I transferred USD 250 about 10 days back then the currency conversion rate in the open market was 0.80 USD to 1.00 CAD with this my total charges in CAD should be CAD 312.50. I was charged CAD 341.68 for this transaction. I called PayPal and inquired about this and the agent said me that we cannot provide the currency conversion rate but on my account, it was showing 0.76 USD as the conversion rate (which becomes 5 percent extra for the conversion rate). The agent told me that apart from this PayPal charges 4% as conversion fees. So totally It came as 9.34% as the additional cost.
Moreover, the system says you can link only the account which uses CAD as its currency, otherwise, I can get the currency conversion through my bank and then transfer through PayPal.
Is there any more economical way to transfer money?
Thanks.
