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  #1  
Old 05-14-2012
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Default Paypal currency conversion costs going up

Don't know if anyone noticed but Paypal have slipped in a 'policy change' for the 12th June with currency conversion fee's almost doubling!!! Was 2.5% now:

U.K. Pounds Sterling: 4%
U.S. Dollar: 3.5%

https://cms.paypal.com/sc/cgi-bin/ma...locale.x=en_US


Why do all companies think that anything to do with currency conversion is a license to steal???

Especially since PP has conversions each way, so reality is they only convert the net position across all accounts! My guess is their real conversion cost is probably nearer 0.1% nice markup if you can get it. Wonder how long you will stay number one treating customers like that?

Last edited by kewlhand; 05-14-2012 at 05:59 PM.
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Old 05-15-2012
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Wow this is insane

For some reason, this policy change is not showing up under Canadian Paypal's upcoming changes.
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Old 05-15-2012
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Not yet, Bunny.
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Old 05-15-2012
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Canadian pp currency exchange has long shafted us - bunch of thieves!
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Old 05-15-2012
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Agreed. Then factor in paypal.....

and a bunch of clowns
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damn they rip us off with every possible way , and especially when you use currency conventer just like me on every sale
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Old 05-15-2012
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Quote:
Originally Posted by hyperdunker View Post
damn they rip us off with every possible way , and especially when you use currency conventer just like me on every sale
Agreed.

And over several currencies profits suffer.
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Old 05-15-2012
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PayPal currency converter is never corrcect. Hate it when they make a profit on our MONEY.
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Don't exchange currency via PP - keep it in the natural payment mode - withdraw and let someone ELSE do the exchange.
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It might be the wild changes in the euro lately but I dont see any signs of why such a large increase. I'm sure this will come to the US also. And a 1/3 of my customers are overseas.

I checked the policy and most of those countries are higher risks countries to do business in but I don't see how New Zealand should be on there. I have been there and I loved the people and country.

Last edited by yotano211; 05-15-2012 at 02:05 PM.
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Yotano, it is the US (paypal.com)
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I read the policy and it states Users in these countries.

The Currency Conversion Fee for Users in Bhutan, Cambodia, China, Federated States of Micronesia, Hong Kong, India, Indonesia, Japan, Korea, Laos, Malaysia, Maldives, Mongolia, Nepal, New Zealand, Philippines, Samoa, Singapore, Sri Lanka, Taiwan, Thailand, Tonga and Vietnam, when sending a Personal or a Commercial Payment, has been changed as follows:

I am in the US and not a paypal user in any of those countries.
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Old 05-16-2012
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Your absolutely right, it looks like they are penalising users in smaller trading countries (No disrespect to anyone in those countries). Very self centered, but thats a huge relief!
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Old 05-16-2012
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I dont think size is the matter here (look at China, India), actually I dont know what to think about these changes. I understand most of those places seems to be higher risk to do business but why is Japan, Korea, and New Zealand on there.

Japan has one of the lowest crime rates in the world.
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Old 05-18-2012
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I trade foreign exchange currency and most currencies rarely move 1% a day let alone 3.5%. This is pure highway robbery!!! They are doing this #%&@ because they know they can get away with it.
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Old 05-18-2012
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If a foreign currency moves more then 1% it means there is some major news happening. If it moves 3.5% in a day, it means a Greece melt down in the currency.
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Old 05-23-2012
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I just checked, it is now 3.9% + base fee of S$0.50 for us here in Singapore.

And this info is intentionally hidden in their April policy update, all the way down the end. It doesn't appear in fees page itself!
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Old 05-23-2012
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You live in one of the countries I listed at paypal fees have gone up.
wow....
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Old 05-24-2012
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Quote:
Originally Posted by blacklisted_by_ebay View Post
I just checked, it is now 3.9% + base fee of S$0.50 for us here in Singapore.

And this info is intentionally hidden in their April policy update, all the way down the end. It doesn't appear in fees page itself!
My old home country (Was born there as a forces child in the 50s at Tengha)
so want to go back one day.
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Old 05-24-2012
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Currency conversion is trash.
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