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paypal question: conversion rates

breakfasteatre

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I have a sum of US money in my account from monday. Since then, the canadian dollar has dropped. It tells me i have a certain amount in USD and in turn how much that is in canadian dollars.

When i do the conversion through google, to see how much my usd balance is in canadian dollars, there is a 100 dollar discrepancy. When i go to transfer the money into my bank account, does it take into account the exchange rate the day i received the money, or the day i transfer the money? If its the former, they are a bunch of fucking crooks
 

DNW

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Paypal takes a commission everytime you do a conversion. So, yes, they're a bunch of fucking crooks.
 

Reveille24

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Here's another question... so you were once in the USA and now you're in Canada, correct? Or did I get that wrong? I'm asking because my brother just made the move and wants to send money that he owes to family in the US through paypal but says paypal is going to make him transfer his account to a canadian one now and there's all these extra fees that go with it...?! Did that happen to you?
 

Ippo

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I'm pretty sure it takes into account the exchange rate on the day you received the money. Because that's the day you decided to sell the item, and thats what the conversion rate was at the time. For example, if you received $100 USD, then paypal will automatically convert that to whatever CND amount it is at the time.

So say that is $120 CND sitting in your paypal, it's not gonna change depending on when you decide to transfer it in your bank account, it will always be $120 CND because that's what you received from the conversion rate at the time. Don't really think of it as receiving $100 USD (since the rates change often), but rather receiving $120 CND. Not sure if that made sense.
 

Tarmac

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Yeah once the funds show in your Paypal account, that number does not change according to any exchange rate.

Now let's say you have a US Paypal account with $100 US, and you have a UK bank account. When you transfer it to the UK bank account, the bank will convert it. But not Paypal.
 

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