PayPal exchange rates are poor

[sanhoeflyer]

having just bought an item for $4560 USD the conversion rate applied by PayPay was 1.59 to the pound when the published rate is $1.6495  this makes it quite expensive useing pay pay. A lesson learnt. In future I will use my debit card, they are paying 1.6345 .

I feel somewhat robbed, I trusted PayPal to be fair and reasonable.. Lesson Learnt

I will never use PayPay for any substantial payment again.

[Fish_Man]

Why can't PayPal publish THEIR (retail) exchange rates on a page for us all to see.
They obviously know them, to be able to convert different currencies, so why won't they show us, so we can work out what an item will cost us.
The approximation (helpfully put on the sellers advert ) can be way off, especially if the item is costing many hundreds, or thousands.

Just because the rates change daily, is no excuse for not publishing them. Everyone else does; Banks, Building Societies, Post Offices, Currency Exchanges, etc.

In fact, doesn't PayPal have a legal obligation to be clear, transparant, and up-front in their dealings with us (the public), and not hide vital or essential information?

PayPal, please can you tell us your stance on this?

Regards,

[PayPal_Siobhán]

Hi Fish_Man,

PayPal receive a wholesale rate quote from our bank twice a day to determine the retail foreign exchange rate to apply to transactions that involve a currency conversion.

You can view the current exchange rate, here's how:

1. Go to www.paypal.co.uk and log in to your account.
2. Click 'Profile' near the top of the page.
3. Click 'My money.'
4. Click 'Currencies' beside 'PayPal balance.'
5. Enter your information and click 'Calculate.' 

Hope this makes things a little clearer.

Siobhan 

[Fish_Man]

Nope.

It doesn't work.

I am in the UK, so if I change the from currency to US Dollars, and convert to GBP, then put in 100.00

It tells me that the USD100 is worth USD174 !

Try again.

Regards,

Paul

[Garfje]

Paul,

A year later and still no response from PayPal?

I've just sent a query to Customer Support, to ensure that my card company will be used to convert from US$ to GBP, as I haven't seen a "fair" PayPal exchange rate since I joined more than a decade ago.

Happy to report back what they say.  My assumption is my card company will make the conversion, as I have not agreed otherwise with PayPal, and that is what they did in the past.  It will be a lovely time for the small claims court if that changes, without my permission.

It's such a shame this is how customers have to act, just to get clarity and fairness from a market leading financial orgnisation such as PayPal.

Rgds,

--Garfje.

[Fish_Man]

How do you get them to just debit your card in that sellers currency ?

I am always charged in GBP regardless of what the currency shown is.

Regards,

Paul

[PayPal_Rachael]

Hi Fish_Man,

If you would rather have your card issuer do conversions for you this is an option but only if you are paying with a card.

This is how it works:

1. Click ‘Other Conversion Options’ on the ‘Review Your Payment’ page.
2. Choose ‘Bill me in the currency listed on the seller’s invoice.’ Select this option to ensure that your credit card is charged in the currency you want.

Once you do that you will not see the converted amount until it reaches your statement.

I hope this helps.

Rachael

[zazoupazou]

I'm doing that but you're still showing me your converted rate. 

[mattl55]

I get paid in dollars by a company in US. I am in UK. Paypal exchange fee is bad. Can I still withdraw as dollars and allow my bank to exchange? What is the fee?

Thanks

[Bastet1]

For some reason your bank seems to give the poorest excahge rate...always. How can you explain the diference bewteen the Paypal exchange rate and the official exchange rate?