PayPal currency conversions

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lowa2
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p.1 #1 · PayPal currency conversions

Good evening all,

I have spotted something that is really bugging me about PayPal. It seems that they are fudging up the conversions between USA/Canadian dollars.

Here is what I noticed today:

I recieved 2700 USD from a buyer here on FM.
I transferred that money to my bank account, and since the cdn dollar is worth a tad more than the usd, I got less total money. All normal.

A few minutes later, I set up a transaction to pay a seller in US dollars. It was for 1100 USD. So, I set up a transaction to take money from my bank account, and it says that it will be 1125 dollars cdn. It went the opposite way ?!

I don't get it! They seem to be charging different rates for buying and selling. FYI, these were 0 fee transactions, so that's not where these mysterious conversions are coming from.

Cannucks, have you seen this happen?

Nov 22, 2012 at 04:57 AM

jcolwell
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p.1 #2 · PayPal currency conversions

Banks do the same. It's a transaction fee. With Canadian and US dollars within two or three percent, you generally lose either way.

Nov 22, 2012 at 01:41 PM

lowa2
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p.1 #3 · PayPal currency conversions

Thanks.

I always thought it was a scam, but after doing some research your correct. It is a fee.

Charles

Nov 22, 2012 at 02:56 PM

Wobble
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p.1 #4 · PayPal currency conversions

0 fee transactions? Gift? Living dangerously?

It's one thing to receive a gift, but you might not want to use the gift feature on a purchase(Paypal could fuss if you are actually buying something). I always change PayPal to buy on a credit card for the added protection. On receiving money into your checking account, be sure you have a separate one with a low balance and immediately transfer it to another account. Just trying to help protect you...

Nov 23, 2012 at 01:18 PM

jcolwell
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p.1 #5 · PayPal currency conversions

The gift funds will still be subject to the same exchange fee for converting between US and Canada dollars.

Nov 23, 2012 at 03:56 PM

lowa2
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p.1 #6 · PayPal currency conversions

PayPal gift is pretty widely used as a form of payment. Unfortunately.

People don't like fees.

Money is gone already anyways, getting a 500/4 this weekend :-)

Nov 27, 2012 at 03:21 AM

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