get with the times paypal

[katiusciav]

why the HECK does paypal take so long to catch up with the current exchange rates?!?!?!?!??!?!?!?X-( geeeez man, its still calculating a higher cdn dollar...am i mental or what?!?!?
god i love losing money...just love it!

[cartoonsinabox]

Its done on purpose.

[katiusciav]

oh okay, silly me! i guess i am mental then! can you elaborate? i mean, i get what you're saying its done on purpose to make money right, but how can they be allowed??? and they can't do it forever??

[treasure-pot]

but how can they be allowed???

It's up to PayPal entirely. Who would regulate when they change the exchange rates beyond their customers? Provided people continue to use the service they will continue to charge what they think they can.

You may as well also complain about high eBay fees, Canada Post's rates, taxes and the price of bread for all the good it will do. PayPal has been hearing about this for years and will not react until they see it affects their profits.

Bill
treasure-pot

Co-Author of

[katiusciav]

I don't understand?!?!? a retailer charging outrageous amounts for bread can't compare to a financial institution not following the current exchange rates? these aren't fees we're talking about, they're exchange rates??
sheesh man, i just don't get this world sometimes...
...i'm gonna just pack it in...call it a day man...see ya...

[fenian]

They're not a "financial institution"....they're an arm of a "venue". There are no laws requiring anyone to adhere to exchange rates, as it's an open market. How do you think currency exchange traders make any money ? You can price a $10 item at $50. If someone pays you $50, are you going to complain ? You can pay $30 to get your dog washed or $200 to get your dog washed...it's all about what you're prepared to pay.....and it's all part of operating a business.

[katiusciav]

can we say pigs?

[treasure-pot]

Just to add... they are not true exchange rates. PayPal, like banks and exchange services, charges a fee, over and above the true exchange rate, to perform a service. Typically PayPal charges more than banks to exchange currency. They also don't update as frequently as banks during the course of a day.

The only way to get PayPal to make changes is for a significant number of their customers to force they to do so by ending use of the service. As PayPal is so dominant in online payment services, it is unlikely to happen anytime soon.

Bill
treasure-pot

Co-Author of

[katiusciav]

like i said...pigs...

[sageleafkids]

The difference between what PayPal offers, and what I receive from the Royal Bank for consumer currency exchange is approximately one half of one cent. Typically you will pay about 2.5 cents for the privilege of having someone exchange your money for you.

The only way that you can ever get around this is to avoid currency exchange when possible. Keep the $US in $US if you are going to be incurring expenses in $US. If you are using Canadian shipping companies pay these expenses in money that is already in Canadian dollars, etc., etc.

There are some Canadian banks that have US subsidiaries. I have a Royal Bank account, and an RBC Centura account. I take my US dollars out of Paypal and put them into the RBC Centura account. When I have US expenses, such as inventory purchases from American suppliers, I put them on a US dollar credit card, and pay that balance with my US dollars in the Centura account.

If you were to take $1 US, convert it to Canadian dollars, and then back to $US, your $1 US, will turn in to about 95 cents in Canadian dollars.... The only way to avoid this is to look for ways to reduce the number of times you convert your money.

Just my thoughts.

Peter

[treasure-pot]

Bang on Peter. I use TD BankNorth and generally pay about 2 cents on the dollar to convert my USD to CAD. That saves approximately a penny over allowing PayPal to transfer the funds directly to my TD Canada Trust accounts. Doesn't seem like much on the surface but over the year it really adds up.

All sellers should at least pay their eBay fees in USD from their PayPal accounts. Any other opportunities to make payments from your PayPal account in USD result in direct savings.

Bill
treasure-pot

Co-Author of

[whatnerds]

Does anyone know if I can do this with CIBC and use it as a US bank ? Thanks.

Sukh
(Dream About Comics)

[recped]

why the HECK does paypal take so long to catch up with the current exchange rates?!?!?!?!??!?!?!?X-(

PayPal adjusts the rate at least once a day and I suspect more often.

Today's rate from PayPal should be about US$1.00 = CA$0.9875
"What else could I do? I had no trade so I became a peddler" - Lazarus Greenberg 1915
- answering Trolls is voluntary, my policy is not to participate.

[futuretech_liquidations]

Except for a few sellers, most of the people complaining on here about exchange rates should not be given their sales volumes aren't high enough for it to make any sort of dramatic impact on their finances.

[whoscloset]

Except for a few sellers, most of the people complaining on here about exchange rates should not be given their sales volumes aren't high enough for it to make any sort of dramatic impact on their finances.


Did ya look into your crystal ball and figure out what everyone else's sales numbers are?

[dipmicro]

If you feel PayPal is doing something wrong, give a call to Ministry of Finance and if they share the feeling, they will take action. Most financial transactions are regulated in some way if it be a bank or trust company and the voices saying "PayPal can do anything market allows" are wrong.

In this case I think you may just have made the transaction in the bad time of day as PayPal seems to be updating the rates quite often.

[sageleafkids]

Except for a few sellers, most of the people complaining on here about exchange rates should not be given their sales volumes aren't high enough for it to make any sort of dramatic impact on their finances.

I don't agree with this. If you collect your revenue in Canadian dollars, and incur your expenses in Canadian dollars, then this is a non issue. However, if you collect revenue and incur expenses in US dollars, then this is something to consider.

Even to meet the absolute lowest standard for a Powerseller, you have to have $12,000 in annual sales. At the absolute minimum, you are giving PayPal an additional .5 cents on every dollar to have them convert the money for you, which is at least $60 per year. If you also incur expenses in US dollars, and convert your money to Canadian dollars first, then you are giving another 5% of every dollar you spend in US dollars to your bank.

It may not seem like much, but it sure adds up. And the only reason it becomes an issue is because it doesn't take any extra time once you have an account set up in the US. Avoid currency exchange when possible, and this is money in your pocket.

I give PayPal enough money, and if there are ways I can avoid more of their fees then I will gladly do it.

Just my thoughts...

Peter

[katiusciav]

i WAS going to make a transaction, but then, forget that, i have to wait till they update their stinkin' rates...so i'm going to go check my balance now and see if they've changed their stinkin' rates already! grrrrrrrr

[sageleafkids]

If you feel PayPal is doing something wrong, give a call to Ministry of Finance and if they share the feeling, they will take action. Most financial transactions are regulated in some way if it be a bank or trust company and the voices saying "PayPal can do anything market allows" are wrong.

PayPal isn't doing anything wrong. Their exchange rates are very competitive with currency exchange places you would find in the airport, or something similar. They do not have the same purchasing power as a bank, which is why they can't offer the same rate as a bank.

[dipmicro]

PayPal isn't doing anything wrong.

I did not say they are, just shown the place where the OP can get the qualified answer or file a complaint in case they would be. And this is not only regarding PayPal, but any financial institution.

Btw. I have had general manager of TD Home and Auto apologizing about "computer error" when I complained to FSCO about 14% auto insurance increase without giving me proper reason while they had allowed something over 4% in average that year. They are all trying what we can take ...