How often do the PayPal currency exchange rates usually update?

[ScleraMarker]

How often do the PayPal currency exchange rates usually update?

The USD-GBP rate has been sitting on 0.8637 for 5 days straight, while the standard exchange rate is 8 pence more at 0.94. That's an astonishing 9% in currency conversion fees!?

When PayPal are taking a 9% cut, not updating the conversion rates when the market moves and not offering any alternatives like withdrawing in another currency, it feels like just a straight up scam.

[BettyBlair]

I asked customer service the same thing and they said they couldn't tell me.

I'm trying to move as many payments away from PP as poss now.  

[BettyBlair]

FYI  The customer service agreements says that USD / GBP is updated between 5pm-7pm est (so right now, between 10pm and midnight in the UK) ... I'm not convinced that's actually true as some days it doesn't change at all.

https://www.paypal.com/uk/webapps/mpp/ua/useragreement-full

[ScleraMarker]

The user agreement says:

"The transaction exchange rate is adjusted regularly, typically between 5pm and 7pm Eastern Standard Time (EST) (in New York City, USA) on every Business Day and those changes will be applied immediately."

I believe it's true that it's between 5pm and 7pm EST (which I don't call regularly at all and I note that it says "typically", meaning it doesn't have to be if they don't want to), but the fact that it isn't the same time every single day shows that it isn't being done automatically, but instead has human input and so ability to overrule it if pairing rates on the free market move unfavourably for PayPal.

It says that it is adjusted regularly, but gives no indication of what they base the change on - it doesn't say it's in line with any particular index. Basically, someone seems to pretty much change it to whatever they feel like, whenever they feel like it.