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Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
I just noticed something sleazy about paypal. They have their own imaginary currency conversion rates.
For example, today the currency markets have 1 USD = 0.992884 CAD and 1 CAD = 1.00717 USD. This makes sense because 1/0.992884=1.00717. But according to the "Paypal conversion rate" 1 USD = 0.966291 CAD and 1 CAD = 0.981849 USD. So not only is the conversion not the market rate, the is math wrong, ensuring that you lose both ways in the conversion.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts |
John
I'm in the process of purchasing some magic from England, and I want to thank you for telling me that both the seller, and the buyer of this transaction are getting screwed.
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
You are welcome, Al. What method are you going to use now?
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
AllAboutMagic Veteran user California 333 Posts |
They are probably including a fee for exchanging the currency
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LobowolfXXX Inner circle La Famiglia 1196 Posts |
5% not too bad. At the supermarket, you can dump your coins in a big tray, and after deducting 8 or 9 percent, you can get back currency. And that's the same country's currency, mind you!
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts |
Lobo
I've told people emptying their gallon jug's full of change into the Super market coin change box that they can get a much better deal at the bank across the parking lot, and they all give me the same blank stare. John The lady making my costume asked me to pay her by Paypal.
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
LobowolfXXX Inner circle La Famiglia 1196 Posts |
Quote:
On 2012-11-23 20:23, Al Angello wrote: I roll my own (COINS, Al...COINS!). I get that 100%, and I find it relaxing. My family was in the video game business in the 80's...got used to rolling quarters.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts |
The last time I went into my bank with rolled change they laughed at me, and showed me the free coin machine in the lobby.
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
Quote:
On 2012-11-23 19:17, AllAboutMagic wrote: Undoubtedly. Is it a fair fee? It certainly isn't what I expect to pay. And it most certainly isn't transparent to call something a "conversion rate" and bury a fee inside of it. It has a very unwholesome smell to it, IMO.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
LobowolfXXX Inner circle La Famiglia 1196 Posts |
A 2-3% fee (per side) sounds fair to me. Less than an ATM fee (at a non-account-holder ATM) for most transactions.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley. "...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us." |
S2000magician Inner circle Yorba Linda, CA 3465 Posts |
When I travel abroad, if I use a credit card for payments, they'll usually charge 2% - 2½% for the foreign currency conversion.
However, if I use my credit union debit card, the fee is only ¾%; the credit cards are charging 3 - 4 times as much. I think that a 2% - 3% fee in total is too high; 2% - 3% per side is absurd. |
Al Angello Eternal Order Collegeville, Pa. USA 11045 Posts |
Don't try that in Mexico.
In Mexico they will charge you the same 3% conversion plus the tourist exchange rate. Travelers checks most shops refuse to touch at all. If you have travelers checks they will tell you to go to the bank and come back with peso's. In Mexico I use my ATM card at the Bank machine for the official exchange rate and peso's are never a problem. If you go to Mexico with $100 bills you will stand in long lines at the bank to cash them.
Al Angello The Comic Juggler/Magician
http://www.juggleral.com http://home.comcast.net/~juggleral/ "Footprints on your ceiling are almost gone" |
Octopus Sun Special user Wiggle Wiggle 586 Posts |
Never got screwed yet with an International paypal payment to our paypal accounts,
in fact we get more $$ when the exchange happens from the foreign to US conversion through paypal. never the other way with a conversion. we always profit especially from the UK by several dollars. weird... must be your personal accounts and not having business accounts. |
balducci Loyal user Canada 227 Posts |
Quote:
On 2012-11-23 17:27, Magnus Eisengrim wrote: In my experience, the exchange rates consumers get at banks or with credit cards or on paypal etc. are never as good as the quoted market rate in the newspaper. Same thing with gold prices and so on. You can never buy gold at the quoted rate in a newspaper. There is always some margin added on so that the bank or dealer or whatever can make a profit.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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Magnus Eisengrim Inner circle Sulla placed heads on 1053 Posts |
I'd like to see fees posted as fees. Show the consumer the conversion and the fee so that it is clear what is going on. There is a reason that, say, sales tax shows up on your receipt as sales tax, not as part of the price.
John
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned; The best lack all conviction, while the worst Are full of passionate intensity.--Yeats |
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