PayPal Exchange Rates

[jo.king]

Hi Guys,

I just want to ask a question regarding Pay Pals exchange rates. I was with drawing £266 from pay pal and only got 386 for the exchange - i then put that value into EX.com and it told me that it was worth €396!

No only do you pay on every transaction (could be over a euro) but now they need to profit on exchange rates!?

Is there anything i can do? How can companies get away with charging obviously such high rates?

Thanks,

Jo.

 

[ClubMan]

I presume you mean www.xe.com and not www.ex.com? Note that such online exchange rate sites only provide indicative rates and the actual rates on offer from various financial institutions and service providers may vary. I presume that PayPal make it clear what charges and forex margins they charge? Have you checked?

Update: PayPal clearly state here that they charge a 2.5% forex margin in addition to other fees that may apply. I suspect that companies "get away" with charging whatever they charge because some people are happy with the charges or some people don't apprise themselves of the charges until after the fact.