Currency exchange

[AnarchyFive]

The Canadian dollar is worth 1.0274 US dollar. when i try to make a transaction this is not the exchange rate it was using. When i looked before, they were the same when the dollar was below the USD. please help

[alchemist11]

Bump.

I would like to know why this is the case too. When I go on ebay (which seems to follow the market), the Canadian currency is clearly higher in value than the USD, yet on Paypal they are almost the same. For example, 174 USD is 169 CAD. But on PayPal, 174 USD is around 172 CAD. That is a huge difference and will/does affect the opinions of myself and others on whether to purchase goods at all. Why should I pay the seller extra if it worth less in my own currency? It makes no sense whatsoever.

[RMac]

I too am wondering how PayPal comes up with these numbers.

I am purchasing an item for just over $2865 USD.  Using PayPal's built-in currency converter, it shows as being $2717 CDN.  Sounds good - that is until I go to SEND the money - now it is gone up to $2875 CDN!  WTF?

I asked PayPal and was told there is a 2.5% charge.  Fair enough, but the difference is a lot more than 2.5%.

Have sent them several follow-up e-mails but no response.  Typical...

[RevCo17]

So in other words paypal is gouging Canadian spenders when it comes down to it... But if you were able to pay via Visa or any other credit card, they don't add the fee... I think I'm gonna stop using paypal from now on since this fee is just another way to screw me over. Thanks but no thanks to paypal.

Was a loyal user...

[sebavicto]

I live in Canada and have a CAD and USD Bank account as many others, I need to do a purchase in USA so I want to pay with my USD currency available.

I just called Paypal to reconfirm it was possible but unfortunately was useless calling them and even reconfirming them that Paypal is making the currency exchange conversion at their convenience based on the location of where your account is.

So what do I need or use Paypal for? What is the advantage of using Paypal compare with a Credit Card?

The answer to those questions to me at the phone were: ok, is more secure! we'll reimburse you in case of a dispute.

But base on other posts I've been reading here all these not seems to happen in reality. So watch out my friends or think it twice at the time of purchasing/selling via Paypal as they are also a currency exchange actor!

[trentgustus]

They'll do nothing if there is a dispute. I have personal experience with this. I lost about $200.. The only message we can send is just STOP USING PAYPAL!.. If a merchant chooses to offer only that payment method, just message that you are really interested but.. I totally agree.. HOW CAN THEY CHARGE A BOGUS EXCHANGE RATE? They already charge fees on purchases this is just an add on. I WON'T DO IT. i WON'T GIVE THESE GUYS A DIME..  

[jeffy_18]

Total scammers.  I can't belive they have the gall to steal and then hide behind a brick wall when it comes to trying to contact them.  Thieves.

[jeffy_18]

Crooks and thieves and they won't let you contact them.  They wiped out funds in my account, then ripped me off on Canadian-US exchange rates.  Someone should shut these bandits down.