Currency Conversion

[aklinz]

UNBELIEVABLE !  Not only does PayPal extort large "user fees" on every transaction, they are currently adding a 8% surcharge on Canadian users !   By this, I mean the fact that PayPal currently values the Canadian dollar at 94 US cents.  EXCUSE ME ????   The bloody Canadian dollar has been at 1.02 (or above that) for over a month !  At what point are you going to "get with the program" and actually adjust your currency values ?  Maybe a year from now ? I will simply refuse to use your fraudulent company from now on ! 

In disgust,

Andrew

P.S.  With policies like these, no wonder why the rest of the world hates Americans !

[xtoro101]

how much did your credit card company charge you?! by using that option.. do they have any "extra fee" too? and is the total in CND>USD?

[mommak]

Just checked my credit card statement and on this transaction I would have been better off using PayPal's exchange rate because it went through my mastercard the day the cdn dollar dropped to near par. My mastercard has a 1.5% exchange fee which should be better than Paypal should the dollar remain constant.

[vanni]

 stripe.com 

[JRY_15]

This is getting stupid. I'm tired of overpaying for things. Ebay tells me the Canadian and American prices and then Paypal **bleep**s everything up. I have a perfect example of how the exchange rate is backwards. A few days ago I bought and item off ebay and decided I would check the box for a $1 USD donation to some charity. When I checked my VISA statement today it charged me $1.02 CAD. The exchange rate is backwards because at the time of my purchase $1CAD = $1.02USD. THIS NEEDS TO BE FIXED! Two cents might not mean much but it starts to add up with frequent online purchases. ARBITRAGE!

[vanni]

time to sign up with another service: stripe.com 

[typoprone]

PayPal's currency conversation is definitely fishy. $244.15 USD --> $229.15 CDN? Really? REALLY? What the @#$%?

And yeah, I'm done with PayPal. Never really used it much (hence why this all comes as a surprise to me) anyway. Will definitely not recommend it to friends. There are better alternatives...

[AndreB]

$302.65USD =

Really PAYPAL? REALLY?

An exchange rate of 0.936080

Man, even Yahoo Finance (pretty reputable site, no?) is listing an exchange rate of 0.9643

Wow, I am done with this site after this. What a ripoff.

[fitbidder · Accepted solution]

Paypal is still charging a typical 250 basis point fee for the conversion. Seems competitive to me.

As the CAD increases in value relative to the USD, I get less for my USD balance when I transfer funds to my CAD bank account:

$1.00 USD = $0.9613 CAD as per Yahoo! Finance.

With the 2.5% fee...

$1.00 USD = $0.9613 - $0.0250 = $0.9363 CAD.

Today, Paypal is quoting $0.9361 CAD per $1.00 USD .

Paypal's 250 basis point claim is correct.

TD Bank's rate today is $0.9387 CAD per $1.00 USD.

Fact: Paypal is almost as competitive as a major Canadian chartered bank.

[sephiroth_m75]

I get paid in american dollars. Whenever I transfer money over, it says 1 USD = 0.9521 CAD. But one US dollar is actually like 0.975 canadian dollars. What gives?

[riajacobson]

it is the banking exchange where you get the problem