Late Posted February 25, 2004 Report Posted February 25, 2004 I just made a payment through PayPal in yen (guess what that was for!), and I was wondering if, for whatever reasons, PayPal uses a conversion rate that is slightly higher (at least for U.S. buyers)? I usually use this Currency Converter to figure out exchange rates, and it doesn't match up with PayPal's exchange rates. Food for thought. Hopefully my question's clear! What experience do you all have with PayPal's exchange rate? Quote
Man with the Golden Arm Posted February 25, 2004 Report Posted February 25, 2004 I've held off on any Japan for a while as the last time I checked I was slack-jawed at that PayPal rate. I've been curious about this as well. So I now only buy Japanese stuff from folks who have already done the leg work, Late. Quote
J.A.W. Posted February 25, 2004 Report Posted February 25, 2004 I always get the feeling they're using tourist rates, which are not very favorable for their customers, no matter if you're paying or getting money... Quote
Man with the Golden Arm Posted February 25, 2004 Report Posted February 25, 2004 I just did a quick look at their site: [q]How does PayPal determine the foreign exchange rate for currency conversions? PayPal is not a currency dealer and therefore must purchase foreign currencies from its bank. PayPal receives a quoted wholesale rate from its bank (twice a day) and adds a 2.5% spread above this rate to determine the retail foreign exchange rate that is applied to customers who make a transaction that involves a currency conversion (such as a payment in Euros from a U.S. dollar balance), or a withdrawal of dollars by a U.K. user to his local bank account. The dollars must be converted to pounds sterling before withdrawal.[/q] Be nice if a feature was there to determine the going rates. Quote
Late Posted February 25, 2004 Author Report Posted February 25, 2004 (edited) I always get the feeling they're using tourist rates, which are not very favorable for their customers, no matter if you're paying or getting money... That makes sense. Curiously enough, even with the $9 extra that PayPal's "exchange" rate charged me, my parcel will still be $30 less than if I purchased the same goods through Dusty Groove! Edit: Missed your post, Golden Arm. That makes sense, too. Still, one wonders ... Edited February 25, 2004 by Late Quote
David Williams Posted February 25, 2004 Report Posted February 25, 2004 Cost me about 50p more on a £22 purchase today (conversion to Yen). Quote
PHILLYQ Posted February 25, 2004 Report Posted February 25, 2004 One factor to remember in looking at rates is that Currency Converters give a rate that you can get if you're converting a large amount of money, like $500,000. when you get down to small amounts, you get killed on the rate. Quote
clifford_thornton Posted February 25, 2004 Report Posted February 25, 2004 Currency Converters give a rate that you can get if you're converting a large amount of money, like $500,000. . Good to know for your next Tanno order, eh Late? Quote
Late Posted February 26, 2004 Author Report Posted February 26, 2004 Hey, that's about what I spent! Now Hiroshi's retiring (sorry guys), and my wife gave me something called "divorce papers." OK, I exaggerate. Still, I won't be doing any shopping for a while. And Ramen really doesn't taste so bad, right? And ... maybe I'll stop reading all these damn posts that make me want to seek out new music! Time to listen for a while as it is. Digesting the Taylor New World discs recently. As my friend, imitating his aunt from Minnesota, would say (with a positive connotation): Ooch! Quote
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