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Pay Pal Exchange Skimming

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I prefer money orders for sales like on LPF but with things like e-gay you dont have a choice...
 

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LOL, I know what you were referring to, just couldnt pass that one up :evil:

There is probably a website for every ebay slang you could think of.
 

Benm

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At one point I had asked eBay/PayPal where they get their daily rates
from and was told here...

XE - Universal Currency Converter

They remove ~3% on what they give... So if the exchange rate
was $1.00 US = $1.00 CND they would give me $0.97 Cnd...

Jerry
Sounds realistic - i've noticed paypal exchange rates for euros/dollars tend to be worse than any other source of exchange rate information, no matter which way the transaction goes.

As far as i knew the percentage they take is 2.5%, not 3%, but perhaps that varies among the currencies involved too.

Paypal is an expensive system to use: When i get a payment in usd, first there are the transaction costs (3.5% or so), and when i want to transfer what's left to my euro bank account, there goes another 2.5%.

Another quirky thing is that they refuse to pay out in dollars to a european bank account, even though the bank accepts incoming transactions in dollars. The bank does charge a conversion fee for that, but gives a more fair exchange rate. For anything over a few 100 i'd be better off having the money wired in usd.
 
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I hate paypal with a passion.

Every time you do a currency exchange with them, they will try to make money off of you (US to CAD or the other way around) on top of the stupid 3% fee.
 

Benm

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I think many people them for these practices.

Sure, its a service and it comes at a price, thats the 3% transaction fee, which is already very high for any kind of banking-like service, but at least somewhat transparant.

But if you're unlucky you get slapped with a credit card fee on top of that, then a loss in currency conversion, and another fee to have the money wired to your bank account. On top of that you don't get any interest on money parked in your account either.

Ah well, i hope it inspires someone to set up a competing service that has a more fair approach. Google checkout could be an alternative, but that seems to be geared solely towards webshops.
 

davey696

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not only do they take a percentage, they also help people rob you.
I once had an ebay account and a mobile to sell long story short i sold the phone through ebay, contacted the person by phone to see if they were happy with it etc. They said they were and it was all good but never added feedback, awhile later paypal took the money back after the buyer claimed he never received the phone. I had a postage receipt but the buyer wouldn't pay for registered. paypal stuck with the buyer and stole around £100 pounds out of my bank account. The biggest problem i had was it was my rent money. So i could keep the roof over my wife and kids heads i had to sell my ps3-through ebay therefore paying the ****** to steal my money.since then i have only used ebay to buy cheap cars and have bought them in person for cash, i will never give them any money again.
Dave
 
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