It is no longer news that PayPal has been available to Nigerians for quite sometime now. Although, not completely, but partially.
However, what could be termed as news right now, is the fact that PayPal now automatically converts Dollars to Naira when making payments online.
I tried making a payment of $12.24 and PayPal automatically converted the amount to Naira, thus displaying how much I will be paying in Naira.
Doing the maths, PayPal’s rate at the time, was around N327 to a dollar which is a far cry from what the current exchange rate is in the country.
Trust me to hint the Pay Now button without hesitation. Unfortunately, the payment didn’t go through using my Access Bank Visa Card.
Using a First Bank’s ATM card wouldn’t work either because it’s actually verve and thus, ‘probably’ not positioned for internet payments.
Maybe, just maybe, if I had a GTB MasterCard, that would have went through.
Point is, PayPal now automatically converts dollars to Naira which could be much better than the exorbitant exchange rate our Banks are bringing to our face.
Of course, this automatic conversion can be overridden. Hence, if for any reason, your payment didn’t go through using the default exchange rate, you can choose to use the option that allows your bank sets the rate.
By the way, Access bank currently charges N395 per dollar. You may want to put that in mind if you are considering using access Bank for online payments.