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Thread: PayPal's currency conversion policy does not add up

  1. #1

    Default PayPal's currency conversion policy does not add up

    Thank you for spending your time and energy on this site. I already knew PayPal was a heavy scam, but I was forced to open an account to receive a payment for my services. Now I am wrestling with PayPal's currency conversion policy as I try to buy an item from someone in Lithuania. Somehow my $100.58 PayPal balance isn't enough to purchase a 68 item (~$93). I don't know why this surprises me! Anyhow, I noticed PayPal says we can't "Use any robot, spider, other automatic device, or manual process to monitor or copy our website without our prior written permission". I admittedly use a "manual process" (via computer/browser) to "monitor" PayPal's website (check the funds available in my account). I suppose this could theoretically get me in trouble!

  2. #2
    Join Date
    Jan 2014
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    347

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    Paypal probably charges transaction fees on this amount of money. Your $100 would get you 73 right now.
    You could add a credit card to the account and pay with the card instead of your balance. As far as I have noticed, I have never payed a fee for currency conversions.

    About the second question, what do you use? They just want to avoid extra problems. Say for example you find a piece of software online that promises people to be able to see their Paypal balance on their desktop.
    People download the software, install it, log in with their Paypal account and yes, it shows the balance. But what people don't know is that it is also siphoning money out of your account every month.
    This is what Paypal is trying to avoid because there are so many applications out there that do exactly that and Paypal can't do anything about it if it happens because you basically gave away your login information.

  3. #3
    Join Date
    Jan 2014
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    Canada/Mexico/USA
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    I can't quite remember off the top of my head, but doesn't Paypal tell you what the exchange rate is? It's not going to be the same rate as what a foreign currency rate exchange website states it is. Even your bank charges you a rate higher than what the current rate is. When I'm trying to convert money, I go to my banks's website to see what they are buying and selling the currency for. That way, I have a better idea what my final charge is going to end up being.

    It's normally a lot higher than you would think; recently, I sent $250 USD to someone and it cost me $275 CDN. At that time, our dollar was in a much better position than it is now. I had to keep adjusting the amount, I was sending, until it was under the amount I had available to spend, at the time.

  4. #4
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    Jan 2014
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    I'm pretty sure PayPal tells you the current exchange rate they'll use in the payment review before you send an amount. The conversions do often seem a little off though, not sure whether this is due to them only being updated after a certain amount of time or PayPal taking a cut and raising it, either way there's not much you can do.

  5. #5
    Join Date
    Jan 2014
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    347

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    Quote Originally Posted by LivetoErr View Post
    I can't quite remember off the top of my head, but doesn't Paypal tell you what the exchange rate is? It's not going to be the same rate as what a foreign currency rate exchange website states it is. Even your bank charges you a rate higher than what the current rate is. When I'm trying to convert money, I go to my banks's website to see what they are buying and selling the currency for. That way, I have a better idea what my final charge is going to end up being.

    It's normally a lot higher than you would think; recently, I sent $250 USD to someone and it cost me $275 CDN. At that time, our dollar was in a much better position than it is now. I had to keep adjusting the amount, I was sending, until it was under the amount I had available to spend, at the time.
    Quote Originally Posted by orz View Post
    I'm pretty sure PayPal tells you the current exchange rate they'll use in the payment review before you send an amount. The conversions do often seem a little off though, not sure whether this is due to them only being updated after a certain amount of time or PayPal taking a cut and raising it, either way there's not much you can do.
    They do indeed state the exchange rate. If you buy an item, most of the time they use the correct exchange rate. If you want to deposit money, there is an exchange fee which is normal (banks also charge this fee).

  6. #6
    Join Date
    Jan 2014
    Location
    Winchester, CA
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    233

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    That doesn't make any sense! I wonder how many people they scam using incorrect conversion rates. That is criminal!

  7. #7

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    I think PayPal take a cut when converting currency. But there are always alternatives for you to try. My favorite alternative to PayPal is probably skrill.

  8. #8

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    Have you tried contacting PayPal about this problem? Probably wouldn't get you far, but it doesn't hurt to try.

  9. #9
    Join Date
    Jan 2014
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    Quote Originally Posted by Delusional View Post
    They do indeed state the exchange rate. If you buy an item, most of the time they use the correct exchange rate. If you want to deposit money, there is an exchange fee which is normal (banks also charge this fee).
    Actually depends on the bank, there is one close to where I live that you can online deposit it, and they will convert it free of charge. Maybe it's due to them earning interest already. Or as something for convenience.

  10. #10
    Join Date
    Jan 2014
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    For some odd reason I was never able to calculate ebays exchange rate. It was never accurate to what they charged me. But I was also told that the main culprit for the exchange rate is actually the bank with which your PayPal account is connected to...

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