Hi there, may I ask why PayPal is not updating their currency conversion? Like for example, USD to PHP. Right now July 4, the conversion rate per 1 USD is 49 Pesos. Yet PayPal converts it as 47 pesos. It's been a month and it never changes. Why is that??? Thanks for answering.
Welcome to the PayPal Community! Here’s how we set our exchange rate:
We receive a wholesale rate quote from our bank twice a day and add a percentage 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.
When you transfer from your PayPal account to your local bank account, we automatically convert the money into the local currency when the transfer is initiated.
I hope that helps!
- Jon K
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