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 !

[Whystler]

Today, with the American Dollar significantly higher than the Canadian Dollar, I transfered  funds from paypal into my Canadian Bank - expecting to get a higher number of Canadian Dollars than the American I transfered.  I was dissapointed.  I recieved less.  This does not take any fees involved in the transfer into account.  I am strictly talking about the exchange rate *before* fees.

RESEARCH:

Since 00:00:00 EST today, As of 17:12 EST...

-the highest USD has traded for CAD was 1.02124 ($1000 USD = $1021.24 CAD)

-the lowest USD has traded for CAD was 1.02159 ($1000 USD = $1021.59 CAD)

My paypal rate at 16:34 EST, USD traded at .992796 ($1000 USD = $992.80 CAD)

QUESTIONS:  How can this be?

1. How can it be that the very least that the Canadian Dollar sold for since last midnight, is more than the current paypal rate?

2. How can it be when the Canadian dollar has been worth less than the American dollar since July 30th 2011,  that today paypal makes it worth more?

Paypal is part of a very large network called the ACH that uses a method which by your own admission on your website: " keeps the costs of moving money lower"...

Please help me understand...

[bobgill]

This says "Solved," where is the solution?

[rapre]

@bobgill wrote:

This says "Solved," where is the solution?

---

Indeed where and what is the solution?

Today, according to PayPal  927 US = 921 CAD!  However, if I wanted 927 US, I would need to shell out

980 CAD!  What a spread!!!! 

[playford69]

So many people are outraged by Paypals fast and loose exchange rates and yet nothing is ever done other than some self-important moderator saying some company issued nonsense and then closing the thread and marking it as solved. 

I was charged 25 bucks on a sale by Paypal, after ebay clawed another 90 bucks (same company though) and then they **bleep**ed me on the exchange rated for another 20 bucks. Cdn funds are lower than US at the moment - so obviously 100 american should be MORE then 100 Cdn, but not so in Paypal's utopian business world. 

The frustrating thing is there really is no other way to sell and these pricks know it,

Has class action ever been raised?

[Alysmarie]

Same thing just happened to me, $793 USD got me $786 CAD, when the exchange rate is $1.021. Something is definitely not right here!!

[rowej]

Yea paypal is a joke when it comes to exchange rates. And all the greedy Americans and American moderators come out of the woodwork defending it. Pathetic. 

[dwnkei666]

If enough of us threaten class action then they will move!

Hear me paypal/ebay,you r risking big backlash?

[rapre]

didn't Money Mart get dinged for gouging? I think even Western Union comes out cheaper than PayPal.ca.

[kingelvis]

Yes I know how everyone that is Canadian buying from the US using paypal I went through the same thing called paypal and the guy I talked to said he would look into the difference after I had explained that our dollar has been higher atleast for the last year said he would email me with a solution and all he emailed me was the fees for selling nothing to do with the exchange rate guess he did not understand what I was looking for Bought the item for 143.74 us and cost me 150.82 Canadian and the you have to deal with custom's there is another problem with the US stuff even when it is used the nail you, From now on trying to  buy in Canada but hard when we do not have the selection of product and other items here. I figure the they did the exchange at .95 Canadian but they did explain the have conversion fees but this is Crazy.

[MSRosen]

Hey everyone.

I live in Toronto Canada. I was pleased to sell an item on ebay for my 'buy it now' price in US dollars. I actually thought that maybe I'd even make a small profit this time instead of just minimizing my losses!

So my buyer paid with paypal which was fine with me. I knew there would be fees from paypal, as well as a hold on the money which was also fine with me (within reason). 

What I was NOT fine with was the way the currency exchange was handled. I expected to get an unfair exchange rate. Every couple days I would log on to see my potential available balance, and much to my dismay, it would change slightly. I realized that my blocked funds were still subject to paypals 'currency exchange' rate! Why did I not just get my crummy exchange rate the day the transaction occured and we could be done with it? Not only did I get an awful exchange rate at the time of my sale, but I was actually losing more money!! I took up my frustration with customer service and someone was gracious enough to drop my fee. For a second there I thought wow what a great company. Then I realized  that this didnt mean that I was safe from your magical shrinking dollar rate. I`ve lost another 10 bucks on my selling price since that time. Id rather pay my fee and get quoted a final price! The money is with you! not with some trade company in a forex account!

It's not like I'm dealing in some super volatile currency here! The selling price of the guitar was 1449 USD. after my fee it was 1406, which somehow initially net me 1384 canadian. withitn the span of a week, it had jumped up to 1396 and down to 1370. How the heck did I lose 26 dollars on 1400 bucks in a week!

First of all, this is no where even CLOSE to the actual exchange rate. I should be getting slightly MORE in canadian dollars. Second of all, Where does paypal get off in leaving me exposed to the market AFTER A TRADE IS COMPLETE??

SHAME ON YOU PAYPAL!!!!!!!!!!!!

I'm interested to hear if anyone else has experienced this!