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 !

[Lexx9669]

Just received this answer from paypal...

I wrote: "I made a purchase today where the US - Canadian exchange rate was calculated incorrectly (charging me more when my rate should have been less that the US item selling price). "

Reply from a customer service rep: I understand that you are concern about the exchange rate that we apply
on PayPal. I'll be glad to clarify this for you. We receive a wholesale
rate quote from our bank twice a day and add 2.5% to determine the
retail foreign exchange rate to apply to transactions that involve a
currency conversion. PayPal's exchange rate may differ from the exchange
rate that may be available to you at your bank or other currency
exchanges. The reason for this is the service that PayPal provides is
more than simply converting funds. PayPal offers the ability to send and
receive payments to and from anyone worldwide using only email
addresses.

Keep in mind that some of the rates you may see published only apply to
large transactions that are valued at U.S. $1,000,000.00 or more. PayPal
allows its customers to transfer any amount that is U.S. $25.00 or more,
with the same exchange rate, to their bank account and the funds are
automatically converted into the local currency for approved bank
accounts.

When you compare PayPal to similar means of sending and receiving money
worldwide, such as wire transfers, PayPal's exchange rate and service
fees are the lowest available. PayPal is constantly working to expand
and improve our service for our customers. We look forward to continue
to provide you with the best online payment service available in the
world.

[ricochet53]

What a load of crap. Not only tdo these scumbags hang onto my $800 for 11 days of interest, they also decide to charge me an extra $20 exchange on a $600 transaction. I have done my last purchase through they greedy creeps. I wonder what it al adds up at the end of the day? Millions, I am sure.

[barman_98_98]

What a load of crap that explanation is. Paypal is just just **bleep**ing everyone over for a few cents(or dollars) here and there and making millions off of us. If I charge something to my credit card from the U.S.(I am Canadian), I get the full exchange rate debited to my card and not the "fair value" that paypal states. A lawsuit should be started to stop the shafting of our money.

[Brianh]

I recently made a purchase of $30.50 USD, with the exchange rate the Canadian dollar is higher than the US dollar. PayPal states on my bill receipt that "Exchange rate: 1 Canadian Dollar = 0.992192 U.S. Dollars" but they charged me $30.74 Canadian.  is this calculation not backwards.  Was the calculator not reset when the Canadian Dollar rose above the US dollar. 

[MichaeLori]

C$ 30.74 x 0.992192 = $30.50

calculator works correctly

Just do not forget 2-4% currency exchange slippage at PayPal (and any other bank)

At the moment of writing 1 USD = 0.9764 CAD, meaning 1C$ =  1.024170 $

so for this example it is 3% you pay for currency exchange at PayPal

sorry

[Brianh]

Thank you for the explanation.  I guess my beef is with Paypal hiding the "slippage" on the rexeipt and burrying it into the exchange rate where people do not see what they are paying. Not the fact that it is charged  I do not mind paying for a service But I DO want to see the charge on the receipt.  The last time I got money exchanged at the Bank, I saw exactly what the exchange rate was and what the charge was on the receipt.  I am not concerened with the actual cost which was very small on this purchase, it is just that it came to my attention when I knew that the Canadian Dollar was higher than the US Dollar. 

In all my previous dealings the US dollar was higher and I never really bothered to do the math. 

I just trusted the PayPal receipt.  Fool me once, shame on me.

[MichaeLori]

Hi Brianh

Well, PayPal receipt is somehow correct (as I showd in my previous post calculation) - they just hide this slippage in the currency exchange rate itself.

Like any currency exchange shop will do - they have buy and sell double quote.

[duckes]

Hi this currency Exchange rate has also affected me and I,m new at e-bay and using pay pal so I'm a little

confused.

So if any one can help me understand this I would appreciate it .

So here's the question

 An E-Bay seller sells in Us even though their  Canadian and I purchase with Canadian funds and paypal only pays that

seller the US amount and keeps the exchange rate and then charges me the exchange rate .

Is that not double dipping?

Can a seller not sign up and except two different currency's?

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duckes

When buying an item off e-bay that costs $6.00USD ($5.91 CAD according to ebay) Paypal charged me $6.04 CAD.

Why the discrepancyy in value... as a reference to the Canadian $ being stronger than USA: google converter states (@9:06pm EST) 

1.00 USD

=

0.9854 CAD

Thank you,

-K

---

[MichaeLori]

Hi duckes

Yes, I agree - looks like cheating for me.

Don't know where eBay shows Candian prices for US dollars, but obviously,

$6.04 - $5.91 = $0.13 loss for you.

It confirms my numbers - you loose at least 2% on any currency exchange.

You may consider go to eBay claim they are misleading you by posting incorrect prices

It is like "Fly to Hawaii for only $199" plus pay surcharge, fuel, navigation and airport fees for the total $545.

My bet you are gonn a fight the wall - the have some tiny print somewhere.

Unless you start a class suit against eBay/PayPal on this issue.

Sorry

[PayPal_Olivia]

---

@duckes wrote:

Can a seller not sign up and except two different currency's?

---

Hi duckes, and welcome to the forums!

That's a great question. You can indeed accept multiple currencies on your PayPal account. If you would like to maintain a balance in another currency, go to Profile > My money > Currencies >Add Currency.

I hope this helps!

Olivia