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How often does paypal update currency rate

Discussion in 'PayPal' started by NetworkTown.Net, Aug 19, 2007.

  1. #1
    Hi

    I just checked my balance in paypal it says $xxx and then it says it in £ pounds under it when i convert that on xe.com/ucc for live currency rate it shows me £10 more then what paypal is showing me in my paypal account.

    Does that mean paypal takes away £10 from my from $ to £ ?

    Someone clean my confusion up for me.
    SEMrush
    Thanks.
     
    NetworkTown.Net, Aug 19, 2007 IP
    SEMrush
  2. eddy2099

    eddy2099 Peon

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    #2
    If you look under http://www.paypal.com/cgi-bin/webscr?cmd=_display-fees-outside , you will notice that there is a 2.5% foreign exchange fees which would be tagged to every single foreign exchange done through Paypal.

    This may explain the difference. Besides XE uses a different bank than Paypal so the exchange rate would not match but can vary depending on Paypal's banks rates for the day.

    https://www.paypal.com/helpcenter/m...ps=solutionPanels&solutionId=10690&isSrch=Yes

    https://www.paypal.com/helpcenter/m...ps=solutionPanels&solutionId=11963&isSrch=Yes

     
    eddy2099, Aug 19, 2007 IP
    NetworkTown.Net likes this.
  3. NetworkTown.Net

    NetworkTown.Net Well-Known Member

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    #3
    Thanks for your help i understand it now.
     
    NetworkTown.Net, Aug 19, 2007 IP
  4. apex1970

    apex1970 Peon

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    #4
    the fee + that they always use exchange rate different than some banks
     
    apex1970, Aug 19, 2007 IP
  5. agnivo007

    agnivo007 Peon

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    #5
    PP updates exchange rate once a day AFAIK.
     
    agnivo007, Aug 19, 2007 IP
  6. solideuk

    solideuk Well-Known Member

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    #6
    Eddy2009, thanks for the info. I was also confused by Paypals exchange rate compared to that of xe.com. Paypal fail to mention their fee when converting currencies, I suppose its clearly stated in their terms and conditions...
     
    solideuk, Aug 21, 2007 IP
  7. timothius

    timothius Active Member

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    #7
    Ok, so when does PayPal actually update their exchange rate?

    Here is a real-life example:

    I want to transfer $10,000USD from Paypal directly into my CDN bank account. The closing rate of the Canadian Dollar was .9993. When calculating the PayPal's actual exchange rate, it worked out to .9590.

    As that works out to .04% not .025%, I decided not to convert it just yet. That would be a loss of $150 CDN. That rate was what the CDN dollar started out on the day as, but not at closing time.

    Makes things very unpredictable for those of that are international paypal users.
     
    timothius, Mar 17, 2008 IP
  8. clade

    clade Peon

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    #8
    Paypal sucks big time, they could just have a page that displays all this information in real time instead of hiding it, only showing when somebody makes a transaction.

    SMH
     
    clade, Apr 2, 2009 IP
  9. genuineseller

    genuineseller Banned

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    #9
    I think everyday!
     
    genuineseller, Apr 4, 2009 IP
  10. tobycoke

    tobycoke Peon

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    #10
    I'd be surprised if it wasn't an automated process updating at least once per day.
     
    tobycoke, Apr 4, 2009 IP
  11. Komicwords

    Komicwords Well-Known Member

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    #11
    I think they update 3 days fall behind then current rate ,and I think they already set up a "safe exchange so that when they has to convert the cash to local money they not getting gall back because of the money "fall price"
     
    Komicwords, Apr 6, 2009 IP
  12. RightMan

    RightMan Notable Member

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    #12
    Paypal updates the exchange rate on a daily basis and if one clicks the Currency converter link, one gets to know the exact rate before hand too, with the exact amount in your own currency, that would be deposited in your bank account.

    Regards,

    RightMan
     
    RightMan, Apr 6, 2009 IP