'Class action lawsuit against PayPal alleges hidden currency conversion fees'

[momcqueen]

http://www.cbc.ca/beta/news/canada/toronto/paypal-canada-class-action-fees-1.4429500

[ypdc_dennis]

"The statement of claim says the conversions are not authorized by contract or otherwise and that PayPal Canada charges account holders an undisclosed fee to convert foreign currency on withdrawal as well as a percentage fee added to the exchange rate charged."

Much of that is covered by the user agreement.

October 2017: https://www.paypal.com/ca/webapps/mpp/ua/useragreement-full

The old PayPal agreement used to have limitations in the wording about added fees if the transfer amount was under $150CA and that transfers to Canadian banks were restricted to Canadian $.

If the claim has any validity, I predict the response by PayPal will be an updated user agreement.

-..-

[easyco69]

they can't get away with it by updating the user agreement. The complaint has a date...it will go by the user agreement that was listed on that date when the complaint was filed.

[mobile_mac]

Its just another case of a big US company scamming the little people.

You Don't need a class action law suit. You just need everyone who as a pay pal account. To close it on the same day as a mass protest.. See how long it take Pay Pal to change there policy.

They can do this only because we let them

[momcqueen]

At the risk of antagonizing everyone on the boards, I don't see the point of a protest or lawsuit about something like this. As I see it, obviously paypal is going to charge a handling fee and assign currency conversion fees exactly like every other money-handling place on earth. They are a financial service company, not a non-profit. Credit cards do this for currency conversion, banks to do, the duty-free shop does it, so does the US-located merchant when I go to pay at the till with my purse full of loonies and toonies. It's inherent to the cost of buying an item from a foreign party. When I don't feel like paying extra to currency conversion, I buy Canadian. The only time it took me by unpleasant surprise is when I was new to online or cross-border shopping back in 1990. 

[momcqueen]

Of course, I'm not importing yachts so the amount of money I pay to paypal for currency conversation is a few cents on the dollar. And I don't care enough about that to launch a class-action lawsuit. I'd have to be wealthy to have enough funding to worry about it, and also wealthy enough to consider launching a lawsuit against a megacorp like paypal so this is hardly a potential victory for the little guy, it's just more of the same: rich old guys fighting other rich old guys. In other words, not my problem.