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Merchant account conversion rate seems to be off

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Merchant account conversion rate seems to be off

Hi I'm a merchant and sending a payment from the US bank to an English bank. 

 

I understand that Paypal charges fees, but what I don't understand is the conversion rate they are using. I look online and the conversion rate is .81 USD to 1 pound. However, when I use Paypal it is using .77 USD to 1 pound. Why that sort of difference? Is that how they take the fees? Is that just an error on their part? I don't understand the different conversion being used. That's all. Can this be explained? I have been trying to look in their help section but it only says that they charge 5% fee (maximum up to $4.99) for international transactions, and I hear they charge a 2.5% fee on the other side of the pond when it is being collected, but I don't understand the difference of the conversion rate. Do they change it only monthly or what? Thanks for any insight in this!