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Paypal has always offered crazy currency conversion fees.
Right now though, I think they are just covering themselves with an extra buffer because of the big currency movements we have seen since Britain voted for Brexit. Both today and Friday we have seen much larger currency movements than under normal circumstances. The extra insecurity causes "monopolists" like Paypal to move over the entire cost and risk onto the consumer, since no one else can exchange your Paypal funds for you, thus giving you no choice.
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The truth is not affected by the beliefs, or doubts, of the majority.
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