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 !

[MichaeLori]

Correct.

And you need a separate bank account for every currency you are dealing with.

Otherwise PayPal (or your bank) fill eventually charge you the same 2%+ currency exchange hidden "fee".

And, most probabaly, you would be exposed to the currency risk - you can win OR loose on currency exchange rates fluctuations

Thare are some methods to hedge your foreign currency risk and by doing so to "compensate" for this 2%+ charge.

But it is a completely another story.

Take care

[ricochet53]

Is there no limit to the greed of this company? They hold my $800 for 11 days of interest, do not make it available when they said they would, and then stick me for $20 more exchange than my bank would charge me. How many class action suits can I join?

[randydecker]

i read PayPal's response to a poster concerning their USD exchange rate charges for users paying in Canadian dollars. The gist was that they are competitive re other currency exchanges (except for banks). That is probably true. However, I'd still like a better deal. I could drive across the border 30 km from here and get a better deal. That is, merchants who are located close to the border stateside will give me full value for my Canadian dollar. 

I think it might be in PayPal's interest to promote a fairer exchange rate as a way to induce Canadian residents to use their service.

[susan1956]

Okay, so is the exchange being calculated the wrong way? when the sale was calculated it showed as

Conversion from:		-$40.52 CAD
Conversion to:		$40.25 USD
Exchange rate:		1 Canadian Dollar = 0.993423 U.S. Dollars

  Payments requiring a currency conversion include a 2.5% fee is apparently the answer, see

Re: Currency Conversion[ New ]

Mar-14-2011 02:13 PM

topic on this forum.

If you find out anything different please let me know, thanks

[maureenpurple]

I'm annoyed that PayPal is still valuing the Canadian dollar at .99 of the US dollar when the Canadian dollar has been at 1.02 or better to the American dollar for at least a month and looks to remain there for some time.

[Watergruvin]

I agree...what a rip off!

[danl]

I'm here to complain as well. I just transfered US dollars to my Canadian bank account and Paypals **bleep**ed up exchange rate took 10% of my money. PAYPAL PLEASE UPDATE YOUR CAD to US EXCHANGE RATE.

[utopiaglass]

When the Canadian dollar is worth MORE the US dollar is worth LESS.  When the Canadian dollar is at 1.02 or higher, that means the US dollar is at .98 or less.  That means, if you SELL 100 US dollars and each US dollar is only worth $0.98 you will only get $98.00.  You must then deduct PayPal's 2.5% conversion fee as well, which is very comparable to any other bank which, if I'm doing the math right leaves you with $95.50 Canadian. 

Using Bank of Canada if you converted $100.00 US to Canadian today you would get $92.44 Canadian (after the 4% conversation rate Bank of Canada charges)

Using Royal Bank of Canada if you converted $100.00 US to Canadian today you would get $94.18. 

People don't get it that when the Canadian dollar is good, that means we get less money when we sell our US cash.  And EVERY bank charges a conversion fee - I sure prefer PayPal's 2.5% to as much as 4% at many banks. 

[jucomiboys]

April 2, 2011 is the first time in 30 years where the Canadian Dollar has held the highest value.  This being said, Paypal continues to give us Canadians only 94 cents on the dollar when converting from US funds.  They say they update their exchange rate 3 times a day, based on what an American Bank states our dollar is worth.  They make money on us by insisting we sell in USD, so they convert all Canadian buyers money to UDS to put into Sellers accounts, then make money again when the sellers wants to withdraw money to our bank accounts (which are Canadian funds)  

Even if we sold in Canadian funds, they still convert to USD and put the money in our paypal account in UDS.

Paypal is totally geared for the Americans.  Or they are using the American Dollar wrongful conversion rates (hoping Canadians wont notice or bother) to continuously make money, even on all other countries currencies, when transfering funds.  When i took the time to phone them about their 15 cent on the dollar wrongful exchange rate - they said - Thats the way it is !!! 

If they want Canadian business, they better change their ways !!!!

[working-wonders]

something is NOT right, and, they NEED to fix it