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Paypal conversion rate...

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Paypal conversion rate...

Hi everyone!

 

I'm a new Paypal user.   PayPal really disappointed me. No customer service on their website.  Reply to an e-mail take much more time than their 24-72 hours.

 

I'm seeing a lot of people have problem with PayPal conversion exchange rate.  Bank of Canada published 0.9997 CAN$ = 1.0003 USD$.  For Paypal 0.97 CAN$. (On march 23rd)

I added funds to my Paypal account: 600$,  to pay a purchase I made.  For Paypal my 600$ convert in US money is 585.15! I miss 1.10$ to pay!!!  (586.25 USD = 585.19 CAN$ ???)

I read a post where the Paypal guy said exchange rate are update twice daily.  Sorry but this is a big big lie!  And we have to think about fees. Even with 10% fees, I would have enough money in my account, but not with Paypal.

 

So PayPal takes money from everyone use their service, don't work  with real conversion exchange rate, make big money on our back.  And telling me they deal with millions $, is not an acceptable answer.  Every bank deal with millions and more!  And they use real rates from around the world.

I feel like it's fraud and I don't like it.

 

Paypal customers want real updates on conversion exchange rates, and we want to see charged amount fees.

 

I'm sorry to people who find me hard to read, english is not my first language  😉

 

Have a nice day every one!

 

 

 

 

1 REPLY 1
New Community Member

Re: Paypal conversion rate...

Hi,

         I agree with you 100%, I have been dealing with pay pal for 7 years now and also transfer money to buy items, yes pay pal is ripping all of us off, there exchange rate for Canada is always 3 or 4 cents lower than the going bank rate, I have lost many dollars in this manner with pay pal.

They make a lot of money off of people like us buying from US or other country’s they are ripping us off big time.

When I buy something through pay pal I always try to pay with my credit card and request at payment time to use my credit card bank in Canada instead of pay pal, not sure if this even works or not.

 

From another fed up Canadian pay pal customer.