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Thread: paypal scams?

  1. #1
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    Default paypal scams?

    I just used the official paypal currency converter wich has the actual dollar and euro status updated daily at least.
    I checked how much 280 dollar in euro was - it was 201 euro.
    I just made a order with our drlava and i needed to pay 220 euro for 288,40 dollar.
    So paypal's payment system asks more then their own currency converter.
    And those 8,40 dollar extra is already for paypal fees.

    i guess they get double money with every transaction...?
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  2. #2
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    Default

    Quote Originally Posted by borgqueenx View Post
    I just used the official paypal currency converter wich has the actual dollar and euro status updated daily at least.
    I checked how much 280 dollar in euro was - it was 201 euro.
    I just made a order with our drlava and i needed to pay 220 euro for 288,40 dollar.
    So paypal's payment system asks more then their own currency converter.
    And those 8,40 dollar extra is already for paypal fees.

    i guess they get double money with every transaction...?
    I would not be surprised they cover their asses with some small lines and rules you have to agree with when creating your paypall acount.
    Also theres nothing you can do about it.

    I honestly think paypall is a mixed bag.
    Some things are complete shit, but at the same time the buyer protection is very convenient.

  3. #3
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    Default

    yea buyers protection works in your favor but there is no sellers protection if they use a charge card

  4. #4
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    Default

    That is true. :/

  5. #5
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    Default

    But buyers protection aint everything as well.
    They almost always say: just ship it back.
    Even with 2 dollar items from dx....wich costs about 10 dollars to ship back.
    And its usally desame automatic buyers protection message.
    Then you can just lie about shipping it back....i never did, but heard this was easily accepted.
    And more of this stuff.

    Personally i want to make a bet that if i contact them, they say that it are costs for administratiom because banks require a cost for changing currency.
    Anyways something in that correction.

    I use paypal because its used everywhere....click and buy is a good alternative.
    You are unique! Just like everyone else...
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  6. #6
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    Default

    That's not a huge mark up. 8 bucks on a $280 order? I think a lot of banks would charge roughly the same, if not more.

    Even though the currency market fluctuates throughout the day, most places fix the conversion rate in the morning and leave it for the day. So they have a fairly large spread between buy and sell rates to cover their asses in case the market changes.

    Paypal has it's scams, but currency conversion isn't one of them.

    Adam

  7. #7
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    Quote Originally Posted by buffo View Post
    That's not a huge mark up. 8 bucks on a $280 order? I think a lot of banks would charge roughly the same, if not more.

    Even though the currency market fluctuates throughout the day, most places fix the conversion rate in the morning and leave it for the day. So they have a fairly large spread between buy and sell rates to cover their asses in case the market changes.

    Paypal has it's scams, but currency conversion isn't one of them.

    Adam
    Every transaction made wich involves to convert money....
    Thats alot of cash for paypal...and they dont need personal to do the transaction like real banks. And then the 3 or 4 % of cash steal to the buyer...

    They are getting rich by doing nothing. I call it a scam....and the 8 bucks aint alot but i dont want to pay them the 8 bucks. I rather gave it extra to andrew or even throw it in the river.

    And if their own currency converter gives such a big difference(8 dollar up cant be a market fluctuation unless a terrible world disaster happened somewhere i dont know of?) between their own payment System...im just sure that part of the cash goes to themselfs.
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  8. #8
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    Apparently you've never exchanged currency at a bank before. I have - many times - and I can tell you that a 3% spread between buy and sell is fairly common.

    The next time you're in an international airport, go to the bank counter and see if you can beat Paypal's conversion rate. I'd be surprised if they weren't within 1% of what Paypal charges.

    I've paid as much as 5% on a currency conversion when using my Visa card abroad. 3% is actually fairly competitive.

    Adam

  9. #9
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    Quote Originally Posted by buffo View Post
    Apparently you've never exchanged currency at a bank before. I have - many times - and I can tell you that a 3% spread between buy and sell is fairly common.

    The next time you're in an international airport, go to the bank counter and see if you can beat Paypal's conversion rate. I'd be surprised if they weren't within 1% of what Paypal charges.

    I've paid as much as 5% on a currency conversion when using my Visa card abroad. 3% is actually fairly competitive.

    Adam
    True....but they require costs for administration, personal ect.
    I feel paypal runs itself. The boss can just lay on a beach seeing the cash flow in.
    Ofcource they have some personal, but i think not as much as the smallest bank in europe? (normal bank)
    And all calculations, conversions, transaction, are all done by the server....
    You are unique! Just like everyone else...
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  10. #10
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    Default

    And all calculations, conversions, transaction, are all done by the server....
    And IT is magic, and magic is free, right?

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