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  #1  
Old 09-16-2013
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Default Currency conversion

Does anybody know when PayPal updates its rates of exchange? I found out they update twice a day but I'm trying to figure out what time exactly.

And where they get these rates from? Which bank?
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Old 09-16-2013
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Default Re: Currency conversion

Update twice a day I have seen too but I dont know their source - frankly, doesnt really matter since PP's rates are always worse than the source....
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Old 09-16-2013
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Default Re: Currency conversion

PP rates are dreadful. Avoid them as much as you can
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Old 09-16-2013
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Default Re: Currency conversion

I believe I can't avoid converting money by PP, that's why I want to know how do they update rates.
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Old 09-16-2013
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Default Re: Currency conversion

Sure you can avoid conversion - keep funds in the way they are paid and add a bank account that will accept them...unless....are your funds in US and you cant withdraw in US? Ugh
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Old 09-16-2013
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Default Re: Currency conversion

Yeah. Funds are in US. Even if I open bank account in USD in Poland, I still can only withdraw PLN - that doesn't help much.
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Old 09-16-2013
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Default Re: Currency conversion

Quote:
Originally Posted by koboos View Post
Does anybody know when PayPal updates its rates of exchange? I found out they update twice a day but I'm trying to figure out what time exactly.

And where they get these rates from? Which bank?
Check out interbank exchange rates.

You will need to look thro' the 'better' FX sites.

As for which bank for paypal, that appears their secret.

I was having some success with looking at info for the EU markets.

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Old 09-16-2013
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Default Re: Currency conversion

Some quotes from paypal itself.....

If a currency conversion is needed for your payment, we'll use a retail exchange rate. The retail exchange rate (set by an outside financial institution) is our wholesale cost of foreign currency plus a currency conversion fee. This fee depends on the currency you are converting into. See the 'Additional Fees' section of the User Agreement for details.

Keep in mind that some of the rates quoted in the media are the inter-bank rates that are available only to the largest international banks, which purchase currencies in quantities of US $1,000,000 or more. A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops.

and

If funds are transferred from one balance to another in an account, the exchange rate will be calculated and presented during the conversion
If a payment includes currency conversion, the exchange rate will be calculated and presented in the Send Money flow
Refunds are performed using the exchange rate which was current at the time of the original payment.
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Old 09-17-2013
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Default Re: Currency conversion

Quote:
Originally Posted by koboos View Post
Yeah. Funds are in US. Even if I open bank account in USD in Poland, I still can only withdraw PLN - that doesn't help much.
That does suck sadly - not really much you can do unless you can do payout or purchases in USD
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