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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.
I hate how paypal inflates
I hate how paypal inflates the ecxhange rate to suit there own greedy needs. I have bought many items from ebay, when I go to pay I am out of pocket by at least 2.5%. there exchange rate is at least 2.5% higher than the going exchange rate. They do it all the Fucking time to all of us. They are the crooks. When I called them to complain they were so fucking rude to me. I just refuse
to use paypal again. They should be stopped, this is stealing!!!!!!!
taken from their own site,
taken from their own site, Sept. 21/11 at 9:32pm pst
PayPal exchange rate:
1 USD = 0.974181 CAD
PayPal exchange rate:
1 CAD = 0.974230 USD
How the hell can both currencies be below $1.00?? They're telling me a $390USD purchase is now $397CAD.. when their own damn site says it's $380CAD!!
Scammers everywhere!
Paypal scams all currencies not just Canadian dollars
Last week I bought some goods out of Japan on E-bay and paid via paypal thinking that I would just pay as if I used my bank card in a foreign country and get my bank's exchange rate (which is reasonable).
My Euros were exchanged at 1.28US to Euros when the current bank exchange rate is 1.34US.
This is in addition to the paypal fees - In addition to this the money is exchanged in a similar fashion with the end vendor getting a bad rate on their local money exchanged from US dollars.
I will be using paypal as little as possible in the future - I never looked at Paypal as a bank but as a security system for internet for which I paid security fees. Since they are a bank - they should be treated as such - here in Europe the exchange rates practiced by a bank to consumers are controlled - they would be forced to exchange in line with all other banks. I do not understand how they are escaping from these practices.
Ripped off?
With all these recent occupy protests, and people claiming to be waking up to the crap the common person has to deal with financially on a day to day basis, it's amazing people still continue to use and support something like Paypal.
Paypal is a perfect example of a direct tool used to financially oppress people. Though it may not be governmentally run, it is still a single, clear, entity and it is run by the 1% who the 99% are protesting against.
Paypal is not technically a bank (as far as the United States is concerned), and so does not have to function within any guidelines or laws set to govern banks.
They do act like a bank, offering debit cards, collecting interest, charging fees for transactions, and converting money to different currencies.
Unfortunately, there is no alternative. There are a few other on-line holding services for money, but nothing nearly so widespread and accepted as paypal.
One interesting thing to remember, when you create your Paypal account and agree to the terms of service, you are agreeing to transfer your money from your ownership over to paypal. You are giving them the rights to your money, and trusting that they might give it back, if they feel like it. (Naturally they don't regularly steal from people, but there are many horror stories of very high balance accounts being locked for unreasonable lengths of time, with paypal unwilling to payout. (These you can google yourself, I don't want to link directly to these sites)).
Links to sources of info for your reading pleasure:
http://news.cnet.com/2100-1017-858264.html
http://www.businessweek.com/technology/content/jun2007/tc20070614_606853...
http://www.finextra.com/news/fullstory.aspx?newsitemid=23224
http://money.cnn.com/2008/02/26/smbusiness/paypal_float.fsb/
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