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?

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

Thanks.

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

Charles

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...

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

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 :-)