Paypal rates are Horse Hockey

megadan · #1 02-02-2010, 09:51 AM

I can't believe what ripoff artists these buggers are.
I send a lot of payments in USD for things I buy on TB.
Just, I believe, two weeks ago, I received some money from the US in US dollars. It was something like $850 or so. Once it was transferred to my account, it worked out to be $860 canadian or so. Pretty reasonable since the dollars are about at par now.

Today I go to send US dollars - I want to send $165USD, and they want to charge me $180 for it!! It makes no sense except to imagine that they want to swing the conversions in their favour. It's ridiculous.

Their rates are always off.
Current paypal rate: 1 Canadian Dollar = 0.919336
Actual current mid-day market price: 1 CAD = 0.943115 USD (xe.com)

I wish you guys would get on the Email Money Transfer kick! It's amazing. Every Canadian with a major banking branch or Credit Union can send up to $10 000 a month for a flat $1.50 per transfer fee, straight from online banking. This paypal monopoly has gone on too long.

bongomania · #2 02-02-2010, 10:04 AM

Quote:

Originally Posted by megadan

I wish you guys would get on the Email Money Transfer kick! It's amazing. Every Canadian with a major banking branch or Credit Union can send up to $10 000 a month for a flat $1.50 per transfer fee, straight from online banking. This paypal monopoly has gone on too long.

Yeah, I am pretty sure the only reason Paypal is so ubiquitous here is just because we have no better alternatives. If there were, Paypal would lose a ton of its business--which then might make them rethink their fee structure.

nutso42 · #3 02-02-2010, 10:09 AM

http://www.youtube.com/watch?v=vhagzSEXzic

This is what the title of your thread reminds me of

PSPookie · #4 02-02-2010, 10:18 AM

Quote:

Originally Posted by bongomania

Yeah, I am pretty sure the only reason Paypal is so ubiquitous here is just because we have no better alternatives. If there were, Paypal would lose a ton of its business--which then might make them rethink their fee structure.

Yup. When you're the only game in town you can cahrge what you want (to an extent).

A little competition would be a very healthy thing.

sloasdaylight · #5 02-02-2010, 10:47 AM

Quote:

Originally Posted by megadan

I can't believe what ripoff artists these buggers are.
I send a lot of payments in USD for things I buy on TB.
Just, I believe, two weeks ago, I received some money from the US in US dollars. It was something like $850 or so. Once it was transferred to my account, it worked out to be $860 canadian or so. Pretty reasonable since the dollars are about at par now.

Today I go to send US dollars - I want to send $165USD, and they want to charge me $180 for it!! It makes no sense except to imagine that they want to swing the conversions in their favour. It's ridiculous.

Their rates are always off.
Current paypal rate: 1 Canadian Dollar = 0.919336
Actual current mid-day market price: 1 CAD = 0.943115 USD (xe.com)

I wish you guys would get on the Email Money Transfer kick! It's amazing. Every Canadian with a major banking branch or Credit Union can send up to $10 000 a month for a flat $1.50 per transfer fee, straight from online banking. This paypal monopoly has gone on too long.

Start your own online payment company then. It'd almost certainly be a good thing.

megadan · #6 02-02-2010, 10:52 AM

Quote:

Originally Posted by sloasdaylight

Start your own online payment company then. It'd almost certainly be a good thing.

Like I said, we all ready have one. You guys just need to catch up

seriously though, I'm pretty surprised that google, ms, or yahoo haven't gotten into the online payments game. Paypal sorely needs some competition.

sloasdaylight · #7 02-02-2010, 10:59 AM

Google does have a google checkout thing, which is like a shopping cart software that let's people pay with a credit or debit card, but it still isn't as big as paypal yet.

PSPookie · #8 02-02-2010, 11:04 AM

Quote:

Originally Posted by sloasdaylight

Google does have a google checkout thing, which is like a shopping cart software that let's people pay with a credit or debit card, but it still isn't as big as paypal yet.

Is there any way to use it for person-to-person transactions?

MatticusMania · #9 02-02-2010, 11:07 AM

This is why I refuse to use paypal.

Jonyak · #10 02-02-2010, 11:25 AM

anywhere you exchange they will not give you the high rate.

they usualy use that as a way to make money. that how every exchange works, even at the bank.

sloasdaylight · #11 02-02-2010, 11:41 AM

Quote:

Originally Posted by PSPookie

Is there any way to use it for person-to-person transactions?

I'm not sure, I've never had a client ask if they could, but i assume it might be possible.

i_got_a_mohawk · #12 02-02-2010, 11:47 AM

Hardly any better than others.

I only use it with paypal (and when paying for a few other things, ie Steam games online). And when listing on ebay, I know it's a heck of a lot cheaper than any traditional auction!

I see so many people complaining about paypal. Don't like it? Don't use it! Simple fix