Paypal's currency converter a little fishy?

[playford]

I bought something in US dollars and ended up paying more in Canadian funds, despite the fact that Can. currency is higher than the US dollar - where does Paypal find this conversion chart, and what year is it from? If my purchase had been large enough, that could have been a lot of money and I find this more than fishy and maybe bordering on illegal.

[NightWarp]

I agree... right now im suffering a 10% LOST on any convertion.

Paypal see the rate was 1USD = .93CAD when in reality its 1USD = 1.03CAD!

[ao_samurai]

I pretty much had the same problem back when the CAD was a little bit higher than the US and after reading on paypal, I figured that it was because paypal takes a cut on our purchase. that explained why I ended paying a little more than the US at the end, but I could be wrong, it was some time ago...

[Felix263]

I have a USF VISA as well as a Canadian one.  Can I register TWO cards with PayPal so as not to bother with the conversion rate?

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@ao_samurai wrote:

I pretty much had the same problem back when the CAD was a little bit higher than the US and after reading on paypal, I figured that it was because paypal takes a cut on our purchase. that explained why I ended paying a little more than the US at the end, but I could be wrong, it was some time ago...

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[rbkirk]

I too have the same problem. I made a purchase online and wanted to see how much it would be before I actually agreed to the purchase. The US cost was 52.82 and with the correct conversion it should have been 50.50 CAD. I actually sent an email to paypal to get an answer why their exchange rate is different then say the bank. Has anyone found out anything

[IAMCanadian]

Not surprised to see that there is a forum for this topic.  I was transferring my US funds to my Canadian bank today and noticed that I'm losing quite a few $$$$ despite that the Canadian $$$$ is stronger.  Decided to call to inquire about their exchange rate............... Couldn't get a straight answer {I kept being put on hold- employee had no idea what I was asking}- got the Supervisor on line and they never answered my question either.  They just advised me that Paypal has to take a 2.5% for 'buying the dollars" or converting the $$$$ but the amount I'm losing is more then 2.5%;  Paypal should have advised that they would do this and the percentage being used to charge customers when you first sign up with them {maybe they do and I missed it}.  Conveniently- while on the phone with them- they lost my connection and it went dead!   They have my connect info and they know/knew who they were speaking to but never called me back!  I say this is 'fishy'.

[kayocarl]

Just had the same thing happen to me $759us cost me 761.18 CanadianChecked on an online converter(updated every hour) and it should  have cost me $742 Canadian,That means they took $20 from me to covert over, plus charged the person for selling  me the item.Not pleased

[Franca]

Yup, I don't thing this is correct

and I wonder how much legal it may be

this is extorsion because we even if I don't accept I have no real way to stop it before it is too late

we are in the process to check for a merchant account

at least we will control more of our transaction and the real cost

it seem we are alway the loosers, and we are bored of that.

we had a big problem last year and after a tree ways calling, (us, paypal and master card supervisor), we found they also have a problem with new master card and their AVS (authentification verification service system), and there too we lost 1000's dollars because their system have denied valid credit cards their system judged non valid. The worst is they never really fixed the problem.

another things, one of my clients making business with chase bank (USA) told me the money he sent to paypal appeared one day later on paypal, his bank account show the transfer was done 1 day before, so during that 24 hours, paypal make business with OUR money, just multiply by millions peoples and you have a short view of what they earn ... Free.

thats bad again, because when we transfer money, it should be available at the moment our bank account show it was transfered.

Paypal is not the same since owbed by ebay, and lot of peoples don't do business with them since they alway change their policies at their advantages.

And they may loose us for daily transactions, maybe will keep them only for peoples asking really to pay by paypal. We have analized the in/out, cost, interests and fees and we save good.

so time to turn the page!

[IAMCanadian]

.......... Now it makes sense to me why when I first started my e-bay seller's account- they encouraged me to sell my items in US funds - said I would sell the items better- {wonder if I could convert back - otherwise will close my account}.  If I was selling in Canadian funds and did not have to convert anything over then I wouldn't have this problem- ahhh but there would be something else........ makes you wonder- trust no one these days!!!!!!!!!!!!!!

[Franca]

you should keep your paypal account if in case someone ask yo paid via paypal.

I also heard ebay now ask you to have a paypal account, yes they are brother and fight against the competition

I talked tofay to multiple merchant account representative and I am on the right step to have a merchant account and bill myself via credit cards, this way I know where goes the money and who took it.

the statement of paypal for me, is not a off and don't show much

also have alway to make sure before I use my paypal ATM card , the money I want to take is well in US, if not then sorry ATM said "contact your bank" or the store said "transaction refused", even if I am sure the money is there.

the only thing I forgot is convert in US and loose against I think the CA VS US dollars

and of course, in all currency market, the canadian dollars worth more, internationally

and Paypal said they have now a canadian branch ...

happy for us, because if not, they will charge us probably more.