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!

[whoscloset]

I was wondering. I'm heading out this weekend but I think I'll be home in time to check it out.

[dipmicro]

just wondered how you had determined that everyone else was wrong.

Ok then, since you insist. Every financial transaction is regulated in some way. One of the way in Canada is "Criminal Interest", and here I quote:

A "criminal rate" is defined as an effective annual rate of interest that exceeds 60% on the credit advanced under the agreement or arrangement. For the purposes of the Criminal Code, interest includes fees, charges and expenses whether in the form of a fine, penalty, commission or other similar charge or expense.

The exchange rate exceeding 60% would be a violation under the Criminal Code. That confirms that those who claim PayPal can do anything ... are wrong.

Anything else treasure-bot?

[cgcgraded]

Reading these posts....
I smiled and got a dimple...spilled wine on my nipple...got tissue from mr wipple...poured myself a triple...took another sipple...watched the wine ripple...fell down and broke my hipple...off to the hospital...:^O

Roses are red, violets are blued
I don't like the bank rates
But enjoy getting screwed:^O

The Unknown Poet

[treasure-pot]

See, it only takes one to completely lose sight of the topic. Unbeknown to me, the discussion was really about loan sharks and not exchange rates. I've seen the link for "Enforcers" on the PayPal site but admit I never clicked on it.

Well done Buck... especially for so early in the AM (or were you just rolling in? :-D)

Bill
treasure-pot

Co-Author of

[katiusciav]

A "criminal rate" is defined as an effective annual rate of interest that exceeds 60% on the credit advanced under the agreement or arrangement. For the purposes of the Criminal Code, interest includes fees, charges and expenses whether in the form of a fine, penalty, commission or other similar charge or expense.

well now that's what i'm talking about...of course any company can't do whatever they want...regardless of what classification they fall under (bank, financial institution...), every company out there has a governing body over them that will monitor the behaviours and practices of their actions...we wouldn't live in a very decent world it that weren't the case...of course, paypal is probably operating on the borderline of criminal behaviour...

[dipmicro]

Kat, PayPal has far to go to loan-shark rates, I only shown this because of the voices claiming PayPal could do anything. I am not sure what is PayPal status in Canada, so Google-up the Ministry of Finance and talk to them.

Btw. don't believe everything Bill-bot says, for all we care he can be on eBay payroll disguised as giftware seller and Marsha's Canadian sidekick.

[westernstargifts]

smiled and got a dimple...spilled wine on my nipple...got tissue from mr wipple...poured myself a triple...took another sipple...watched the wine ripple...fell down and broke my hipple...off to the hospital...

Did you get a purple nurple?......:^O

[cgcgraded]

Did you get a purple nurple?......

No... I did however enjoy a "pink lady" which gave me a "fuzzy navel"

What in the world are we talkin about?:^O

[alero0]

Paypal is a service that we CHOOSE to use. We get our payments instantly without having to wait weeks to receive a check or money order in the mail. They're not charging us any more than they were when our dollar was at a lower rate. Their rates are only slightly higher than bank rates. Remember, we have the option of not using paypal. Paypal has no control on the strength of our dollar. Be honest people, if the can$ drops to .70 (and it's been there before) would any of you who list in US$ lower your prices? I don't think so! We would just run to the bank and accept the 30 cents to each dollar and say nothing.
I'm not trying to defend or knock Paypal. It's the strength of out dollar that's causing this problem, not Paypal.
I figure Paypal's fees as part of my expenses and it's all part of the way I determine my selling price.

Just my thoughts.

[katiusciav]

Remember, we have the option of not using paypal. Paypal has no control on the strength of our dollar

true alero and good points, however, this still doesn't mean they're allowed to charge whatever they want...all financial services that people choose to use must abide by guidelines set out for them...there are many payday loan places out there that we can pick and choose, but all must practice within the government guidelines of not charging over a certain interest rate, otherwise they can get easily and successfully sued...that being said, i don't think paypal's rates are outside those guidelines (even though i don't know exactly what they are), but they're not absurd, but they're not great either...when people think they don't have a choice, or that they're completely helpless, its not the case...it bugs me when big companies like paypal take advantage of the fact that many people do resort to using them, they know it, and they exploit it...its never good to do business this way, they should maintain great rates to keep their cx's happy, that's how they build a strong long term committment from their customers, not out of lack of choices...when the day does come that other well known online payment companies become just as well known and accessible as paypal, they'll regret it then...every company should have integrity this way, i mean, really, its not like they seriously don't already make a killing...gimme a break...sure, there's other online payment companies out there that sellers can use, but lets face it, when it comes to choosing the most popular that buyers are too familiar with, its paypal, and so to keep business strong, we choose paypal...and they exploit that...

[alero0]

Kat,
Businesses will always charge as much as the consumer will pay. Like you said, when compitition comes into the picture paypal will have to compete. But that's not the case now.
I'm more upset with our major banks who charge us with all sorts of "Service Charges". Unless you pay for some sort of service package they'll charge you with every time you use your debit card (and they charge the vender to have their services too), some banks charge you if you use a teller. Unless you have a high yeild savings account you get next to nothing in interest while they're making billions with your money. If you go to your banks web site and check out their service fees you'll see that the banks are as bad or worse than Paypal. These fees are all regulated by the government. I always wondered how a banks could boast making billions in profits and then anounce that they're raising their rates.
Well we could always just keep our money stuffed in our matresses. I personally would be sleeping on a thin materess.

Harvey

[katiusciav]

it is terrible everywhere, i know, lots of evil in this world all over the almighty dollar-watched michael moore's 'sicko' last night, and it just re confirmed how bad it really is (ie insurance companies)...
...as for bank fees, i find canada trust pretty good...and for high savings interest rates, ing direct is excellent, of course it's used for just that-savings and not day to day banking...

[alero0]

Kat,
Just curious, what's ing's interest rate? I with MRS and I'm getting 4.10% now.
Harvey

[alero0]

Just checked out the ing's web site and their rate for a simular account is 4.20%. If i had a million dollars invested it would be worth while to switch but with the amount I have it just amounts to pennies. Mind you, if I had a million dollars I wouldn't be here looking out my window at all the snow i'd be somewhere on a sandy beach.

Harvey

[tea_past_times]

Btw. don't believe everything Bill-bot says, for all we care he can be on eBay payroll disguised as giftware seller and Marsha's Canadian sidekick.

Of course he is, you can't make a living selling shoecovers par time on Ebay. A mole, is a mole, is a mole.

[tea_past_times]

It's also why he posts in virtually every thread - All day long. But we're too stupid to figure that one out. Ebay out of Pink Bill??

[katiusciav]

Hiya harvey, i see you went in to check yourself...yes, of course the more you have the better! i'd love to have a million too! i'm getting this little 'voice' lately that's been telling me to play super 7...hmmmmmmmmmm...i think maybe i will next time i'm out...remind me to tell you how i did...in fact, if you never hear from me again after..what is it monday nights they have their draw...you'll know why, and if i'm back as miserable as ever, you'll know too...anyhoo, we have an investment savings account set up with ing where we have a certain amount deducted from our bank account every two weeks (both me and my husband each)...they're good amounts...not too small to make it insignficant, but not too large to even notice, and it works quite nicely as far as having some 'savings'...which is always important...pay yourself first they say...so its the best rate out there to have, it grows quite nicely over time, you even forget about it from time to time, then you think about it every now and again and it gives you a nice warm feeling...until a g***amn tenant skips out on you and you have to pull the whole damned thing out and start all over again...X-(
...where was i...:-)..yes, and its very very easy to open an account online as well...i would recommend it to anyone...its just too hard to save your money in the same account that you do your banking...its gotta be separate, and for us, ing does the trick..accessible enough when you need it, but not enough on a daily basis to constantly be 'using' it...