Paypal conversion rates insanely low ?!

Matei86
Contributor
Contributor

Hi,

 

I noticed that paypal changed the layout of the withdraw page, before i couldn't see the conversion rate and how much would i get in Romanian currency (RON). Even so, after withdrawing $500 to my credit card (in RON), i personally calculated the exchange rate which usually was 3.85 RON for 1 USD (this was one week ago). Since then, the USD currency got stronger compared to my local currency RON, therefore expected to receive more money.

 

Now the withdraw page shows how much money i will receive in RON and the conversion rate. I was shocked to see the insanely low conversion rate paypal was offering me! 3.78 RON for 1 USD!! This is about $12 less then i received one week ago for the same amount ($500)!!!

 

I feel like i'm getting ripped off by paypal!! What is going on here?!

 

I attached an image of the withdraw page showing paypal exchange rate and normal exchange ratespaypal conversion rate.jpg

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20 REPLIES 20

Matei86
Contributor
Contributor

UPDATE: The problem has been solved by calling paypal. They apologized and sent me a small compensation for the trouble.

Basically you need to call paypal and tell them that you no longer want paypal to convert the money but your local bank.

The changes will be made instantly while talking on the phone.

Now i withdraw dollars instead of RON (local currency) and it is shown in my paypal balance.

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solocotien
New Community Member

@Matei86Glad to hear that your problem was solved.

So what we have to do is just calling Paypal and ask them send us USD when making withdrawal instead of converting our money to local currency?

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jnewman68
New Community Member

Really glad to see so much has changed in the last two years; next time PayPal tries to tell me how much they care about their customers opinions I'll have a good laugh.

I paid a US$10 payment in Canadian dollars yesterday. In the rest of the universe 1 Canadian dollar is worth  around 71 cents US...except at PayPal where it's worth 67. It cost me $14.87 to pay $10, US. That's nearly a 50% difference in case you hadn't already grasped that.

Good to know we're all subsidizing Elon Musk's latest ego-inflating vanity project isn't it?

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Wissal12
New Community Member
I always feel ripped off when I transfer money... I'm here in this page because I'm looking for an alternative to PayPal 😐
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Mervy24
Contributor
Contributor
That is entirely what its about. All of this and holding money for periods of time is for one reason only. Milking as much as they can. They know that and they must be aware that we all do. Paypal and ebay are two of the most robbing companies around. No question. Minimum effort with maximum reward.
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HuBanTech
New Community Member

I completely agree with this topic. Even I saw that they have used exchange rates 2 Rs lower than the actual average exchange rates (USD to INR). This is clearly a hidden charge which is not mentioned. They are charging their fees as well as this amount. This is unethical.

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Garelius
Member
Member

I bought at item for 155 euro on eBay. eBay stated that this was equivalent to £131.34. The PayPal statement says £136.30 GBP = €155.00 EUR at 1 GBP = 1.1372 EUR. I am feeling very badly ripped off. I have asked PayPal to offer a better rate. If they don't then I will stop using them for foreign transactions. Even my credit card offers a better rate and still provides customer protection. If PayPal are to continue to do this then they should show honesty and integrity and state the conversion before you accept.

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Wissal12
New Community Member
I agree.. please let me know if there's a better alternative option
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Garelius
Member
Member

I bought at item for 155 euro on eBay. eBay stated that this was equivalent to £131.34. The PayPal statement says £136.30 GBP = €155.00 EUR at 1 GBP = 1.1372 EUR. I am feeling very badly ripped off. I have asked PayPal to offer a better rate. If they don't then I will stop using them for foreign transactions. Even my credit card offers a better rate and still provides customer protection. If PayPal are to continue to do this then they should show honesty and integrity and state the conversion before you accept.

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Garelius
Member
Member

I bought at item for 155 euro on eBay. eBay stated that this was equivalent to £131.34. The PayPal statement says £136.30 GBP = €155.00 EUR at 1 GBP = 1.1372 EUR. I am feeling very badly ripped off. I have asked PayPal to offer a better rate. If they don't then I will stop using them for foreign transactions. Even my credit card offers a better rate and still provides customer protection. If PayPal are to continue to do this then they should show honesty and integrity and state the conversion before you accept.

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