PayPal versus Currency Converter
Thread poster: Tina Vonhof

Tina Vonhof  Identity Verified
Canada
Local time: 12:19
Member (2006)
Dutch to English
+ ...
Oct 29, 2012

When I checked the currency converter (recommended on Proz) today, I saw that the US and CAD dollar are practically on par, and I decided that this was a good time to withdraw US dollars from my PayPal account to my Canadian bank account. PayPal, however shows an exchange rate that is way off and a substantial amount less than what the Currency Converter indicates. If they keep this up, I'll never be able to lay my hands on that money. I can't e-mail them because this problem does not fit in with any of the topics that I'm required to fill in first. Has anyone else had this problem ?

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Mikhail Kropotov  Identity Verified
Russian Federation
Local time: 22:19
Member (2005)
English to Russian
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A lot of people have the same problem Oct 29, 2012

The problem being that Paypal rips you off chance it gets. I believe the number of victims runs in hundreds of millions. Unfortunately, not all of them realize it.
[edited for typo]

[Редактировалось 2012-10-30 01:00 GMT]


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LEXpert  Identity Verified
United States
Local time: 13:19
Member (2008)
Croatian to English
+ ...
Same problem... Oct 29, 2012

PayPal's exchange rates are profoundly disadvantageous, and it is yet another way in which they fleece you. I'm resigned to the fact that my Euros will simply have to remain in my PP account until I find something something to buy with them, rather than losing even more of my hard-earned money by converting to dollars and withdrawing them.
In what must be the height of ridiculousness, PayPal even told me that no matter how many Euros I have on my PP account, if I withdraw Euros at an ATM in Europe using my (US-issued) PP debit card, PayPal will ignore my Euro balance and instead draw from the USD balance and charge the appropriate conversion fees. Seriously?!?


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Sheila Wilson  Identity Verified
Spain
Local time: 19:19
Member (2007)
English
+ ...
You need to use those dollars Oct 30, 2012

It is a problem, but with the internet as it is there isn't too much of a problem spending 'foreign' currencies, at least I don't have any problem spending them.

I don't intend to ever change the USD in my PayPal account into my default EUR currency - it will never be a wise move. But there are things I can buy using my USD balance - sometimes I will pay about the same, maybe a tiny bit more, but it's a good way of putting those USD to good use without paying PayPal any extras.


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Thayenga  Identity Verified
Germany
Local time: 20:19
Member (2009)
English to German
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Exchange rate Oct 30, 2012

Mikhail Kropotov wrote:

The problem being that Paypal rips you off every change it gets. I believe the number of victims runs in hundreds of millions. Unfortunately, not all of them realize it.


PayPal states in its T & C that their exchange rate is 2.5 % below the official exchange rate regardless of the currency. (It might be more unofficially). This way they ensure that they can always cut out a nice amount - which they shouldn't be entitled to.

This is why I keep both a US Dollar and a Euro account so that the incoming amount remains in the same currency. Depending on what I need, e. g. software, I pay for it out of the appropriate account without having to keep a keen eye on the conversion rates or PayPal's special "needs".

I've found that, in some cases, the conversion rate my bank offers is much more customer orientated and the fees they charge for incoming amounts is, at times, less than what PayPal demands and takes. After all, they too got to make a living...at our expenses.

[Edited at 2012-10-30 13:45 GMT]


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Tina Vonhof  Identity Verified
Canada
Local time: 12:19
Member (2006)
Dutch to English
+ ...
TOPIC STARTER
Need a bank in the US Oct 30, 2012

[quote]Thayenga wrote:

This is why I keep both a US Dollar and a Euro account so that the incoming amount remains in the same currency. Depending on what I need, e. g. software, I pay for it out of the appropriate account without having to keep a keen eye on the conversion rates or PayPal's special "needs". [quote]

I do the same but from time to time I would like to be able to have some of that money from my US account in my pocket. I thought I could circumvent the problem by having a US dollar account (I also receive US cheques sometimes) but it's at my Canadian bank and PayPal will download your US dollars only if you have a bank located in the US. Up to now, I've never had any complaints about PayPal and enjoyed its convenience but this is maddening.


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Andrei Shmatkov  Identity Verified
Canada
Local time: 11:19
Member (2007)
English to Russian
+ ...
workaround Oct 30, 2012

I never tried it myself, but some people say that they managed to set up a working scheme of withdrawing USD funds to Royal Bank of Canada, avoiding PP rip-off exchange rates: http://www.canadiancapitalist.com/transferring-us-dollar-funds-out-of-paypal/

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Tina Vonhof  Identity Verified
Canada
Local time: 12:19
Member (2006)
Dutch to English
+ ...
TOPIC STARTER
Thank you Oct 31, 2012

Thank you for that information Andrei, I'm going to look into what my options are. I'll check with my own bank first but if they can't help me, I may consider opening an account with another hank.

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PayPal versus Currency Converter

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