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Paypal's exchange rate is totally skewed

Discussion in 'BlackHat Lounge' started by bartosimpsonio, Dec 22, 2015.

  1. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Anyone else do business in USD and EUR notice how skewed Paypal's exchange rate is? Skewed in their favor, that is!

    I have a balace in Euros I use to pay for USD goods. Yesterday I paid for a service in U$ and the exchange rate was almost 1:1

    I thought it was curious, but then today I checked the current exchange and the Euro is 8.8% above the US Dollar. Meaning Paypal is making nearly 10% just by converting one currency to the next.

    They charge fees for all transactions, why must they make 10% for just exchanging currencies? They have the balances in U$ and Euro, they're not actually exchanging anything internally, they're just arbitrarily taking from customers!

    Why doesn't any other large corp come up with something to compete with Paypal? It really gets tiring after so many complaints and excessive fees.
     
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  2. dys872

    dys872 Junior Member

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    They will always exchange in their favor. Sad but true.
     
  3. BuildMoreLinks

    BuildMoreLinks Jr. VIP Jr. VIP Premium Member

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    It's a for profit company and that's how they make money (posted revenues of over 7.3 billion in 2014).
     
  4. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    That's right. We need competition for Paypal so they lower their fees. Making up to 10% on exchange rate alone is a loud cry for competition. Anyone who comes along and offers similar services with lower fees takes the crown.
     
  5. Hawkster

    Hawkster Jr. VIP Jr. VIP

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    Well i sure do hope someone offers some competition - ive done my fair share of complaining about paypal over the last year or so.

    I would jump ship quicker than a rat up a drain pipe if the opportunity came

     
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  6. Ste Fishkin

    Ste Fishkin BANNED BANNED Jr. VIP

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    Of course its skewed, same with banks and everything else.

    They will fuck you at every opportunity they get, PayPal does not exactly have a good reputation for being fair now...
     
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  7. W9go

    W9go Jr. VIP Jr. VIP Premium Member

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    they are bastards but there is no alternative ..
     
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  8. LostConnection

    LostConnection Senior Member

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    Yup, agreed. I've hated them since the moment I started using them, but pretty much all my clients (outside of Finland that is) want to pay with PayPal and it just is convinient for everyone unfortunately.
     
  9. BassTrackerBoats

    BassTrackerBoats Super Moderator Staff Member Moderator Jr. VIP

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    Take a look at Transferwise.com as that is excellent for sending money and the rates are pretty strong. I use it almost every day and the rates are great, the process is smooth and the customer service is top notch.

    It is bank to bank, unlike PP which is account to account, but if you have people with whom you do business with on a regular basis you will love the service.
     
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  10. iBrazilian

    iBrazilian Regular Member

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    I was just about to suggest transferwise, I use it everyday as well.
     
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  11. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Thanks for the pointer. Will have a look.
     
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  12. shanna_doll

    shanna_doll Power Member

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    It's nothing new, bro.
     
  13. lord1027

    lord1027 Elite Member

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    I'm so pissed with Paypal for multiple reasons, can't wait for a real competitor to show up.
     
  14. sixinchnails

    sixinchnails Jr. VIP Jr. VIP

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    PayPal has ALWAYS given me a HORRIBLE exchange rate. I was in India, expanded to the UK (currently in Liverpool, about to set up a branch but still doing biz on my hometown account) and I have never got a good rate, but it's easier to consider that part of my costs instead of dealing with PayPal's un-imaginative, ridiculously innovation-damned attitude (I wish the guys from Stripe dominate the world right now).

    So we all have to wait until Stripe KILLS PayPal and we're all happy until Stripe sells out too
     
  15. phatzilla

    phatzilla Jr. VIP Jr. VIP

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    Ah, the power of a monopoly
     
  16. wowhaxor

    wowhaxor Elite Member

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    Every business hits you hard on exchange rates. It's not unique to PayPal.
     
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  17. PinguSpy

    PinguSpy Jr. VIP Jr. VIP

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    they eat through fees, and through exchange too
     
  18. goodperson

    goodperson Elite Member

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    Actually, there are competitors with paypal like google wallet, webmoney, perfectmoney, bitcoins, etc. But paypal is the most popular and huge people use it. If you don't use paypal , you're not easy to sell or buy any items on the internet. That's all.
     
  19. bartosimpsonio

    bartosimpsonio Jr. VIP Jr. VIP Premium Member

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    Why aren't they as widely accepted in your opinion?
     
  20. Aty

    Aty Jr. VIP Jr. VIP

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    Because they can.

    Did you consider changing your currency to USD?