Why is the conversion rate at paypal so DIFFERENT? - GoFuckYourself.com

Za Ha · 07-22-2003, 09:46 AM

As of today 1 USD = 1.411 CANADIAN on the open market

BUT PAYPAL HAS 1 USD = 1.377 CANADIAN

WTF?

Are they retarded? Why is there such a big difference?

chowda · 07-22-2003, 09:47 AM

they need to feed their kids too bro

kad · 07-22-2003, 09:47 AM

They do it with the aussie dollar also. They write their own rules.

detoxed · 07-22-2003, 10:10 AM

Places can charge whatever you want. I went to Cancun and saw $1 = between 9 and 11 pesos. I think the exchange rate was 8.something.

beemk · 07-22-2003, 10:50 AM

thats how it works. everywhere does it. if they didnt people could be investing in canadian money and cashing it in the next day for a profit just like it was the stock market.

jact · 07-22-2003, 11:01 AM

Western Union rapes you on exchange, consider Paypal's skim to be gentle.

Za Ha · 07-22-2003, 11:09 AM

Quote:

Originally posted by beemk
thats how it works. everywhere does it. if they didnt people could be investing in canadian money and cashing it in the next day for a profit just like it was the stock market.

I have a place here in toronto that gives me that kinda of exchanges. But its a low profile place, they dont even have a phone number to call them lol. But they are good.

lexr · 07-22-2003, 11:14 AM

The rates usually shown on sites like http://www.xe.com and http://finance.yahoo.com/m3?u are the interbank rates. Usually the only way to get an exchange rate (as an individual) that close to the interbank rates is to exchange dollar amounts of one million or more.

You're usually quoted lower rates by banks and such for lower amounts because that's how they make their money. The amounts quoted are usually (not always) no more than 2-4% less than the interbank rate.

skillfull · 07-22-2003, 12:55 PM

cause they fuck you up the ass

07-22-2003, 09:46 AM	#1
Za Ha Confirmed User Join Date: Oct 2001 Location: Still lost Posts: 5,112	Why is the conversion rate at paypal so DIFFERENT? As of today 1 USD = 1.411 CANADIAN on the open market BUT PAYPAL HAS 1 USD = 1.377 CANADIAN WTF? Are they retarded? Why is there such a big difference?

07-22-2003, 09:47 AM	#2
chowda Confirmed User Join Date: Jun 2003 Location: Gooch city Posts: 9,527	they need to feed their kids too bro __________________ Someone finds you... 2007 PS: Nationalnet is the best host I've ever had. And i tried alot of them.

07-22-2003, 09:47 AM	#3
kad Confirmed User Join Date: Feb 2003 Location: Brisbane, Australia Posts: 735	They do it with the aussie dollar also. They write their own rules. __________________ lol internet.

07-22-2003, 10:50 AM	#5
beemk CLICK HERE Industry Role: Join Date: Jan 2002 Posts: 20,829	thats how it works. everywhere does it. if they didnt people could be investing in canadian money and cashing it in the next day for a profit just like it was the stock market. __________________ I host with Vacares

07-22-2003, 11:01 AM	#6
jact Confirmed User Join Date: Sep 2002 Location: Oakville, Canada Posts: 9,134	Western Union rapes you on exchange, consider Paypal's skim to be gentle. __________________ Free agent

07-22-2003, 10:10 AM	#4
detoxed vip member Join Date: Jan 2003 Posts: 17,798	Places can charge whatever you want. I went to Cancun and saw $1 = between 9 and 11 pesos. I think the exchange rate was 8.something.

07-22-2003, 11:14 AM	#8
lexr Confirmed User Join Date: Jul 2003 Location: Tempe, AZ Posts: 428	The rates usually shown on sites like http://www.xe.com and http://finance.yahoo.com/m3?u are the interbank rates. Usually the only way to get an exchange rate (as an individual) that close to the interbank rates is to exchange dollar amounts of one million or more. You're usually quoted lower rates by banks and such for lower amounts because that's how they make their money. The amounts quoted are usually (not always) no more than 2-4% less than the interbank rate.

07-22-2003, 12:55 PM	#9
skillfull Confirmed User Industry Role: Join Date: Apr 2003 Location: Quebec Calisse Posts: 4,716	cause they fuck you up the ass __________________ mind at underdark dot cc SEO Analyst Thunder-Ball.net - Member