Canadian verses US funds

[Thumper-2]

Why does PayPal not use the going "rates" on Canadian money verses Americian money ?Like when I got and item for $10.25 US and the Canadian rate was more than the US for that day and I paid $10.39 instead of $10.14 ?? Not a big difference BUT !!??

[zhong]

Because most countries like U.S. currency It doesn't matter since you pay the exchange rate. I was lucky when I bought my item for- US $0.99 C $0.98

[Thumper-2]

That's not right ! Right now ,Canadian funds are higher that US funds.A few cents adds up to big dollars in "who's" pocket ? If I was to buy at a $1000 for a item and payed less than the Canadian going rate ,I'm being ripped-off by PayPal !

[rocky123heather]

I also want to know the reason why we are not getting the the Can. currency rate applied to our purchases. For each of the items I bought this month, I got only .98+ per transaction when the Can. dollar was over a dollar+. Where can we get an answer since I saw several inquiries for the same issue and no response was given to these concerns? I bid on this amount but when I comitt to buy, the rate is not fairly applied. Does someone out there know the reason? I am thinking of not using ebay anymore because of this.

[Thumper-2]

Why hasen't "PayPal" people answered this topic ?? Are they hiding something ? I would like PayPal to give me a answer on this topic of the difference in Canadian money verses US money !

[Jenenena]

I would like this issue resolved. The Canadian dollar is stronger than the American and I am paying MORE for my purchase?! That does not make any sense. I should be paying less in Canadian. Please Paypal answer the question!

[Jenenena]

Paypal replied my inquiry:

"I agree that at the current exchange rate, CAD is higher than USD and I assure you that we do follow the rates. PapPal's exchange rates are updated daily. Here's how we set our exchange rate:

• We receive a wholesale rate quote from our bank twice a day and add 2.5% to determine the retail foreign exchange rate to apply to transactions that involve a currency conversion.
• Our currency exchange rates are competitive with conversion rates used by banks and by currency exchanges.

Visa or MasterCard typically adds 1% to provide a currency exchange. Your issuing bank typically adds between 1% and 3% to provide a currency exchange. The total cost through PayPal is usually less than many international multi-currency bank transfers.

Here’s how to view the current exchange rate:

1. Log in to your PayPal account.
2. Click “Profile”near the top of the page.
3. Click “My money.”
4. Click “Currencies” beside “PayPal balance.”
5. Enter your information and click “Calculate.’

When you compare PayPal to similar means of sending and receiving money worldwide, such as wire transfers, PayPal's exchange rate and service fees are the lowest available.

Keep in mind that some of the rates you may see published only apply to large transactions that are valued at U.S. $1,000,000.00 or more. PayPal allows its customers to transfer any amount that is U.S. $25.00 or more, with the same exchange rate, to their bank account and the funds are automatically converted into the local currency for approved bank accounts.

I’m glad you got in touch with us and gave us the opportunity to further affirm why PayPal is the most loved way to pay and get paid.

"

Definitely rethink using PayPal for transactions that require currency exchange.

[Thumper-2]

Something not right .......I did a purches of $15.75 and was charged $16.02 by PayPal and if you do what it tells you to do on "My Money" it should be $15.10 ! So... It's going to add up after a while .....thanks PayPal !

[RMac]

I am in the same boat... with an expensive purchase.

$2865 USD is $2717 CDN according to PayPal's built-in currency exchange - but when I go to actually send the money all of a sudden it's $2875 CDN!  That is a fairly HUGE difference (in my mind anyways).  

PayPal said it was a 2.5% charge but that is clearly a lot more than 2.5%.  

[Randythepokergu]

Welcome to PayPal...use this service and YOU'LL PAY PAL!!!

I've only used this service for little over two months now.  They will not reply to any e-mail I've sent, they charge what they will, and then they expect you to like being screwed by them.  The Canadian dollar must be more than $0.025 more than the American dollar in order to break even for us Canadians.  There has to be something that can be done because this is unreasonable.