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PayPal Exchange Rates

  • 31-08-2006 3:41pm
    #1
    jo.king
    Closed Accounts Posts: 295 ✭✭


    Hi Guys,

    I just want to ask a question regarding Pay Pals exchange rates. I was with drawing £266 from pay pal and only got 386 for the exchange - i then put that value into EX.com and it told me that it was worth €396!

    No only do you pay on every transaction (could be over a euro) but now they need to profit on exchange rates!?

    Is there anything i can do? How can companies get away with charging obviously such high rates?

    Thanks,

    Jo.


Comments

  • #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    jo.king wrote:
    Hi Guys,

    I just want to ask a question regarding Pay Pals exchange rates. I was with drawing £266 from pay pal and only got 386 for the exchange - i then put that value into EX.com and it told me that it was worth €396!

    No only do you pay on every transaction (could be over a euro) but now they need to profit on exchange rates!?< They are providing a service, why is people expect money to be moved for free>

    Is there anything i can do? How can companies get away with charging obviously such high rates? can u justify this claim?

    Thanks, Jo.

    See my item in http://www.boards.ie/vbulletin/showthread.php?t=2054970680&referrerid=59211&highlight=exchange+rates
    for an intro to FX rates.

    if u read the small print in PayPal there is a fixed fee added to each fx transaction as well as the fx rate. I think it is 2.5% so if u take that into consideration then the actual rate is not bad.
    See https://www.paypal.com/ie/cgi-bin/webscr?cmd=_display-fees

    So 266 gets 386 in paypal = 0.6891
    and 266 gets 396 in ex.com = 0.6717
    Difference is = 0.0174

    174/6717 = 2.6% difference
    remember the 2.5% fee, so I would say u did well, iff ur figures are correct:)


  • #3
    SouperComputer
    Registered Users, Registered Users 2 Posts: 6,949 ✭✭✭SouperComputer


    nly got 386 for the exchange - i then put that value into EX.com and it told me that it was worth €396!

    So whats the problem? Sounds good to me! The rates on xe.com are mid-market rates and arent really achievable. Even if you deal through XE themselves. Its a snapshot\reference point only.

    Unless you start to deal in 7 figure sums on a regular basis, even then you are taking a gamble. Paypal have to cover the fluctuations in the maket as well. Im not saying they are'nt making any money from it, but you can be pretty sure that they aren't ripping you off as much as it may seem.

    Call a couple of banks and get a quote from them, you might be pleasantly surprised.


  • #4
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    SouperComputer wrote:
    So whats the problem? Sounds good to me! The rates on xe.com are mid-market rates and arent really achievable. Even if you deal through XE themselves. Its a snapshot\reference point only.

    Unless you start to deal in 7 figure sums on a regular basis, even then you are taking a gamble. Paypal have to cover the fluctuations in the maket as well. Im not saying they are'nt making any money from it, but you can be pretty sure that they aren't ripping you off as much as it may seem.

    Call a couple of banks and get a quote from them, you might be pleasantly surprised.

    Thanks SC for the above, its much clearer than my attempt.


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