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 !

[freeloader1969]

Paypal is absurd.  I'm closing my account as of today.

The CDN dollar is currently sitting at $1.03 American.  How can you tell me my dollar is worth just .94 cents?  So you're charging a fee of 2.5% for doing the exchange, that's cool, my bank does that to.  But you're stealing 10% on every dollar right now. 

[bobfishburne]

So I read that paypal takes 2.5% of my canadian money for the conversion, so then WHY does it add up to 10%!!! I'm not happy since our dollar is worth $1.03 US but PAypal views it as 0.94 US THAT'S A LOT MORE THAN 2.5% dont you agree?

[PayPal_Adrian]

The problem with comparing our rate to rates published in papers is below:

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@PayPal_Adrian wrote:

Those rates are also for large banks or entities moving millions of dollars at time - versus on demand and small funds conversion rates.

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That means if you're assuming it's a 10% fee, based on your comparisons against rates published on the internet or the newspaper, it's not an accurate correlation to make.

The rates published on the internet or in the newspaper are just that - rates for large banks or financial entties moving large amounts of funds at a time.  PayPal doesn't receive those rates, thus the difference.

Adrian

[bobfishburne]

I still dont understand why does Paypal view CDN$ as .94US? Where does 94cents come from and can i personally check that figure at the bank that paypal uses? I dont trust what paypal says anymore. I'd like to check myself. Which bank please? Freedom of Information Act intitles me to that information. Thank You 🙂

[PayPal_Adrian]

Hi bobfishburne!

While I'm certainly not a legal expert, I'm fairly certain the Freedom of Information act applies to goverment entities (see here and here), but if that act or another statute does apply to PayPal we'll be happy to comply.  You'd want to provide notice of the request to the corporate address listed in the Legal Agreement rather than in the forums, however. 

Thanks!

Adrian

[juliengrenier]

Hi, 

   I got some quesitons .

1. Since ebay and paypal are the same company. why is the exchange rate calculated on ebay is 1.0229 (2.3%) between CAD and USD. while on paypal it's 1.001.  The least you could do is to display the same rates so that we won't get fooled by the "savings" showed on ebay.

2. Explain to me the +20% disrenpancy between the two? I personnaly don't believe the bank rates excuse since you are dealing millions per day.

3. This one is more ebay related. Why do I pay in USD a company based in canada? Since this means somebody (i.e paypal) is double dipping the exchange rates fees (CAD->USD->CAD)

[utopiaglass]

Juliengrenier,

It is the eBay seller that chooses whether to set up their listings in US or Canadian currency.  Most sellers (including myself) choose US currency because the US dollar is understood by pretty much all countries therefore making listings in US currency more attractive to a much larger audience. 

[brocky99]

eBay states that listing your item in USD will attract more buyers & that your item is 15% more likely to sell.

What a load of B$...I've been buying/selling on eBay for a few years now & as a buyer I don't care what currency the item is in. If it's a good deal, I'm a buyer...simple as that!

As a seller I've listed in both CAD & USD & I really see no difference...in fact I've listed items in USD, didn't sell..relisted in CAD and it sold..I know a lot of factors go into an item selling, but I don't think currency is one of them..If it's a DEAL the buyer is buying no matter what!

If your in Canada and plan to transfer funds to a bank, but you don't have a US bank account, I suggest you list everything in CAD.. forget about exchange rates, the CAD is on par or better then most currencies..DON'T let eBay & Paypal triple dip you..

The only upside to listing in USD is if your planning to use your Paypal balance to buy things in USD..again no exchange fees because you already have USD in your account.. It's pretty hard to escape the triple dip..lol

eBay fees + Paypal fees+exchange fees = TRIPLE DIP

[miksee]

@Paypal_Adrian

Just want to clarify some how-to's...

My objective:  To find a cost efficient way to transfer my funds from my USD US bank account to my CAD Canadian bank account.

I have a US Dollar account linked to a USD Paypal.  I now also have a CAD bank account in Canada.  Can I add that bank to my US Paypal Account?

If no.  I assume I have to open a second Paypal account in Canada Paypal and link that to my Canadian CAD bank account.  Is that correct?

Now, if I want to send my USD from my US Paypal to my Canada Paypal then over to my Canadian CAD bank account, what fees will apply and how can I compute the net amount that will enter my Canadian bank account?

Also, how long will the entire transfer process take?

Thanks!

[miksee]

@Paypal_Adrian

Just want to clarify some how-to's...

My objective:  To find a cost efficient way to transfer my funds from my USD US bank account to my CAD Canadian bank account.

I have a US Dollar account linked to a USD Paypal.  I now also have a CAD bank account in Canada.  Can I add that bank to my US Paypal Account?

If no.  I assume I have to open a second Paypal account in Canada Paypal and link that to my Canadian CAD bank account.  Is that correct?

Now, if I want to send my USD from my US Paypal to my Canada Paypal then over to my Canadian CAD bank account, what fees will apply and how can I compute the net amount that will enter my Canadian bank account?

Also, how long will the entire transfer process take?

Thanks!

[inpath]

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@bobfishburne wrote:

I still dont understand why does Paypal view CDN$ as .94US? Where does 94cents come from and can i personally check that figure at the bank that paypal uses? I dont trust what paypal says anymore. I'd like to check myself. Which bank please? Freedom of Information Act intitles me to that information. Thank You 🙂

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What is even worse.  Your message was from March.  Here it is August and the Exchange rate STILL reads the same.  1 USD = 94 cents CAD  It has never been updated!