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Get back your Paypal rip-off money - for pros and businesses in Slovakia (EURSKK issue)
Thread poster: Tomas Forro
Tomas Forro
Tomas Forro  Identity Verified
Poland
Local time: 06:50
English to Slovak
+ ...
Jan 16, 2009

Dear friends,
I just wanted to share my dispute with the Paypal company in a recent days.
As you maybe don't know, for any financial transaction that involves the conversion of currency, Paypal is charging the conversion rate that is not very friendly towards it's customers. When I was checking it one day against the local bank offices and universal currency converter at xe.com, Paypal's conversion rate was the least favorable (towards the customer) among all of them.

OK... See more
Dear friends,
I just wanted to share my dispute with the Paypal company in a recent days.
As you maybe don't know, for any financial transaction that involves the conversion of currency, Paypal is charging the conversion rate that is not very friendly towards it's customers. When I was checking it one day against the local bank offices and universal currency converter at xe.com, Paypal's conversion rate was the least favorable (towards the customer) among all of them.

OK, everybody has to make some living, but the ridiculous thing is that my country Slovakia converted to EURO in January 2009. And yet, if you are withdrawing your funds with Paypal to your Slovak account, the company is still converting the whole lot into the old currency Slovak Koruny (SKK)... of course, with their currency rate that can rip you off quite a bit of Euros.

I wrote them and asked about this issue - we might go for a nice trial over this after all...
And they seem to be well aware of the situation, maybe just taking their chances as long as it is possible... Please see attached their response to my query at the end of this thread.

So if you are in a similar situation and you need to withdraw your funds into Slovak account in the upcoming weeks (or you've done so in a recent weeks), don't forget to ask for your money back!!! I know they have a good reason not to say a word about the possibility of "reimbursement" for Slovak customers directly on their webpage.

There are many ways how to make money, but I don't understand why the translators who are using the services of Paypal so frequently should be part of this one!

And now, the reply from Paypal:

Please be advised that the information regarding currency conversion
(EUR-SKK) displayed on your PayPal account will not cause any withdrawal problems in Slovakia. Our back-end system will disburse the funds in Euro so there will be no rejection on your bank side. There will still be a currency conversion fee applied in the PayPal system until mid February 2009. If you need to withdraw funds earlier, please do so and contact us to request the reimbursement of the paid currency conversion fee. Please note that we will then return the fee to your PayPal account balance within 3 business days ▲ Collapse
 
Igor Indruch
Igor Indruch  Identity Verified
Czech Republic
Local time: 06:50
English to Czech
I do not quite understand... Jan 16, 2009

You can keep money on your PayPal account in any currency you choose - you can even have ther amounts in more then one currency - so they just convert them when send it to bank? If so, this is really funny - because it means converting them to korunas and immediately back to euros?

BTW - I am not satisfied with PayPal customer support at all - and now I use PayPal only when my client really prefers this way... I had some issue with PayPal three months ago - at it seems they have no... See more
You can keep money on your PayPal account in any currency you choose - you can even have ther amounts in more then one currency - so they just convert them when send it to bank? If so, this is really funny - because it means converting them to korunas and immediately back to euros?

BTW - I am not satisfied with PayPal customer support at all - and now I use PayPal only when my client really prefers this way... I had some issue with PayPal three months ago - at it seems they have no CRM system - because we exchanged a lot of emails about the same issue - my email were allways answered by different representative who had absolute no knowledge about previous communication - so finaly I gave up and drastically reduced my use of PayPal... ▲ Collapse
 
Tomas Forro
Tomas Forro  Identity Verified
Poland
Local time: 06:50
English to Slovak
+ ...
TOPIC STARTER
It's just an easy money, really... Jan 16, 2009



so they just convert them when send it to bank? If so, this is really funny - because it means converting them to korunas and immediately back to euros?


That's exactly what they do Igor. As for the second conversion, there is none - they simply deduct their conversion rate from the transaction and don't convert anything. So it leaves as euro from them and comes to your account as euro - minus the fee for nothing that they deducted.


BTW - I am not satisfied with PayPal customer support at all - and now I use PayPal only when my client really prefers this way... I had some issue with PayPal three months ago - at it seems they have no CRM system - because we exchanged a lot of emails about the same issue - my email were allways answered by different representative who had absolute no knowledge about previous communication - so finaly I gave up and drastically reduced my use of PayPal...


I know exactly what you mean - moneybookers is far better option, but the problem is that apparently not many of my customers know about them yet.
 


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Get back your Paypal rip-off money - for pros and businesses in Slovakia (EURSKK issue)







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