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Paypal Exchange Rates

Discussion in 'PayPal' started by Padalda, Nov 15, 2009.

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  1. #1
    Hi,

    I was just withdrawing my funds to my bank a/c and I noticed that the rates are too low( 1$ = 44.74 INR) only.

    I want to know, whether the exchange rates differ from Indian Share Market to US share market.

    Because , Indian share market was showing (1$ = 46.70 INR).

    Anybody know about this.

    Thanking You,
     
    Padalda, Nov 15, 2009 IP
    chandan123 likes this.
  2. ookie1

    ookie1 Peon

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    #2
    Hi,

    I have found the seme thing between USD > AUD.

    They probably do that to make some extra cash on the transfer.

    Kind Regards,
    James
     
    ookie1, Nov 15, 2009 IP
  3. keen4kash

    keen4kash Well-Known Member

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    #3
    paypal have an explanation somewhere that i read which explains how they figure out the conversion rate for any given day - i think from memory they use the offical 'interbank' rate of exchange for currencies which is meant to be the best rate possible because there should not be a + % commission cost on top if they use the interbank rate

    Without actually checking it out I always feel it seemed to be a few points less then offical stock / share market exchange rate too which gets shown on tv or the newspaper?

    it should not be but ppal probably take 1-2% to cover their own "costs" for the exchange service?

    i know every cent counts but it would only really notice if you were exchanging $100's or $1000's of dollars each time which could add up
     
    Last edited: Nov 15, 2009
    keen4kash, Nov 15, 2009 IP
  4. Padalda

    Padalda Banned

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    #4
    But it is just worth of our money. They are using it as their service charges, I think.
     
    Padalda, Nov 15, 2009 IP
  5. hhsaus

    hhsaus Active Member

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    #5
    The exchange rate PayPal provides is about 3% to 4% lower than the current market exchange rates.
    They are in the business of making money and providing lower exchange rates boosts their revenues by tens (probably hundreds) of millions of dollars a year.
     
    hhsaus, Nov 15, 2009 IP
  6. saurabhj

    saurabhj Banned

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    #6
    PayPal has its own rate structure defined.. It's always been 1.5-2 Rupees lower than current market exchange rate.. I am feeling this concern since last 5 years but there is nothing better than PayPal for some clients..
     
    saurabhj, Nov 15, 2009 IP
    Padalda likes this.
  7. Digital_shubhi

    Digital_shubhi Illustrious Member

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    #7
    PayPal rates are always low as compared to normal ones.
    Generally around Rs.2

    - Digital -
     
    Digital_shubhi, Nov 15, 2009 IP
  8. Dhaval1983

    Dhaval1983 Peon

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    #8
    Yes, paypal has their own rates in other words and always low compared to real rate.
     
    Dhaval1983, Nov 16, 2009 IP
  9. mike.stevenson

    mike.stevenson Peon

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    #9
    as far as i know, PayPal receives a quoted wholesale rate from its bank (twice a day),
    and adds a % spread above this rate to determine the retail foreign
    exchange rate.
     
    mike.stevenson, Nov 16, 2009 IP
  10. keen4kash

    keen4kash Well-Known Member

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    #10
    this sounds feasible and could be how they do it - thanks for explaining it

    i agree with all the statements here really but ppal is still the most convient to use and despite other companies trying to offer alternatives they are just not as effective
     
    keen4kash, Nov 16, 2009 IP
  11. SkyisLimit

    SkyisLimit Well-Known Member

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    #11
    their rates are not competitive, very less percentage for the market/interbank rates.

    This is another way that they steel peoples money.
     
    SkyisLimit, Nov 16, 2009 IP
  12. kfz

    kfz Peon

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    #12
    Paypal sucks, first they take conversion charges and also give low exchange rates..they litrelly rob us.
    But still itz d best
     
    kfz, Nov 16, 2009 IP
  13. slash84

    slash84 Active Member

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    #13
    You guys are forgetting that there are 2 exchange rates, a Buy rate and a Sell Rate. What we see in news papers is actually the buy rate and what we get from paypal is the sell rate which will have 3-4 percent of difference.
     
    slash84, Nov 16, 2009 IP
  14. chandan123

    chandan123 Prominent Member

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    #14
    actually its quite nice rate or u may try with xoom transfer
     
    chandan123, Nov 17, 2009 IP
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  15. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #15
    Actually at then end both are equal IMO as paypal give us low rate with no fee and xoom give us high rate with high fees to transfer funds.

    DON.
     
    deluxdon, Nov 17, 2009 IP
  16. mioot

    mioot Peon

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    #16
    PayPal exchange rate is very low in all the currencies, they are taking huge amount on each transaction and why they need some thing on Forex deal.?
     
    mioot, Nov 17, 2009 IP
  17. getjimmy

    getjimmy Prominent Member

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    #17
    So they (XOOM) still charge fees?
     
    getjimmy, Nov 17, 2009 IP
  18. wiraforum

    wiraforum Peon

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    #18
    That is how paypal make money. :D
     
    wiraforum, Nov 17, 2009 IP
  19. kfz

    kfz Peon

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    #19
    But still nobody can beat paypal service.
     
    kfz, Nov 17, 2009 IP
  20. saurabhj

    saurabhj Banned

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    #20
    Yep that's true mate..
     
    saurabhj, Nov 17, 2009 IP
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