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 Posted: Sat, 18th Feb 2012 00:46 Post subject: Paypal exchange rate...fuckin crooks |
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Im sooo fuckin mad, i didnt know how Paypal were a bunch of fuckin thieves.
Got 2010$USD and want to exchange it into CAN currency.
Base on xe.com and todays exchange rate:
2,010.00 USD = 2,004.27 CAD
1 USD = 0.997150 CAD
In Paypal:
From: $2,010.00 USD
To: Canadian Dollar
Total: $1,951.88 CAD
PayPal exchange rate: 1 U.S. Dollar = 0.971085 Canadian Dollars
Im loosing 52$ with Paypal. Is that even legal stealing from people like that???? I wouldnt mind if it was like 5$ but 52$, seriously?!?!
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| Posted: Sat, 18th Feb 2012 00:51 Post subject: |
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banks will do the same to you , official exchange rate is the base exchange rate.
but yes paypal takes it to another level, got my papal cash finally unlocked after 2 months and its the last time i will deal with them.
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| Posted: Sat, 18th Feb 2012 09:34 Post subject: |
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I had the some thing on PayPal about a month ago because I didn't read the small letters... It's fucking annoying but this is how the make money.
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| Posted: Sat, 18th Feb 2012 09:50 Post subject: |
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Last edited by Interinactive on Tue, 5th Oct 2021 04:30; edited 1 time in total
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spankie
VIP Member
Posts: 2958
Location: Belgium
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| Posted: Sat, 18th Feb 2012 14:41 Post subject: |
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It's quite normal, no?
You use a middle man to exchange the currencies. You are not directly in the market to exchange. Your middle man is Paypal, which is probably using another broker as well.
Say the official rate is 1.00, the broker might ask 1.1 and bid only 0.9, the difference is 10% on each side, called the spread. you are saying you are losing 52 on 2000. A 2.5% spread is a bit high, but acceptable given the fact that there are different middlemen that are not working for free...
You will never be able to exchange at the official rates, unless you are directly on the markets offering with millions at your disposal. You will always be 'stealed'. Just check the rates at the commercial banks in your neighbourhood. Chances are you might observe spreads far higher than that 2.5%
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| Posted: Sat, 18th Feb 2012 14:58 Post subject: |
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There's an option in the PP settings somewhere that lets your bank do the currency conversions instead - unless you're using a completely shitty bank, their rates will be better than PP's.
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| Posted: Sun, 19th Feb 2012 01:56 Post subject: |
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normal. remember banks rule the world with taxes like these.
But you have the option.
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| Posted: Sun, 19th Feb 2012 13:04 Post subject: |
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| Paintface wrote: | banks will do the same to you , official exchange rate is the base exchange rate.
but yes paypal takes it to another level, got my papal cash finally unlocked after 2 months and its the last time i will deal with them. |
And just think how much INTEREST Paypal took from your money while they had it for 2 months.. I hate Paypal they still have my money from a refund and I've phoned them, emailed them etc with no luck, stealing fuckers.
dust.
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