View Full Version : Paypal US - Canadian exchange rate???

06-05-2002, 01:31 PM
Why is it that when I transfer money from my paypal account into my Canadian bank account they use a much lower exchange rate.

I transferred $350 US and it said it would be $519.70 Canadian. They used a rate of 1.4872 . Yet if I go to a currency converter online they give the result as $536.72 at a rate of 1.5334. I find this quite unfair and it appears they get to keep $17 Canadian from me for their own pockets. US paypal users don't get this penalty.

Has anyone else noticed this?

06-05-2002, 02:59 PM
Remember that most currency converters online give a merchant rate - not the rate that most people will get doing everyday transactions. Those rates are applicable only to people like stock traders and bankers. The "real" rate will always be less to a consumer. For a better comparison you may want to check what rate your own personal bank, or a currency exchange, would give you. (Also note that eBay usually shows the merchant rate, which is a very bad practice.)