FYI PAYPAL currency conversion rate changes coming...

[ricarmic]

I've posted it here to save folks the time (it took me a while) to find it on the PAYPAL Site...

AMENDMENTS TO THE PAYPAL ACCOUNT USER AGREEMENT AND THE PAYPAL WEBSITE PAYMENTS PRO AND VIRTUAL TERMINAL AGREEMENT

We are updating the PayPal agreements listed below for all PayPal users in Canada. The changes described below will go into effect on September 6, 2019, unless otherwise noted. There is no action needed from you, as the changes will occur automatically on the effective date noted. In the event you would prefer to decline the changes and close your account, you can do so prior to the effective date and the changes will not apply to you. 

Amendments to the PayPal Account User Agreement

• We are clarifying that we will provide at least 90 days’ notice to Business Account holders of the introduction of a new fee or an increase of an existing fee related to credit or debit card transactions which apply to them.
• For transactions that involve a PayPal currency conversion when you pay for goods or services or send money, the currency conversion fee will be a minimum of 3.5% for Canadian or U.S. dollars, and will be a minimum of 4% for all other currencies.  This change will become effective on September 9, 2019.
• We are changing the currency conversion fee to be a minimum of 3% for all other transactions involving a currency conversion. This change will become effective on September 9, 2019.

Amendments to the PayPal Website Payments Pro and Virtual Terminal Agreement

• We are providing the terms and conditions for our Account Updater functionality, which allows merchants to update their Canadian customers’ eligible card data stored with PayPal to enable the seamless processing of recurring and other transactions.
• We are clarifying that we will provide at least 90 days’ notice to Merchants of the introduction of a new fee or an increase of an existing fee related to credit or debit card transactions which apply to them.
• We are changing the PayPal currency conversion fee to be 3% for all transactions involving a PayPal currency conversion. This change will become effective on September 9, 2019.

[pjcdn2005]

Thank you for the info....need to think this through before I comment.

[kawartha-ephemera]

I'm confused ... this PayPal info you've pasted seems to be referring to PayPal Pro accounts, those carry a monthly subscription fee, that is the tier required to integrate their services with a stand-alone website. Most of us just have the Standard version not Pro.

Are there similiar changes in store for Standard account holders? Not sure what it all means in any event.

[reallynicestamps]

Canadian sellers who get a lot of US dollar payments should look into TDNorth and RBCBank accounts.

These are "subsidiaries" of Canadian banks operating in the USA and are "real" US dollar accounts.

TD and RBC here in Canada sell them for snowbirds as well as for businesses.

Keeping your US payments in these accounts will cost you less in foreign exchange.

However, bank charges may be higher than is acceptable for smaller sellers.

Ask your bank manager.

[ricarmic]

---

@kawartha-ephemera wrote:
I'm confused ... this PayPal info you've pasted seems to be referring to PayPal Pro accounts, those carry a monthly subscription fee, that is the tier required to integrate their services with a stand-alone website. Most of us just have the Standard version not Pro.

Are there similiar changes in store for Standard account holders? Not sure what it all means in any event.

---

As I understand it, the top half (Amendments to the PayPal Account User Agreement) applies to normal people like us, the bottom half (Amendments to the PayPal Website Payments Pro and Virtual Terminal Agreement) applies to the PPP and VT folks, so we only need to worry about the top half.

I'm not a PPP or VT subscriber so that part doesn't apply to me either...

[ypdc_dennis]

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

In short a 0.5% price increase on all money conversions.

Not to be confused with Seller fees for sales.

...

Other paypal news:

Fake world money -

https://www.paypal.com/stories/us/why-paypal-plans-to-be-part-of-the-libra-association

$$$ - https://www.paypal.com/stories/us/paypal-reports-second-quarter-2019-results

[ypdc_dennis]

---

@reallynicestamps wrote:

Canadian sellers who get a lot of US dollar payments should look into TDNorth and RBCBank accounts. These are "subsidiaries" of Canadian banks operating in the USA and are "real" US dollar accounts.

Keeping your US payments in these accounts will cost you less in foreign exchange.

---

Those of us with "Canadian" PayPal accounts have this inside the user agreement:

You may only withdraw the funds in Canadian dollars. We do not permit foreign currency withdrawals, including U.S. dollar withdrawals to USD-denominated accounts or debit cards. In order to withdraw funds in your account held in another currency you will have to convert the currency to Canadian dollars, or it will be converted for you at the time of your withdrawal.

That's why I use my US$ balance for making US$ purchases -- best value for that money instead of losing on exchange plus losing another 2.5% (soon to be 3.0%) to PayPal.

-..-

[a52split]

---

@ypdc_dennis wrote:You may only withdraw the funds in Canadian dollars. We do not permit foreign currency withdrawals, including U.S. dollar withdrawals to USD-denominated accounts or debit cards.

---

 But you can withdraw your $USD into a US bank account without going through conversions.

[ypdc_dennis]

---

@a52split wrote:

---

 But you can withdraw your $USD into a US bank account without going through conversions.

---

Is your PayPal governed by the Canadian or the American agreement?
Old paypal accounts also have some "grandfathered" privileges.

[vinh._52]

ebay has the function of changing billing currency, I don't remember the change of currency, you can ask support

[mrdutch1001]

eBay's billing policy and process has nothing to do with PayPal's policies - PayPal is a payment processor that is used by numerous/countless websites, businesses etc. and PayPal account holders abide by said PayPal policies. It is PayPal's policies/terms of usage/terms of agreement that is being changed. This is a PayPal thing, not an eBay thing, so it also affects PayPal users outside of and beyond eBay.

[ichopshop]

---

@ypdc_dennis wrote:

---

@a52split wrote:

---

 But you can withdraw your $USD into a US bank account without going through conversions.

---

Is your PayPal governed by the Canadian or the American agreement?
Old paypal accounts also have some "grandfathered" privileges.

---

That's me!  I have a USD (and Canadian) PayPal account.  I withdraw in USD to my US based account and CND to my Canada based account.

[pjcdn2005]

---

@ichopshop wrote:

---

@ypdc_dennis wrote:

---

@a52split wrote:

---

 But you can withdraw your $USD into a US bank account without going through conversions.

---

Is your PayPal governed by the Canadian or the American agreement?
Old paypal accounts also have some "grandfathered" privileges.

---

That's me!  I have a USD (and Canadian) PayPal account.  I withdraw in USD to my US based account and CND to my Canada based account.

---

@ichopshop 

Just to confirm....you can  take US$ that are in your Canadian PP account and deposit them into a US bank account?

[ichopshop]

---

@pjcdn2005 wrote:

---

@ichopshop wrote:

---

@ypdc_dennis wrote:

---

@a52split wrote:

---

 But you can withdraw your $USD into a US bank account without going through conversions.

---

Is your PayPal governed by the Canadian or the American agreement?
Old paypal accounts also have some "grandfathered" privileges.

---

That's me!  I have a USD (and Canadian) PayPal account.  I withdraw in USD to my US based account and CND to my Canada based account.

---

@ichopshop 

Just to confirm....you can  take US$ that are in your Canadian PP account and deposit them into a US bank account?

---

Yes..    USD to US Bank (actual US Bank, not a CND Bank with USD Accounts),  USD to CND Bank (but PayPal converts to CND before deposit).  I have both US and CND Account/Credit Cards linked.  This account dates from 2001.  I recall having a PayPal debit card that allowed me to make purchases or withdraw cash from my PayPal account directly around that time.  I believe it was a test program because it only worked for 6 months - a year or something.

IIRC when setting up PayPal accounts in the early days you couldn't even put in a Canadian Address, so you had to spoof the state I think.  That changed at some point because my account now has Canadian addresses (I couldn't enter a US on if I wanted to) and it states my nationality as Canadian.

Ian

[ricarmic]

I as well can send US$ to my US (in the US) bank account and $C to my Canadian bank account... but I've had my paypal account ever since there was a PAYPAL.....so I'm likely grandfathered....

[vinh2-82]

this is very easy ......