says Linda Foley, founder of the Identity Theft Resource Center. She also includes phone orders in this category.

http://money.msn.com/identity-theft/article.aspx?post=5271d234-5c44-4b88-bed6-d0f3597aa1a1

Quote

using a debit card online can work against you. If you have a problem with the purchase or your debit card number is stolen, it's a huge hassle to get the money restored to your account and make your card number safe and secure again. In the online world, credit cards are usually a better bet.

Why You Should Never Use Debit Cards: Forbes

http://money.howstuffworks.com/personal-finance/online-banking/safe-to-shop-online-with-debit-card.htm

Quote

As much as you might resist it, debit cards should not be used to pay for online transactions; a credit card is always safer for e-commerce. You're not as protected against fraud when you use a debit card, and disputes with those cards can be difficult to resolve. Plus, if someone steals your debit card number, your entire bank account is vulnerable.

http://lifehacker.com/when-should-i-use-credit-and-when-should-i-use-debit-wh-862086499

Quote

If you're shopping online. Credit cards are by far your safest option when shopping online, both because the credit card issuers watch for fraudulent charges. If you detect fraud yourself you can dispute a charge and get it reversed quickly, thanks to credit card issuers' "zero liability" policies. You're never liable for unauthorized charges, unlike debit transactions, which are the same as cash (and are protected in some cases, but that varies from bank to bank)

roede-orm · « **Reply #14 on:** February 12, 2014, 11:46 »

Quote from: Beppe Grillo on February 12, 2014, 11:29

Quote from: roede-orm on February 12, 2014, 08:13
Who knows, how stable the euro remains in the future. Perhaps the best exchange is in Swiss francs or open an agency yourself

It is not the Euro to be unstable, it is the Dollar.
I agree with you about the Franc Suisse

Personally I will get all what I can get before it is too late…

Yes, but what i liked to say is, even the Euro is not a stable currency, and we don't know, what the value of the Euro is in the future.

cascoly · « **Reply #15 on:** February 12, 2014, 12:45 »

actually both currencies have been weak, so there really hasn't been much change over the past few years -- the euro has varied between 1.2 and 1.4, but has basically been about 1.3 over the last 2 years. it's pennies so I do t really worry much when it moves from 1.33 to 1.37, etc

https://www.google.com/#q=euros+vs+dollars+calculator

I just leave my euro & pounds earnings in paypal

Metsafile · « **Reply #16 on:** February 12, 2014, 13:19 »

It’s high time for a devaluation of the euro.

Beppe Grillo · « **Reply #17 on:** February 12, 2014, 14:15 »

Quote from: Metsafile on February 12, 2014, 13:19

It’s high time for a devaluation of the euro.

It's high time the usa stops to print paper to make (free) money…

OM · « **Reply #18 on:** February 13, 2014, 20:23 »

The value of all fiat currencies relative to one another is a big joke perpetrated on all users by the central bankers. Every day, trillions of dollars/euros/yen etc are transacted through the FOREX markets....money to be made on manipulation of such large markets. Count on it and bank that.

BaldricksTrousers · « **Reply #19 on:** February 14, 2014, 15:07 »

No currency or means of exchange has a stable value. Gold is even worse than fiat currencies, whatever the gold bugs might think. If you trade internationally you are constantly at risk of fluctuations. There's not much you can do about it.

qwerty · « **Reply #20 on:** February 14, 2014, 16:53 »

Try working with the Australian Dollar. it went from 50c US to 105c US and now is around 90c US.

Good for consumers of overseas goods.
Bad for exporters and tourism industry. Many industry's now shutting due to the USA printing money. Australian car industry is going to be closed down in 2017.

Result LCD TV's are cheap, no jobs for factory workers.

Goofy · « **Reply #21 on:** February 14, 2014, 17:11 »

Quote from: Red Dove on February 12, 2014, 07:04

Quote from: niserin on February 12, 2014, 05:30
Hi!

$ has been losing recently to EURO and other European currencies. A question to fellow European contributors - How do you handle this problem? Do you exchange your dollars on Paypal as soon as a payment arrives, or do you wait for better times to make an exchange (then your are not only a stock photographer but also a broker ! ) ?

Not to mention that Paypal ~~steals~~ takes 2,5% from the currency exchange....

Once you reach payout take it! Don't leave it laying around...

I transfer the payment to my bank account asap. Much safer than leaving it with Paypal and any interest accrued is all mine.

Minor fluctuations in currency are unavoidable and since I'm not dealing with five figure numbers just yet I'm not that worried. It will all be in Yen soon the way things are going.

MichaelJayFoto · « **Reply #22 on:** February 16, 2014, 08:27 »

When waiting for a "better" exchange rate: How can you be sure it will become better and not worse? I think the USD/EUR rate is about in the middle of the range it has fluctuated around for the last decade, so there would be a 50:50 chance it gets better or worse from this point of view... and in the long term view over the last 30 years, the US Dollar always has lost value against the Euro.

ShadySue · « **Reply #23 on:** February 16, 2014, 09:53 »

Quote from: MichaelJayFoto on February 16, 2014, 08:27

and in the long term view over the last 30 years, the US Dollar always has lost value against the Euro.

Ha - that's my 'something learned on msg' for today.
I was about to retort that the Euro isn't 30 years old, thought I'd better check and discovered the e-currency entity called the ECU, which preceded the Euro, of which I'd never heard.

Beppe Grillo · « **Reply #24 on:** February 16, 2014, 10:48 »

Quote from: ShadySue on February 16, 2014, 09:53

Ha - that's my 'something learned on msg' for today.
I was about to retort that the Euro isn't 30 years old, thought I'd better check and discovered the e-currency entity called the ECU, which preceded the Euro, of which I'd never heard.

in fact the ECU was the second european virtual money.
Before there was another one called European Unit of Account.

They changed the name from ECU to Euro because in some languages the sound was not so good: "el ECU" in spanish was too much similar to "el culo" > the ass, or in german to "eine Kuh" > a cow…

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Author Topic: Weak Dollar. Problem for European stock contributors (Read 13770 times)

niserin

Ron

Gregory_D

niserin

Red Dove

Ron

Anyka

Red Dove

KaetSand

roede-orm

bunhill

Ron

Beppe Grillo

bunhill

roede-orm

cascoly

Metsafile

Beppe Grillo

OM

BaldricksTrousers

qwerty

Goofy

MichaelJayFoto

ShadySue

Beppe Grillo

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