PayPal conversion rates

[Barry_White]

Any one notice how PayPal rips you off by a couple of cents in the dollar compared to the current conversion rates whenever you purchase anything.

Talk about double dipping.

[KevM]

Any one notice how PayPal rips you off by a couple of cents in the dollar compared to the current conversion rates whenever you purchase anything.

Talk about double dipping.

It's better than credit cards by around 0.5-1%, you know what the rate rate is when making the purchase and they don't hit you with a foreign currency transaction fee as well.

Paypal is now my preferred method of overseas purchasing via the web.

I've been caught on a falling Australian dollar, where credit cards use the conversion rate around 3-4 days after the purchase is made.

Did I happen to mention that I like to know what I am going to pay at the time of purchase.

[Big Shed]

Any one notice how PayPal rips you off by a couple of cents in the dollar compared to the current conversion rates whenever you purchase anything.

Talk about double dipping.

All depends what you call the "current conversion rates". Paypal offers a better exchange rate than Mastercard/Visa any day, usually by at least a couple of cents and doesn't slug you for a "foreign currency transaction fee" either.

The published rate in the paper and on TV is the inter-bank rate, you and I will never get that rate.

Paypal is great for the buyer, but not so good for the seller as he loses around 3% in fees.

[Dave J]

Yes I was not happy about that either so looked up on the site it tells you that there is a 2 percent charge for exchanging. If you can get the seller to bill you in Aus dollars you don’t pay it. I recently asked a seller in China to bill me in Aus dollars as it was $630 he said he could only bill me in US dollars for some reason with PayPal. It cost me $12.60 extra and he paid his fees which also cost me in the sale price of $18.90 so PayPal got $31.50 of my money out of the deal
Unless someone comes up with something better we are stuck with it. But if somebody runs off with our money we expect them compensate, so they do have to get the money from somewhere to cover things like that. I don't think it is not that much to pay for buyer protection.
Dave

[Big Shed]

DaveJ, please don't use MS Word as your editor, it leaves those "droppings" you see in your post above.

If you use this site's in-built editor or Notepad, that doesn't happen.

[Dave J]

Fred
Sorry about that, would you like me to edit it, or just leave it as is and not use it again in the future.
Dave

[Big Shed]

Fred
Sorry about that, would you like me to edit it, or just leave it as is and not use it again in the future.
Dave

That's OK mate, usually we take them out but it makes for extra work for the admins/mods. I'll take care of it.