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Paypal Currency Exchange WTF ?? Paypal Currency Exchange WTF ??
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Old 02-09-2011, 03:49 PM   #1
Danmixz
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Paypal Currency Exchange WTF ??
If i transfer $1 CA to $US i get $0.97 But if i transfer $1us i get $0.96 CA WTF ? am i missing something here ??
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Old 02-09-2011, 04:09 PM   #2
Adraco
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Quote:
Originally Posted by Danmixz View Post
If i transfer $1 CA to $US i get $0.97 But if i transfer $1us i get $0.96 CA WTF ? am i missing something here ??
Paypal currency exchange always comes with an exchange fee of 2% or if it was 2.5%. Plus they also set their own currency exchange rate, so they follow the avista rates, but with their own modifications. Usually their rate is one or two cents off from the current avista rate, and that's why you are seeing those numbers.

Add to that their currency exchange fee and multiply that with the amount of transactions they do. Then you see why they are such a profitable company and why Ebay gladly bought them a few years ago.
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Old 02-09-2011, 04:09 PM   #3
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Thats how they make money!

Simple...
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Old 02-09-2011, 04:12 PM   #4
Danmixz
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Quote:
Originally Posted by Adraco View Post
Paypal currency exchange always comes with an exchange fee of 2% or if it was 2.5%. Plus they also set their own currency exchange rate, so they follow the avista rates, but with their own modifications. Usually their rate is one or two cents off from the current avista rate, and that's why you are seeing those numbers.

Add to that their currency exchange fee and multiply that with the amount of transactions they do. Then you see why they are such a profitable company and why Ebay gladly bought them a few years ago.
Thanks for the heads up, dind't know they were charging % fee on this also...
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Old 02-09-2011, 04:15 PM   #5
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just made a $ to € payment today, they charged me $16.40 to convert $788 so a 2% fee is about right
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Old 02-09-2011, 04:29 PM   #6
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Paypal User agreement, chapter 8, Fees:
https://cms.paypal.com/us/cgi-bin/?c...full#8.%20Fees.

I quote from there:

Quote:
8.7 Additional Fees.
Currency Conversion 2.5% added to the exchange rate

The exchange rate is determined by a financial institution and is adjusted regularly based on market conditions. Adjustments may be applied immediately and without notice to you.
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Old 02-09-2011, 04:52 PM   #7
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exchange fee, crossborder fee, pp fee... it adds up
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Old 02-09-2011, 09:12 PM   #8
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2.5% + 3.9% fee + usual bid/ask spread = you get fucked hard on any currency exchange deals...
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