Paypal steal out money

[Pomse2001]

Every time I have bought something the last couple of years and I have used paypal I have seen paypal steal my money. Is it only me or do you see the same and what can we do about it ? is there other places to use there is a lot cheaper ?

Today I bought something for 379 Euro that is 2825 DKR according to the rate http://themoneyconverter.com/DKK/EUR.aspx

Paypal say it is 3009 DKR so I need to pay 184 DKR more that is £19.38 :shock: that is ****ing crazy

and it has been like that all the time since I saw it some years ago and I have used paypal for 15 years.

The strange thing is that the dkr is bound up on the euro so the value will never change. When the euro falls in value the dkr falls in value and when the euro goes up then the dkr goes up. 1 dkr is always 0,13 EURO.

To me that is stealing.

 

[Michael Sith]

Hi Lars



Taken the below from their T&C s

Looks like they charge a "processing fee" as well, :roll: so that may explain it


8.2 Currency Conversion. If your transaction involves a currency conversion by PayPal, it will be completed at a foreign exchange rate determined by a financial institution, which is adjusted regularly based on market conditions. The exchange rate is adjusted regularly and may be applied immediately and without notice to you. This exchange rate includes a processing fee expressed as a certain percentage above the wholesale exchange rate at which PayPal obtains foreign currency, and the processing fee is retained by PayPal.

Where a currency conversion is offered by PayPal at the point of sale you will be shown the exchange rate that will be applied to the transaction before you proceed with authorising the payment transaction. By proceeding with your authorisation of the payment transaction you are agreeing to the currency conversion on the basis of the exchange rate. You may opt out of a currency conversion by PayPal before you complete your payment by selecting "Other Conversion options" on the "Review Your Information" page during checkout. Where a currency conversion is offered at the point of sale by the merchant, not by PayPal, and you choose to authorise the payment transaction on the basis of the merchant's exchange rate and charges, PayPal has no liability to you for that currency conversion.

 

[Frunkstar]

PP's exchange rate & the fee for it have always sucked balls, but it's still a lesser evil than what banks charge for international transactions, so we are stuck with it, there is another option someone posted a little while back which I think worked out cheaper, can't think what it was off hand.

The one I always feel is criminal is ebay charging the 10% on your postage costs, that should be illegal IMO out & out theft :|

 

[Joe]

Paypal have always skimmed money off the top of peoples transactions by way of "their" currency conversion rates. Not much you can do about it I'm afraid I'm sure there are alternatives but arguably paypal is still the safest option for online transactions and while it's branded as "free" to use we all know we still line their pockets in fees and conversion rates etc.

It sucks but it is what it is - the preferred method of payment for 90% of people in this hobby.

 

[Pomse2001]

Thanks guys

So what can we do about it ? To me it looks like most people use paypal and there is not much competition. It's like there is only one shop in the town and they control the price.

I also remember a guy who talked about another option with another company that was cheaper :?

Maybe we should look into it and offer another option of payment when we deal with each other ?

 

[jedisearcher]

Create a PayPal account (within your normal login) in the currency you're using. So if your main account is sterling but you buy/sell loads in dollars, create a dollars account. You'll probably pay money if you transfer money between accounts, but otherwise you'll pay no fees and lose no currency in exchange rates.

 

[theforceuk]

My wife and I have bee saying for years it's only a matter of time before a completely free online payment method takes off and competes with Paypal. A good comparison is Friends reunited and Facebook one has always been free and it's the one which everyone still uses.

 

[Pomse2001]

Create a PayPal account (within your normal login) in the currency you're using. So if your main account is sterling but you buy/sell loads in dollars, create a dollars account. You'll probably pay money if you transfer money between accounts, but otherwise you'll pay no fees and lose no currency in exchange rates.

So what you say is that I should create a euro account, a £ account and a $ account then I will not pay any exchange rate ? :shock:

 

[Pomse2001]

My wife and I have bee saying for years it's only a matter of time before a completely free online payment method takes off and competes with Paypal. A good comparison is Friends reunited and Facebook one has always been free and it's the one which everyone still uses.

I hope you are correct, they must make a lot of money every day :evil:

 

[jedisearcher]

Create a PayPal account (within your normal login) in the currency you're using. So if your main account is sterling but you buy/sell loads in dollars, create a dollars account. You'll probably pay money if you transfer money between accounts, but otherwise you'll pay no fees and lose no currency in exchange rates.

So what you say is that I should create a euro account, a £ account and a $ account then I will not pay any exchange rate ? :shock:

I believe so yes. They all exist under your main PayPal login, so it's not like you need 3 different PayPal addresses or anything. As I understand it, you just use the currency account you want when you make payments or receive cash.

 

[jedisearcher]

Here you go, they're not called accounts they're called currency balances.

https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

Easiest if you receive money from a sale to America, create that balance US dollars, then use it to pay for stuff in U.S. dollars.

And if you want to transfer between balances, here you go

https://www.paypal-community.com/t5/About-Payments-Archive/Transfer-money-between-currencies/td-p/701481

Not sure whether you get screwed on an exchange rate conversion if you do that.

 

[Pomse2001]

Here you go, they're not called accounts they're called currency balances.

https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

Easiest if you receive money from a sale to America, create that balance US dollars, then use it to pay for stuff in U.S. dollars.

And if you want to transfer between balances, here you go

https://www.paypal-community.com/t5/About-Payments-Archive/Transfer-money-between-currencies/td-p/701481

Not sure whether you get screwed on an exchange rate conversion if you do that.

Thanks mate, but what if I do not have any money on my account and need to use my visa card with paypal to pay what I buy. Then I get screwed.

 

[jedisearcher]

Here you go, they're not called accounts they're called currency balances.

https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

Easiest if you receive money from a sale to America, create that balance US dollars, then use it to pay for stuff in U.S. dollars.

And if you want to transfer between balances, here you go

https://www.paypal-community.com/t5/About-Payments-Archive/Transfer-money-between-currencies/td-p/701481

Not sure whether you get screwed on an exchange rate conversion if you do that.

Thanks mate, but what if I do not have any money on my account and need to use my visa card with paypal to pay what I buy. Then I get screwed.

I can't solve all your problems!!! :lol: :lol:

 

[Pomse2001]

Here you go, they're not called accounts they're called currency balances.

https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

Easiest if you receive money from a sale to America, create that balance US dollars, then use it to pay for stuff in U.S. dollars.

And if you want to transfer between balances, here you go

https://www.paypal-community.com/t5/About-Payments-Archive/Transfer-money-between-currencies/td-p/701481

Not sure whether you get screwed on an exchange rate conversion if you do that.

Thanks mate, but what if I do not have any money on my account and need to use my visa card with paypal to pay what I buy. Then I get screwed.

I can't solve all your problems!!! :lol: :lol:

No problem :lol:

I tried a different type of payment with paypal with my last payment. I do not remember what the payment was called. But I could choose about 2 different types of payment and out of the nearly £20 I saved £10 that was a lot cheaper The next time I pay with paypal I would see what it is called. It also took some days before I could see what I paid.