Paypal is Ridiculous

  1. Where the heck does Paypal get there exchange rates from????

    I just transferred $960USD into my bank account expecting it to convert to approx $965 CAD but instead I got $940CAD!!

    Sorry but what the f$@% is that? I mean I know there exchange rates arent the same as the banks but since when is the Canadian dollar worth more than the US. I know its just $20 but had I known this I would have asked for more to compensate for there weirdo exchange rate.

    I just didnt think they could go as far as flipping which currency is worth more, it makes no sense to me. Just another reason why I hate Paypal :cursing:
     
  2. ITA - I have the same when with the UK pound - banks are a law unto themselves and that is why they are making so much profit.
     
  3. us dollar did just drop below canadian a few days ago... sad but true...
     
  4. I checked XE. com last night and they were pretty much at par. $960USD should have been $965CAD, not $940

    When I bought the purse I had to pay $1450CAD to be equivalent to $1244USD according to their exchange rates and that was just a few months ago.

    I dont know, just seems they pick a rate that suits them. Oh well, nothing can be done but I still cant stand Paypal, I think Im going to try some other way.
     
  5. Banks don't use the rates you find at XE.com or oanda.com. They use their own which is based on that. Plus as it changes daily you have to check for the day they processed the money on paper, which might not be the actual day!
     
  6. I agree that it was on the news the other day that the US $ dropped below the Canadian for the first time in years. But it is also true that PayPal can alter the exchange rates. Sorry the rate was so terrible.
     
  7. Paypal exchange rate is usually at least 2c below what the current rate is.

    It adds up especially on higher amounts :sad: