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Paypal Exchange Rates?

Discussion in 'BlackHat Lounge' started by ktop, Feb 18, 2009.

  1. ktop

    ktop Registered Member

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    Any idea how often Papal updates it's exchange rates?

    It doesn't seem to have changed from two days...
     
  2. ktop

    ktop Registered Member

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    Well, to answer my own question:

    PayPal receives a quoted wholesale rate from its bank (twice a day), and adds a 2.5% spread above this rate to determine the retail foreign exchange rate that is applied to customers who make a transaction that involves a currency conversion.

    The rate is a competitive exchange in comparison to retail conversion rates received at banks and currency exchanges.
    Retail rates presented to consumers will differ from the rates that may be seen in the newspaper, on the Internet, or on television.

    Keep in mind that some of the rates quoted in the newspaper or online news sources are the inter-bank rates that are available only to the largest international banks purchasing currencies in quantities of US $1,000,000 or more.

    A more applicable comparison for consumers is the exchange rates quoted at airports or other consumer currency exchange shops.
    Withdrawals to local bank accounts are automatically converted into the local currency at the time of the withdrawal request.


    Source:
    Code:
    http://www.onlinemerchantnetwork.com/inform/board/message?board.id=OnlinePayments&message.id=2334
    Also, if the PayPal exchange rate hasn't reflected any change for more than a day, it supposedly means that the site is undergoing "maintenance work", and you'll have to wait till it's done.
     
  3. xbox360gurl70s

    xbox360gurl70s Elite Member

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    In your wet dreams
    what sucks though is that paypal says its going to pay this amount, then your bank statement reflects otherwise