stilty Posted May 30, 2008 Report Posted May 30, 2008 We all hate them, and I hate them even more! I usually leave my funds in my PP account for future purchases, but I had to pull some out this morning to pay my CNC guy. Anyway, the exchange rate that PP gave me is: 1 U.S. Dollar = 0.964195 Canadian Dollars I checked my bank, and if I was to sell them 1 U.S. Dollar, it would net me 0.995241 Canadian Dollars. That is a 0.031046% swing in Paypal's favor. I called their customer service, and they said the difference is due to daily market fluctuation.
_brian_ Posted May 31, 2008 Report Posted May 31, 2008 In case of 1000US$ = around 30 Canadian Dollars difference... Well, paypal is a kind of online bank... and banks suck anyway. I had same experiences, banks operate shamelessly all around the world.
gavidoc Posted May 31, 2008 Report Posted May 31, 2008 Stilty, NEVER leave funds in your paypal account. Especially if you sell stuff as well. Set yourself up with a 2nd checking account not linked to your primary one for your paypal funds. When you pay, always pay with a credit card incase you get scammed you have the protection of your CC company to fall back on and not Paypal's almost worthless dispute resolution. If Paypal puts a hold on your account for anyreason, they won't have the funds in your account to mess with. You'll still be able to use them.
KB Posted May 31, 2008 Report Posted May 31, 2008 Oh I have raged against them often over this, you see I get paid in USD but I need to convert to AUD before sending a WU to my supplier. Even on very large withdrawals of over $1000USD I usually only pick up about 20 or 30AUD which is way in PP favour. I have told them that I have monitored the exchange rate through some of the best currency convertors on the net and they all give me a figure much different to theirs but they claim that theirs is more accurate......yeah right. Ken
stilty Posted May 31, 2008 Author Report Posted May 31, 2008 Stilty, NEVER leave funds in your paypal account. Especially if you sell stuff as well. Set yourself up with a 2nd checking account not linked to your primary one for your paypal funds. When you pay, always pay with a credit card incase you get scammed you have the protection of your CC company to fall back on and not Paypal's almost worthless dispute resolution. If Paypal puts a hold on your account for anyreason, they won't have the funds in your account to mess with. You'll still be able to use them. Good ideas. I think I will set up a new account next week for that purpose. I also like to leave funds in the account for my sales as well, in case anything goes south, the money is there for a quick refund if necessary.
llsteve80 Posted June 1, 2008 Report Posted June 1, 2008 I just hate paypal. They're so full of BS and I don't trust a thing they say. They will never help you unless they also benefit. nopaypal.com and paypalsucks.com check it out
stilty Posted June 1, 2008 Author Report Posted June 1, 2008 In case of 1000US$ = around 30 Canadian Dollars difference... yes, only $30 on $1000, but they already took 3% in fees for accepting payment. So now I'm looking at 6%
_brian_ Posted June 1, 2008 Report Posted June 1, 2008 I just hate paypal. They're so full of BS and I don't trust a thing they say. They will never help you unless they also benefit. nopaypal.com and paypalsucks.com check it out It
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