admin : Thursday, December 30, 2010, 16:49
Exchange Rate Scam
Ok so just like many of you, I have used PayPal for years. And even though the AUD is gaining steam over the USD these days, it seems Paypal is ignoring this fact.
Many times I have purchased items when XE.com says the exchange rate is well over 1.00, but paypal NEVER says the exchange rate is over 1.00. I guess they are ignoring this because they will lose out if they adhere to the real exchange rate since their business is USD based, and now we are paying for it.
I would suggest using any of the other money transfer services available, anything except Paypal. I for one am going back to VISA. Governments need to start regulating Paypal.
And thank you for your story B.R.L., whenever I call Paypal from now on I will be recording the calls and posting the recordings on youtube. Something tells me they will be a tad more accomodating under such circumstances.
Submitted By:: P.O
Location: Sydney, NSW
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I’ve just checked my bank account and noticed the licensed bandits aka paypal have well and truly fleeced me.
On 14th February 2011 I bought and item for $143.98, the USD/GBP rate was around 1.64…potentially £87.79
On 16th February 2011 my statement read $143.98 @ 1.5656, the USD/GBP rate for that day was around 1.61…potentially £89.43
To make things worse, ebay still show the item value £89.58, somewhat different to the £91.96 they extracted from my bank account
I didn’t expect to get away with the best exchange rate, but their rate is nothing short of legalised extortion. I certainly didn’t expect to pay any more than £90
PayPal is an organized crime organization. We are idiots continuing doing business with those crooks. All they do is illegal, I hope the government will one day go in and close down this poncy scheme. They will never exchange the correct amount of international currencies to the dollar. If they do this, they will not make money the easy way, by stealing point blank from people doing decent sales. I asked PayPal the same question of this discussion, their answer was that they exchange currency 2 times a day in different markets. I think that they never answered the question, Why do you steal money in currency exchange from decent people trying to make a few dollars to help their family. Go and check the new program frm Chase, it’s call Paymentech, they will exchange foreign currency for you and will not steal because they are a real bank. Stop doing business with PayPal and Ebay! I have never known a more hated business than PayPal. Unbelievable!
yes pay pal are scam artists – they not only charge you a % for using their service, they take an extra service charge at every possible step in the process. If you sell an item on ebay in US funds but your pay pal account is for example in Canadian funds, you will be paying exorbitant charges when they calculate Can to US then back again to Canadian $$. If you follow your money closely you will see how little you actually get back due to Pay Pal’s “skimming” – they are just hoping that you don’t notice the few dollars here, there and everywhere that they steal from you
PayPal going good with me