why does ebay devalue the Canadian dollar by 2 cents when I pay for something
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10-13-2014 09:54 PM
why does ebay devalue the Canadian dollar by 2 cents when I pay for something
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10-13-2014 10:21 PM
Because there is no fixed exchange rate.
Go to your bank, ask how much it costs to buy US dollars. Ask how much it costs to sell US dollars.
Go to your credit union. Ask the same questions.
Go to a foreign exchange shop, unconnected to a bank. Ask the same questions.
You now have six different exchange rates.
Do the same thing tomorrow. You now have twelve different exchange rates.
The rates you see quoted in the paper and online is the one used by banks when negotiating with other banks. Deals in the millions of dollars/ yen/ euros/ rand/ dinars. It can be useful but it is not what you will get. And those rates change not just daily but minute by minute.
In addition all those institutions you asked will be collecting a service fee for exchanging your money.
And so does Paypal.
why does ebay devalue the Canadian dollar by 2 cents when I pay for something
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10-14-2014 02:25 AM
eBay uses the daily buying exchange rate for it's displayed conversion.
While PayPal removes an additional 2.5% service fee from the exchange rate (and also updates the exchange rate more often).
PayPal is not unique in charging conversion fees, many bank credit cards do the same thing.
why does ebay devalue the Canadian dollar by 2 cents when I pay for something
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10-21-2014 04:52 PM
