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 !

[working-wonders]

This is NOT right

the usa dollar is worth LESS than the canadian dollar

you are holding refunds

you are NOT processing those refunds back to people in USD

like they were paid in

it is impossible for us; to keep track of this, from an accounting perceptive !!!

this **bleep**

[dolmensran]

Why is my exchange rate so low? The Can. dollar is at 1.0322. I paid 55.63 CAD for an item 55.93 USD. This is Stupid

[fitbidder]

There's nothing stupid about it. It's simple math.

Using the above example and using the applicable exchange rate:

USD/CAD = 1.0000/1.0322 = 0.9688.

With standard industry-wide currency exchange fee of about 2.5% -> 0.9688 + 0.0250 = 0.9938.

So 55.93 USD x 0.9938 = $55.58 CAD.

That's within a nickel of what you were charged.

[jonom]

What would be nice to see is the 2.5% clearly shown as a FEE when a conversion is done, right now it only shows the exchange rate INCLUDING the fee, basically the 2.5% is not clearly indicated within each conversion. Meaning YES we know paypal is charging 2.5 conversion fee, thats fine. But for accounting purposes when a conversion has taken place and you click details it should show below the exchange rate the conversion fee amount that they took so that you can know ok if I converted 1000 usa funds to Canadian, the exchange rate took $10 of it and the conversion fee of 2.5% took 4 dollars of it. That way its all clear. Right now all it does is show you the exchange rate. Would be nice to see it a bit more clearer

[the-rezz]

I'd say its pretty much a given the American ego wont allow them admit their dollars worth less . Give it another year with the way their going it will be worth $0.75 Canadian and they will come up with some other excuse

[Ben_mtl]

An average physical exchange counter will charge you about 2% to exchange your physical USD into CAD… a good one will charge you about 1%....  

An average bank will do the same thing for about 4-5%...

Paypal is charging 8%... for electronic money, that could be hedge within the second for a cost of 0.1%.....

Someone should be in jail here…

[Ben_mtl]

It’s good to know that for a monthly fee ($$$), the clients of RBC are not getting rubbed that much…

But what about everybody else????

By the way we are in 2011, and it’s by pure bad faith that paypal is so expensive…

One thing is for sure, I will think long and hard before selling anything using their service (and it’s not like I didn’t pay for already…)

[graingergecko]

I agree this issue is absurd.  A huge money grab by PayPal.  What is also abhorrent is that the currency conversion listed on eBay, which most people use when deciding to purchase an item, is far lower than the actual converted value, yet Papal is owned by Ebay.  The sneaky thing is millions of small transactions go unnoticed because the discrepancy is harder to identify.  Only when you make a large purchase do you feel the slap in the face!

[verymadcanuck]

not sure what bank of canada site some of these members are checking but when i go to a canadian bank to purchase US dollars the rate of echange may  not be what the market says but it still is at par or slightly better.

Let's face it this company and ebay are US companies and cannot bring themselves to admit that they are not as strong as other countries in the world and will continue to live in this dream world.

i am going to go into my ebay listings and at least raise the prices so that i get what i want for my items in Canadian Funds which still should be a good deal for the US buyer as they will get the lower rate from their bank.

Then once my listing on completed i will wait for ebay and paypal to wake up and at least come close with their conversions before i list again

Ebay and Paypal .ca  should never let this type of ripoff happen but then again they are owned by Ebay and paypal.com

[itpcanuck]

I use Paypal's shopping cart on my website. The unfair exchange that I get costs me about $7500.00 a year. Just like I set fire to it.

I buy my products overseas, and, as almost all international trade is done in US dollars, I have to then transfer BACK to US dollars to make my purchases, so the bank robs me on the other side. So, to try to head them BOTH off at the pass, I tried getting a US dollar bank account... and Paypal won't verify it so they don't lose the exchange!