Monday, March 15, 2010

Experience with Paypal and DBS

Got the reply from POSB/DBS and I decide to change my name according. Many thanks to Samantha Pang of DBS. So I just used the same name with the hanyu pinyin but the brackets removed. I also received the 2 paypal deposits and verfied my paypal account.

Although the amount was only $0.26, I wonder if someone will exploit PayPal by mass opening lots of bank account and verifying them, and pocketing the transfer by PayPal.

I had some Paypal balance and the currency rate for SGD/USD are
1 USD = 1.35866 SGD
1 SGD = 0.699065 USD

Calculating the rates, 1.35866 * .699065 = 0.9497916529,
This imply Paypal is making around 1 - 0.9497916529, = 5.02% for the spread/bid

Perhaps selling the USD currency balance directly to others is more worthwhile for those who wish to shop in USD currency but have only SGD, creating a win-win situation. Will consider the options when I got more than the $30+ dollar inside. I was also charged 3.4% + $0.30 USD, probably for Cross-Border Payments I think.

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