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Paypal currency exchange rate - rip off our money

Discussion in 'PayPal' started by xc06, Aug 7, 2007.

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  1. #1
    the exchange rates of currencies are pretty low than the market price.

    do you have this feeling?
     
    xc06, Aug 7, 2007 IP
    jdR!pper and imnajam like this.
  2. eddy2099

    eddy2099 Peon

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    #2
    If you have not taken the time to view Paypal fees, it specifically mentioned that there is a 2.5% fees for foreign exchange which is incorporated in the exchange rate.

    Besides exchange rates varies from banks to banks and different countries. You probably could get better exchange rates when converting US$ to Indian Rupees in India then trying to do the same in the US. It all depends on supply and demand.
     
    eddy2099, Aug 7, 2007 IP
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  3. ewriter

    ewriter Banned

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    #3
    Yes rates are always lower than the market price.
     
    ewriter, Aug 7, 2007 IP
  4. apex1970

    apex1970 Peon

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    #4
    I tihnk it is normal, if you go to exchange money in a bank you will be ripped in the same way. If there werent fees paypal wouldnt exist.
     
    apex1970, Aug 8, 2007 IP
  5. gibex

    gibex Active Member

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    #5
    if you think paypal fees are high, go to WU :)
     
    gibex, Aug 8, 2007 IP
  6. apex1970

    apex1970 Peon

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    #6
    yes, 15$ fee for a sum of 0-100$ and 23$ for 100-200. :eek:
     
    apex1970, Aug 8, 2007 IP
  7. InternetG33k

    InternetG33k Banned

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    #7
    Yeah it is. Paypal trying to make some money
     
    InternetG33k, Aug 8, 2007 IP
  8. ryan1918

    ryan1918 Active Member

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    #8
    I have used paypal for over 6 years now, they do have fees here and there but if you use your Paypal debit card for everything you get like 6% cash back every time you use it, so you get a good rate for using your own money, now do you see WU doing this? Hell no they want to charge you $20 for every small transaction, they are nuts.
     
    ryan1918, Aug 8, 2007 IP
  9. xc06

    xc06 Notable Member

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    #9
    I got it. 2.5% charge explains that why I got less money than expected.
     
    xc06, Aug 8, 2007 IP
  10. Rohit patel

    Rohit patel Prominent Member

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    #10
    Well they make money from this. Even in India US$ to INR is 40 Rs up but paypal doesn't give more than 39 rs.:(
     
    Rohit patel, Aug 8, 2007 IP
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  11. humm

    humm बहादुर बच्चा

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    #11
    Atm.. Paypal has a higher side of exchange rate!

    Xoom: US$ 1.00 = INR 39.2966

    Paypal: 1 U.S. Dollar = 40.2700 Indian Rupees
     
    humm, Aug 8, 2007 IP
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  12. deluxdon

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

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    #12
    Don't know why but previously paypal's and xoom's exchange rate remain same with minor difference but now this is almost 1 Rs. difference :eek: I think know they know very well that most indian paypal users using xoom for withdrawal :p So now they offer good exchange rate (better than xoom) IMO ;)
     
    deluxdon, Aug 8, 2007 IP
  13. caj

    caj Active Member

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    #13
    Not aware of the impact of exchange rate has on withdrawal from paypal before, because my paypal money often spend on hosting expenses and other online purchases.
     
    caj, Aug 8, 2007 IP
  14. anthonyn

    anthonyn Well-Known Member

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    #14
    Well, frankly speaking, I always associate paypal with high fee rules. They also have this cross border fee which is disgusting.
     
    anthonyn, Aug 9, 2007 IP
  15. daones

    daones Well-Known Member

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    #15
    Yes paypal sucks after you figure the fees for receiving payment then converting to your local currency. And i have to do it often. I just wish the Thai baht would get back up around 40 to 1 US like last year. Paypal must make tons of money from the 2.5% alone.
     
    daones, Oct 5, 2007 IP
  16. gadgetguru

    gadgetguru Banned

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    #16
    but now the exchange rate has reduced to 1$=39.35Rs
    so how much paypal must be giving.............37 i guess
     
    gadgetguru, Oct 5, 2007 IP
  17. Minni

    Minni Peon

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    #17
    looks like the market shaking again.. $ still goes down against INR
     
    Minni, Oct 6, 2007 IP
  18. w0lfenst1en

    w0lfenst1en Well-Known Member

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    #18
    yes right now the exchange rate is INR 42.xxx
     
    w0lfenst1en, Aug 28, 2008 IP
  19. Raining Blood

    Raining Blood Active Member

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    #19
    Well.. guys.. They do need to make a living like all of us. So maybe you can't call it as rip off :D
     
    Raining Blood, Aug 28, 2008 IP
  20. redskins80

    redskins80 Banned

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    #20
    Oh really? Paypal converts USD-INR@41.5 whereas the market rate is over 44!
     
    redskins80, Aug 28, 2008 IP
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