Cost Of Doing Business With Paypal Currencies

Share it with your friends Like

Thanks! Share it with your friends!

Close

A while ago, I popped an extra $1,000 CDN$ into my paypal account. Although I have posted a few times in this blog about the rising foreign exchange rates here and here, I didn’t think much of the running balance in my paypal account.

All I do recall, is that I had about $XXXX dollars in $CDN plus $YYYY in $USD … then October 2008 $ZZZZ revenues in $USD was added to my paypal account .. and for some reason – silly me – I thought $XXXX + $YYYY + $ZZZZ = My Balance! But, I was wrong – as I found out today – I needed to pay some bloggers for the HART-Empire Network today and had to dip into the $CDN balance fund.

This is what is going on with Paypal

The *REAL* foreign exchange rate at the moment is 1.2247 rate. This means that if I had $1,000 USD I would get $1,224.70 in CDN on conversion (before fees). Conversely, the rate is 0.81653 the other way around, which means that if I had $1,000 CDN .. I would only get $816.53 in USD.

As you can see – Paypal converts my $CDN dollar monies at the rate of 0.788523, which means that my $1,000 CDN gets converted into $788.52 USD

In a single transaction – paypal just scooped ANOTHER 2.8% (0.81653-0.788523) fee from me and my money – on all conversions. This is in addition to the selling fees and/or receiving fees deducted from my account on other transactions.

According to Paypal

Currency Conversion

PayPal launched Multiple Currencies to facilitate payments among our diverse base of international members. PayPal is pleased to offer conversion rates that are competitive with those of other consumer services.

The most readily available information on currency exchange rates is based on “interbank exchange rates”. Interbank exchange rates are established in the course of currency trading among a global network of over 1,000 banks, and are not available through consumer or retail channels. Consumers may use these rates as a reference, but should not expect to use interbank rates in transactions that involve currency conversion. To obtain actual retail rates, contact your local financial institution or currency exchange, or check the rate displayed in your PayPal transaction.

oh – wait! According to Paypal’s help, they do not really use “REAL” banking and foreign exchange rates .. they use “INTERBANK EXCHANGE RATES” …. Well – here is what the latest interbank exchange rates shows up to be .. 0.8090 … or, rather 1.6% more than what paypal uses.

So I lost a little money today in Foreign Exchange

Am I happy? Well, there’s nothing I can do about it. So, I accept Paypal’s income generating policy over and above ‘real’ foreign exchange rates. But, I’ve added a new category in this blog … the “GrrrRrRRrrrr” category.

Comments

FrustratedAsWell says:

I understand your complaint, and I am currently in a similar situation. I have to say though that you should reread Paypal’s policy. It says that they use Competitive consumer rates. They further state that the rate that is most readily available in the interbank exchange rates. So when we go to XE.com we are seeing the interbank exchange rates and not the rates that consumers get.

I experienced this first hand when I was in Mexico. The rate on XE.com was 12.5 per 1 USD, but I was lucky to get 11.2 while I was actually there and exchanging currency at the bank.

I agree that it sucks, but it really is the banks that are taking their cut for the transaction for the service.

I have been looking for a site that published consumer rates but I have yet to find it.

Greetings from Los angeles! I’m bored at work so I decided to check out your site on my iphone during lunch break. I enjoy the knowledge you present here and can’t wait to take a look when I get home. I’m amazed at how fast your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyways, fantastic site!

Hi would you mind sharing which blog platform you’re using? I’m going to start my own blog soon but I’m having a difficult time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique. P.S Sorry for being off-topic but I had to ask!

Moja … although you seem to be doing fine with your Web Directory site created less than a week ago (suggesting you know what you are doing) this site is powered by WordPress, as described in the footer of this section.

You should read Paypal’s policy again which says that they use Competitive consumer rates and the rate that is most readily available in the interbank exchange rates.

[…] hollister Healthy Eating on a Budget – It Is Possible, It Is […]

[…] Related articles: July 28 Qingdao in turn police stabbed and severely wounded. Yesterday in turn police stabbed and severely wounded. Yesterday […]

[…] Related articles: Move on to discuss China has begun to transform its economy Man said to set up factories by Friends 2000000 dumped wife absconded _ News Move on to discuss […]

[…] karen millen outlet Cabinet Hinges – Functional Fixtures Tha […]

[…] the board squares abercrombie. Players take turns drawing the lines that surround each square: top air jordan pas cher Affiliate Marketing Ideas – Always Check, left, right hollister france, and bottom hollister. The player who completes a square by clicking […]

[…] outlet, the graduate management admission rate is low the cruel reality,air jordan pas cher,doctoral students m, many large companies to the school to recruit, embalming and business negotiation etc. In view of […]

[…] the character of how Chen Yi and Qi Yangzhi? give full play to the role of demonstration experiment,his heart is the cu,christian louboutin uk, two force balance of festival knowledge comprehensive application of liquid […]

[…] Related articles: this person has been almost 60 years old. If this is true replicability but also have been incarcerated but also have been incarcerated […]

Good post. I learn something new and challenging on
websites I stumbleupon everyday. It’s always helpful to read through articles
from other authors and use a little something from other web sites.

My web blog – Staubsauger Test (http://azonetech.hosting.paran.com/)

I was suggested this blog via my cousin. I am no longer certain whether or not this post is written via him
as no one else understand such precise about my problem.

You’re amazing! Thanks!

情趣用品 says:

Whats up! I simply want to give an enormous thumbs
up for the good info you may have here on this post.
I will be coming back to your blog for extra soon.

Yes! Finally someone writes about cheap web hosting.

hello there and thank you for your information – I’ve
definitely picked up something new from right here. I did
however expertise a few technical points using this site, since I experienced
to reload the site a lot of times previous to I could get it to load
correctly. I had been wondering if your web hosting
is OK? Not that I am complaining, but slow loading instances times will very frequently affect your placement
in google and can damage your high-quality score if advertising and marketing with Adwords.
Well I’m adding this RSS to my email and could
look out for a lot more of your respective exciting content.

Ensure that you update this again very soon.

Matthew says:

I do a size 28 Royal Coachman which hhas wings now and then
for a lark. Like I said before three shots at 100 yards in order
to boost migration. Seek out shay angler kayak with motor spots or deeper water with cover.
A mman has been charged with murder after an angler
wwas reported missing. Not too deep, easily wadeable.

Earn a living by becoming more green and eco friendly.
Go for shoes inn a pwle peachy shade to lengthen
your legs with matching accessories to liven up a neutral orr floral
dress for a stunning on-trend outfit. Manyy people throw old or deaad batteries in the trash orr drop off at county dumps, which add to thhe pollution of the environment.

Great article! That is the kind of information that are meant to be
shared across the web. Shame on the search engines
for not positioning this put up upper! Come on
over and seek advice from my site . Thanks =)

Wow! This blog looks exactly like my old one! It’s on a completely different topic but
it has pretty much the same page layout and design.

Wonderful choice of colors!

smart detox says:

Hi there superb blog! Does running a blog such as this take a great deal of work?
I’ve absolutely no understanding of programming however I had been hoping to start my own blog in the near future.
Anyway, if you have any ideas or techniques for new blog owners please
share. I understand this is off topic however I simply wanted to ask.
Thank you!

buy adiphene online

Cost Of Doing Business With Paypal Currencies — 1 8 0 0 H A R T

Write a comment

*

*