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 !

[awwwsm]

I agree with you. PayPal is taking advantage of the exchange rate. The Canadian dollar is worth more than the USD yet they are taking $2.90 for themselves rather than paying the proper exchange rate on $66.00 USD. That is on top of the amount you have to pay to transfer the money to a Canadian bank. There should be a Canadian PayPal or at least a more fair way to deal with the exchange between the two countries.

[rapre]

Absolutely! My deal was for just over $900 US. After Ebay fees,Ii'm down about 10% which I thought I might partially make up on the exchange rate at the time. Surprise! Paypal would have charged me an extra $80 CDN to buy the amount of US that I had netted but converting that same amount of US to CDN, I ended with $10 less!!!! And that's also after giving PayPal the use of my frozen funds for a few weeks.

Moral: if you plan to buy in US, keep some US funds on hand in your Paypal account. If you actually need the cash, or were planning to transfer it to your bank account in Canada, sorry, sell your item in CDN, let someone else get **bleep**ed on the exchange rate and you'll only get hit with the PayPal fee. By the way, many of us have US $ accounts in Canada, but Paypal won't allow us to link them to our PayPal accounts.  Why should they when they can milk us dry with their policies.

My story: big ticket item (for me), should have, could have sold it locally and would have netted just a few bucks less but a lot faster and with a lot less aggravation after Ebay fees, Paypal fees, postage, exchange rate and account freeze.  

PayPal is good for playing with hobbies but it's not not structured for us to make a profit or even break evenl 

[MrBoire]

Jus an FYI on the US Funds accounts in Canada, that one is not a Paypal issue, it's a bank regulation issue. They won't give you a debit card for a US Funds account either. It's the same reason I can only do US Funds transactions at my home credit union even though I can go to any member credit union and do regular transactions.

[Imasnore]

THEFT is a strong word, maybe appropiate funds at a fixed rate of exchange. The BUY SELL Rate on Currency Conversion with in Paypal is made by Whom ?  Who keeps the difference ?  The difference does not go into outer space... Currency Conversion happens automatically in Paypal based on your principle residence (elsewhere other than USA). Years ago if you had a U.S. Bank Account you would receive U.S. Funds however that has changed. Welcome 2012 & Thank You Paypal 2012. There is no point VENTING on this issue, eventually a better mouse trap will be introduced and consumers will vote with their dollars. Paypal may start to become competitive when that happens, until then vent away- it is an outlet for steam & customer frustration... (operative word is: "may"). People pleasers & Paypal Plants (newvies) will enjoy this thread.

[howtech]

I add my disgust at what the PayPal conversion rates are as compaired to the real world. What does the Minister of Finance allow for the Canadian businesses to have to deal with in order to buy Chineese goods from the US that are not sold in Canada? I thnik we need a new Minister of Finance!!!!

[DreamsOf]

Any idea why PayPal's exchange rate favours the US dollar regardless of the International Bank's published rate? 

[kje]

I don't know why paypal uses exchange rates less than the quoted bank rates of the day but I sure disagree with their conversion calculation.  Present exchange rate is US to Canadian 1.00763. Case in point.  I get paid by a purchaser in US currency which requires conversion to Canadian.  Paypal's conversion method is to multiply the US amount by the Canadian exchange rate(which is something less than a dollar or 0.9932).  End result I lose the difference between the higher valued US dollar and Canadian.  Presumably Paypal pockets the difference.  This has been my first experience with paypal and it will be the last.  Once bitten-always bitter.  And there seems to be no way for me to question paypal about the experience.  What a bunch of Cr------p!.  BYE BYE PAYPAL