Paypal withdrawal problem

Hey Guys

I have the following issue with Paypal and hopefully someone knows a solution:

- I have a paypal account that mainly has EUR in it
- If i want to cash out that money to my local bank acc they only wire CHF (Swiss Francs) since i'm based in Switzerland at a ridicolous exchange rate
- Now some of my suppliers i have to pay in EUR and some of them dont accept Paypal transfer, therefore today I would need to cash out EUR, change to CHF, change it back to EUR and loose like 7-8% of the value. obviously I have a bank account in EUR as well thats not the issue
- Therefore does anyone know how i get my paypal money to my bank account without changing currency?

One solution might be if i transfer to a friend living in a European country that has EUR as their local currency but this might not be the best solution + tax problems most likely for the guy there.

Someone has any other idea

edit: I've spoken several times to Paypal about this issue but obviously they dont do local currency since its in their policy (obv they want to make the 5-6% on the exchange).

Thanks

The company I work for had the same problem, we are in Canada and our Supplier was in the US. Our Customers payed by paypal in US fund, money comes to us Paypal charges exchange so now we have in CAD funds then we have to pay supplier in US funds so we have to change it back. What we did was get a USD bank account in Canada and then we transfer the funds to a bank on US Soil and pay the supplier with a Visa from that bank account. We still had to pay some fees but it worked out to save us a lot in the long run.
Is it possible to open up a EUR only bank account in Switzerland? The other option that we looked at was setting up a dummy corporation in the US and then opening up a new pay pal account and then there is no conversion charge on paypals end. Are you on terms already with your supplier?

Hi Matt, I have heard a lot of bad things about Paypal. Unbelievable how they can get away with so much crap. Can't you just add your EUR account to your Paypal account as well and then be able to transfer the funds to your EUR account (or will that give you trouble with taxes) ? Maybe you could try to pm edzwoo, since I guess they have a lot of experience with Paypal, due to their Ebay business. Good Luck

Thanks for the responses.

What I can do is open a USD account with a bank in the US and then add this account to my paypal so i can cash out USD, but that doesnt really help me because I need EUR.

Yes I have obviously a EUR account and it would be no issue to add this one to paypal (actually i already added it) but when i cash out i receive CHF on that EUR account.

I'm looking around on paypalsucks.com, maybe those guys can help me.

Thanks again