I can confirm the currency conversion option is missing in Paypal. As for eBay purchases, I still seem to have the option to switch the payment currency to match the currency of the item being paid for. On the checkout page, I click the link that displays currency conversion exchange rate, for instance "1 EUR = 0.XXXX GBP", and a Paypal dialog pops up that allows me to choose the currency to pay in -> I select GBP in this case -> Click "Continue in GBP" ->
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