Paxum exchange rate USD/EUR.. a little shitty?
 

Hi there!

Looks a little shitty for me.
Wanted to change some USD to EUR so I can withdraw the money through EFT, but the exchange ratio doesn't looks right:

Exchange Rate* 1 USD = 0.7445 EUR (1 EUR = 1.3432 USD)
*Exchange Rate valid on 2012-12-03 09:58:55 (UTC)

Where my local bank (real physical bank, not an internet bank) would give me a rate of 1 EUR = 1.3197 USD

So theoretically (not calculating the time going to the bank cashing in a cheque) I'm better of with a simple cheque withdrawal.

Let's assume I want to take out 1000 USD and 4000 USD.
PAXUM EFT scenario:
1000USD => 744.49EUR - 6.66EUR (8.95$ EFT fee) = 737.83 EUR in my bank account
4000USD => 2977.96EUR - 6.66EUR = 2971.30 EUR in my bank account
PAXUM CHEQUE scenario:
1000USD => 757.75EUR - 10EUR (min. bank fee) = 747.75 EUR in my bank account (means +9.92EUR)
4000USD => 3030.99 - 30.3EUR (1% bank fee) = 3000.69 EUR in my bank account (means +29.39EUR)

Of course you can't compare the speed of both transactions, where the EFT arrives in a few days and with cheque you wait more then a month (arrives in 2-3 weeks, then the fucking bank deposits it in 1 month.. fucktards lol).

And it took you so long to realize they have shitty ratio :)

I just recently applied for the EFT option, so there was no need for me to check the exchange rates :)

Same with Paypal and any other online service like that.

Usually they do not do their own currency trading, but get their rates from a banking partner. And with that, they have to make sure they themselves do not get cooked on the deal, so there will be a "margin of error" of usually around 2% which will compensate them if the exchange rate would differ from that point where you did the exchange till the moment they are actually doing it with their bank.

Just check Paypal's agreement, they even take out a special currency conversion fee. Your local bank will in 99% of all the cases take a fixed fee and then give you an exchange rate which is much closer to the "real one" at that moment. SO the bank gets paid for doing the transaction with their fixed fee, since online payment systems like Paxum and Paypal usually handle much lower sums than your local bank, they give you the chance to exchange currency without the fixed fee but make up for it with a percentage fee coming off as a little worse exchange rate.

Either way, you are using a service and should pay for it either way. Exchanging money isn't free, there is a cost involved. Be smart and only move larger sums, and with that pay the fixed fees at your bank, that will lower the percentage cut form your total.

1.34 hmm... that sucks
1.29 as of now - http://www.ecb.int/stats/exchange/eu...ph-usd.en.html

Same with Payoneer/Paypal, ...

Yeah that would be nice in a perfect world, but after the epass money motion thingy I try to not leave large sums in e-accounts :)

its actually not that bad.

1.30397 is current 1.31 + is a high spread.

Payoneer charges +/- 4% including cost to with draw, that is based on 1,000 dollars
Paxum charges +/- 3.5% including cost to with draw, that is based on 1,000 dollars

RedPass Payoneer charges +/- 1% including cost to with draw, that is based on 1,000 dollars

All prices are based on inter-bank rates..

If you don't believe me withdraw a 100 bucks from the same machine from each card.

so its not bad or bad? :)

Hi Paul&John,

Thanks for choosing Paxum!

We do not have any control over the exchange rates provided within our service. When you transfer funds between accounts in multiple currencies there must be an exchange rate in place, and that exchange rate is determined by the bank, and not by Paxum.

We do provide multiple withdrawal options for your convenience. You can withdraw to your bank by Wire, Check, EFT, or to an already existing credit card (Visa/Mastercard), or to the Paxum Mastercard.

Thanks,

Ruth :)

There you go. I browsed around a couple of banks and compared which gave me the best exchange rate. Paxum ROCKS!

I think so ! Ero Advertising today € 1 : 1.2726 USD

Why it's not possible to withdraw with EFT to an EUR account using my USD funds, so my bank will handle the exchange?

Damn thats nice one

There is no option visa/mastercard with Euro's on it?