Querry Related to USD to INR conversion rate

[NikhatSheikh]

Even after charging comission around 4.4% per trasactions, why paypal conversion rate of USD to INR is lesser than what I checked on web sources.

I have transferred amount from paypal to my indian bank today and paypal applied conversion rate of 1 USD  =  70.651930 RS (INR)

When I checked on web, it shows 1 USD = 73.25 INR as of today (i.e. 05 oct 2020)

The conversion rate of USD to INR has never came below 73 Rs since past month (infact since more than 8 months).

Is it a part of their policy?

Is it fair?

I need an explanation on this. Kindly help.

Thanks in advance

[kernowlass]

@NikhatSheikh 

FROM PAYPALS FAQ.

How does PayPal calculate currency conversion/ exchange rate?

If a currency conversion is needed for your payment, we'll use a retail exchange rate. The retail exchange rate (set by an outside financial institution) is our wholesale cost of foreign currency plus a currency conversion fee. This fee depends on the currency you are converting into. See the 'Additional Fees' section of the User Agreement for details.

Keep in mind that some of the rates quoted in the media are the inter-bank rates that are available only to the largest international banks, which purchase currencies in quantities of US $1,000,000 or more. A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops.

To view our exchange rates:

1. Go to Wallet.
2. Below your 'Balance', click Currency calculator. PayPal's current exchange rate is shown below the currency selections area.

• ​If funds are transferred from one balance to another in an account, the exchange rate will be calculated and presented during the conversion.
• If a payment includes currency conversion, the exchange rate will be calculated and presented in the Send Money flow.