PayPal currency conversions
/forum/topic/1167859/0



lowa2
Registered: Oct 15, 2010
Total Posts: 2433
Country: Canada

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?



jcolwell
Registered: Feb 10, 2005
Total Posts: 21578
Country: Canada

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



lowa2
Registered: Oct 15, 2010
Total Posts: 2433
Country: Canada

Thanks.

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

Charles



Wobble
Registered: Nov 30, 2011
Total Posts: 726
Country: United States

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...



jcolwell
Registered: Feb 10, 2005
Total Posts: 21578
Country: Canada

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



lowa2
Registered: Oct 15, 2010
Total Posts: 2433
Country: Canada

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 :-)