Help!? Paypal vs Bank Transfer?

[Ender]

I am thinking of acquiring a watch from overseas. Currency is USD.
And I am deciding between making payment via paypal and via bank transfer.
Specifically, my concern is the exchange rate charged by paypal vs the exchange rate charged by the banks.
Any kind soul out there can tell me which method is less damaging?
TIA!

Ender

[triton]

i find that both are equally damaging.

however, i would suggest paypal. if there is a fraud, there is a slim chance of recovery. however with bank transfer, once through. even with fraud, abit hard to retrieve

[caeden]

There are pros and cons to this...

Paypal is definately safer...

But it would depend on the credit card that is linked to your paypal account...the currency conversion, that is.

Malaysian banks' credit cards have got better forex rates...eg - Maybank & CIMB. Citibank & Standard Chartered have the worst rates....but maybe that is just me.

And since it is paid by your credit card, you have a month+- to settle the bill.

The one downside is, there is a paypal fee to be borne, by either party...which would be between 2.4-3.9%....with sellers normally asking +3%.

So unless it is a reputable seller, stick with paypal...

Just my 2 cents...Good Luck!

[breitling77]

Paypal. I think both will have similar currency exchange rates as it still depends on your credit cards.

[voltshin]

paypal have better security measures and practices in term of refunding/disputes. they will refund you if you did not get your goods.

bank? they will not even bother since its your fault.

exchange rate? paypal seems to be on the market rate while bank are slightly higher.

[Watcha]

Unless you know the seller well and trust the seller.
I vote paypal. Premium for some protection.

Unless the watch cannot be had locally.
Safer to go local.

[seiko.citizen]

The buyer protection only applies when using in conjunction with ebay? Or even private deals.

[Ender]

thanks guys for the feedbacks!

ender

[psee]

I had been using paypal for all my overseas purchases after been cheated (the seller sent a replica) using TT when I first picked up this hobby many years back ...

[WatchingWatch]

I am thinking of acquiring a watch from overseas. Currency is USD.
And I am deciding between making payment via paypal and via bank transfer.
Specifically, my concern is the exchange rate charged by paypal vs the exchange rate charged by the banks.
Any kind soul out there can tell me which method is less damaging?
TIA!

Ender

I remembered back in end July I paid using cc to an overseas merchant and the bank charged the USD-SGD rate at abt 1.39 (the spot rate then was abt 1.36+).

I did a quick check on my paypal account and the conversion rate quoted today is abt 1.35 (spot rate in recent days had fallen to below 1.32)

[zoomx]

Though there is some protections in Paypal, we still cannot negate the risk of buying things that we never hold it in our hands before paying.

[Wenda]

To qualify for PayPal buyer's protections, one of the conditions is it has to be used in conjunction with eBay listings.

As far as rate goes, bank transfer can be good for amount above 2000USD. Remember, you will be charged 25-35SGD just to initiate the telegraphic transfer. PayPal will eat up about 4% on the seller's side so he may pass the extra charges to you.

Usually bank transfer offers you better exchange rate than PayPal.

[Laouir]

Paypal. just because it is safer in the event you are cheated.