yet another way that paypal gouges us

dressage queen

dressage queen

O.G.
Aug 22, 2006
5,811
89
#1
i buy a fair bit off ebay international sites and have to pay in currencies other than the US$. so paypal gets the fee they charge the seller AND makes money by using currency conversions absurdly out of line with reality.

but then buggers take it one step more -- i happened to do the currency calculation on my own based on their ridiculous rate, and it came out to an amount that ended in .744 -- don't you just know that they rounded UP instead of DOWN and charged me .75. :cursing: not that one cent is going to be a drag on my cash-flow, but multiply that by millions of transactions . . . .

i. hate. paypal.

thanks for the space to vent.
 
#6
dressage queen said:
i buy a fair bit off ebay international sites and have to pay in currencies other than the US$. so paypal gets the fee they charge the seller AND makes money by using currency conversions absurdly out of line with reality.
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Don't they just. AFAIK PayPal routinely defrauds the people who use it. Just off the top of my head, when ex.com has the Australian dollar at $0.90 of the US dollar, I can expect PayPal will only allow it's worth about $0.85 of the USD. Makes quite a difference over a large enough amount, and it must be happening to millions of people every day.

dressage queen said:
i. hate. paypal.
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Feeling your pain! :yes:
 
#8
Banks are always different from the current exchange rate as well. It's how financial institutions make money doing exchanges. Instead of charging a fee, they go a bit above or below the rate they get. Same way loans work. I bank pays consumers 3% to put money in a savings account and than loans it back out at 6-8%.

BUT - If paypal's rate says .7444 and they charged you .75, than THAT is a scam.
 
#9
purse-n-boots said:
Banks are always different from the current exchange rate as well. It's how financial institutions make money doing exchanges. Instead of charging a fee, they go a bit above or below the rate they get.
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of course -- but the spread is MUCH wider than any bank has ever charged me.

also, on international transactions paypal charges the seller a fee that's greater than for domestic transactions -- for me domestic is 3% and international is 4%. so they get the currency exchange spread AND a higher fee from the seller.

also, for credit card transactions, why does paypal have to convert the currency at all? if i use my AMEX they are perfectly capable of taking a charge in a foreign currency. but paypal forces a currency exchange transaction on me that's more expensive than it would be at AMEX.

basically they look for every little thing they can possibly do to get more money out of us. have i mentioned that i.hate.paypal. ?
 
#10
I'm by no means a huge fan of Paypal's, and was surprised how much the fees ended up being on a couple of bags I sold recently, between eBay fees and Paypal fees. But on the other hand, I checked with a couple of consignment sellers, and they keep 30-40% of the final sale price. So compared to that, eBay/Paypal was a relative bargain (though of course then I had all the hassle rather than the consigner.)
 
#12
PinkCupcake said:
Don't they just. AFAIK PayPal routinely defrauds the people who use it. Just off the top of my head, when ex.com has the Australian dollar at $0.90 of the US dollar, I can expect PayPal will only allow it's worth about $0.85 of the USD. Makes quite a difference over a large enough amount, and it must be happening to millions of people every day.
Click to expand...

Yeah, using Paypal to conduct selling on ebay is like getting robbed in highway! :throwup:
Not only they charge 4.5% fees for personal account but their conversion fee suxs big time :throwup::throwup:

I remember, when I sold my Bbag and anticipated to get about AUD$1200ish from a sold price of USD$1000, I ended up on my account less than AUD$1100!! :cursing:
 
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