I have a UK Paypal account, and when I withdraw $100 from Envato, I end up with $100 in my account. No fees to receive and no conversion fees. I can then keep it in dollars or convert to pounds when required.
But anyway, I’ve found Paypal conversion rates to be not much worse than anyone else’s. Losing $100 in the conversion sounds very high though, but as an Elite I guess you’re converting some reasonably large sums.
I think I lose no more than 1.5% in the conversion, but I guess that can soon add up over a year. It’s about the same as what a bank would charge, and considerably less than if you change it at one of those airport kiosks!