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For at least 3 days now, the currency exchange rate used by Paypal to convert American money to CAD dollars has been stuck to 1.20588. All through the recent Canadian dollar plunge, the rate has not changed. Locking an exchange rate like so is fraud. The problem has been reported to Paypal. As a result, their rate is still locked, as of now, 9h27pm, Easter time, Friday.
The actual average currency exchange rate is now 1.271 — see the screen capture below. That rate is the medium rate between selling and buying rates. The difference between that average rate and Paypal's rate should be 2.5%. It's part of Paypal's policy, they keep that, and that's cool. Their rate is usually updated at least twice a day. At least. The difference now is 7% — instead of 2.5%. The dollar was even weaker yesterday. This is really helping American sellers who are cashing in money made from selling to Canadians — and totally screwing Canadian sellers in the process, those who are depositing money made from selling to their American neighbors. It's more than unfair, it's fraud.
I certainly hope there will be a class action suit.
Comments
Be very careful with Paypal these days
There was an error with their system this morning, and it took me an hour to fight it out over the phone, with their customer support service.
I went through an 'exchange' transaction at a Paypal exchange rate of 1.23928. I have the screen capture to 'prove' this (although, of course, I could have easily manufactured it, but I did not), and ended up having deposited into my account a lower amount, an amount calculated with the old, locked, rate of 1.20588. The difference was significant for me. On the phone, I spoke to 3 different people in turn, was put on hold and waited a lot. I was told that the numbers they give you do not include the 'spread', that even the amount that is confirmed on the last screen, the amount you 'ok' by pressing 'Exchange currency' — or cancel, is not including the spread. Of course, that's wrong. That would be insane anyway: imagine that you go through a transaction and you do not even know what you're gonna get until it is finalized and you can't go back.
After much insistence, I got the rep to speak to a difference source (higher? I do not know), and indeed I was right, and indeed there was a bug, a system error, and I will get credited for the difference in the next 3-5 days.
Paypal Exchange Rates
Bugs or not, Paypal's exchange rates have always been the subject of discrimination. While converting USD <=> CAD in either direction, you always end up at a loss. I've been wondering if a Paypal debit card would be a solution? In that case you could withdraw funds from your USD Paypal account, and have your very own bank in your home country handle the exhange back to CAD, instead of Paypal's horrible process.
It's nice to read that more people are catching up on this.
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