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 !

[inpath]

Two more things that bother me are that Paypal use sthe word "free" when you transfer more than $150.  2.5% is not "free" in my books.

Second.  Paypal will NOT transfer US dollars to Canada, even to my US $ account that I hold in Canada.  No, they insist it must be in CDN$ only which guarantees their "free" conversion fee.

I do not know about this twice per day update.  I was watching all day on Friday for an opportunity to transfer my funds but the exchange rate stayed at .939919.  It wasn't until after the close of business that it was ajdusted to 0.953642   My CDN bank's rate = .9535  close enough.  So, I cashed out all US $ ASAP before the US $ crashes on Monday thanks to the Tea Party's inflexibility that led to the downgrade.

[fitbidder]

The page quoted earlier explains in detail what Paypal means in distinguishing "free" vs "for a fee". The page is titled "Sending Money Free vs Fees".

https://cms.paypal.com/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/send_money_f...

"Currency conversion includes a 2.5% fee added to the exchange rate."

I agree with your second paragraph. Paypal should allow Canadians to transfer US dollars to Canadian US dollar denominated accounts.

As for the twice a day thing, Paypal probably waits until FOREX markets close on Fridays to quote a final weekend rate.

The Tea Party is only mildly to blame for the S&P downgrade - that's just part of the US's political climate of disfunctionality right now. It has more to do with the "magic" of deficit economics and the fact that the US's unfunded liablilities are through the roof (ie 500+% of GDP). There's no money and no reasonable growth prospects to fund those liabilities. Someone has finally called them on it.

Welcome to the end of the age of entitlements.

[sixfromnine]

Spoiler

Thats ok, soon we'll see a One Wold currency called the Amero coming into the picture..Its headed that way now, Who can deny? We can thank the independant Banksters of the world and corporate elite because, this world is nothing than about GREED!

[ian_parenteau]

I agree wholeheartedly: Canadian customers with US dollar only bank accounts should be allowed to withdraw PayPal USD balance with NO CONVERSION.

[RiverCityRebel]

If you are a Canadian buyer, make sure that you are using eBay.ca and not .com - I find that more of the prices are listed in CAD.

Same goes for Canadian sellers - list on eBay.ca and put your list price in CAD. It is not necessarily in your best interest to use USD, despite what eBay might tell you.

Buyers - if you end up paying too much as a result of PayPal's "own" conversion rate and their 2.5% fee, you can request a refund from the seller. (This is what the PayPal agent told me to do.)

[mommak]

TO ALL CANADIAN PAYPAL SHOPPERS

I just made a purchase and solved the problem of Paypal's exchange rate problem.

Under the area where your credit card info is listed is a line that says

"OTHER CONVERSION OPTIONS". I highlighted it and it took me to a page where you can tell paypal to send the debit to the credit card in currency of the seller (US $$).

My mastercard will be charged in USD>

Also found out that Paypal has a 2.5% exchange rate fee.  That was answered by another post about currency exchange from PayPal.

Hope this helps others.

[mommak]

TO ALL CANADIAN PAYPAL SHOPPERS

I just made a purchase and solved the problem of Paypal's exchange rate problem.

Under the area where your credit card info is listed is a line that says

"OTHER CONVERSION OPTIONS". I highlighted it and it took me to a page where you can tell paypal to send the debit to the credit card in currency of the seller (US $$).

My mastercard will be charged in USD>

Also found out that Paypal has a 2.5% exchange rate fee.  That was answered by another post about currency exchange from PayPal.

Hope this helps others.

[vfs]

Is it just my or are paypals exchange rate outragous, $920 US equals $948.00 Canadian? If i exchange money at my bank it is the other way around, same with my credit cards.

[CanadianBuyer]

I have just made 2 transactions in the last week and both times noticed the Currancy converson to be wrong, in otherwords backwards. The canadian Dollar is higher on any Banks rate of the day except Paypals. I'm not getting an answer from them or can I find one as to whom or what I can do?

Suggestions?

Sorry, really new to this

[parkjb6]

So I was planning to spend about $600 CAD to buy US products and realized the currency conversion is.... wrong.

And I can see the problem has been going on for a while now so Paypal isn't taking the matter seriously. And they don't seem to have a good enough answer for us to understand why conversion is the way it is. So I'm guessing they just want to cheat off customers as much as possible? Never realized Paypal was such a rip off...

[insideout]

Oh yeah.. I totally agree with you.. that is too much ....Paypal is ripping us off .. that is really unfaire