0078265317 #1 Posted January 2, 2020 Was about to buy a raphnet adapter. Might hold off. I guess they are from canada because the rate was cdn. Google says 38.62 cdn to usd is 29 dollars and 73 cents. But when I goto paypal checkout it says. PayPal rate: 1 USD = 1.24625 CAD So if I click pay now they will charge me 30 dollars and 99 cents. Why is paypal using a higher rate? Quote Share this post Link to post Share on other sites
+phoenixdownita #2 Posted January 2, 2020 6 minutes ago, 0078265317 said: Was about to buy a raphnet adapter. Might hold off. I guess they are from canada because the rate was cdn. Google says 38.62 cdn to usd is 29 dollars and 73 cents. But when I goto paypal checkout it says. PayPal rate: 1 USD = 1.24625 CAD So if I click pay now they will charge me 30 dollars and 99 cents. Why is paypal using a higher rate? it appears they "consider" a 5% spread https://www.ecommercebytes.com/2019/08/02/paypal-charges-more-by-raising-currency-conversion-spread/ Quote Share this post Link to post Share on other sites
stupus #3 Posted January 2, 2020 Yes paypal will always make money on a currency exchange. You know they must make money on everything. Thats why you also cant do free international friends and family payments either. 1 Quote Share this post Link to post Share on other sites
+phoenixdownita #4 Posted January 2, 2020 2 minutes ago, stupus said: Yes paypal will always make money on a currency exchange. You know they must make money on everything. Thats why you also cant do free international friends and family payments either. It used to work (free international friends ...) now they simply have a fee ... they now just ask if you want the other part to pay a fee (and they tell you how much) or if you want to pay on your end ... it started something like maybe 6-9 months ago, I've been bitten a couple of times already by it at 5US$ each time, not sure it's linked to the amount (I bet it is with a minimum to boot) as in both cases I got bitten the total was just about 100US$ to begin with. 1 Quote Share this post Link to post Share on other sites
stupus #5 Posted January 2, 2020 Yep it used to be free and was handy for international. You can still send them your own currency free....then they get hit with the exchange fee unless they dont need to exchange it. And it is linked to the amount and its higher than even regular fees Quote Share this post Link to post Share on other sites
carlsson #6 Posted January 2, 2020 (edited) In this case, the key is to have your credit card provider/bank accept charges in a foreign currency if possible. I don't know if US banks accept charges in Canadian dollars, but over here the banks most always accept charges in US Dollars, Euros, British Pounds, Japanese Yen and many other major currencies. It means you let PayPal do the charge in the recipient's currency instead of doing their own currency exchange with the extra 5% so your card provider or bank doesn't have to. I've probably saved more than $100 over the past 10 years by changing the settings in PayPal so they charge in the original currency instead of converting it for me. However not everyone are aware, a close friend of mine learned about it only a month ago and it is a partly hidden setting. Also it might not apply in all cases. Besides if an extra charge of $1.20 is what makes or breaks a purchase... tough margins. Edited January 2, 2020 by carlsson Quote Share this post Link to post Share on other sites
0078265317 #7 Posted January 2, 2020 Well no but every time I order from them its a buck so it adds up. Maybe I will look into bank settings. If not I will just order. Quote Share this post Link to post Share on other sites
0078265317 #8 Posted January 2, 2020 My chase does not have conversion options so I will just buy. Found the answer. https://www.paypal-community.com/t5/My-Money/How-to-change-Currency-conversion-option/td-p/1769313 Quote Share this post Link to post Share on other sites
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