Paypal's currency exchange rip-off
 

As of 12 noon (May 11, 2006) the current exchange rate (quoted from the Federal Reserve Bank of New York) for U.S. to Canadian currency is:

1 U.S. Dollar = 1.0989 Canadian Dollars

As of 12 noon (May 11, 2006) the current exchange rate available on Paypal for U.S. to Canadian currency is:

1 U.S. Dollar = 1.07250 Canadian Dollars


A difference of 2.6 cents on every dollar.

hardly suprising...

:Oh crap

My bank charged me the same rate yesterday of 1.07 :Oh crap

For amounts under 10k you usually get shafted by 2 points.

paypal always take a huge cut in everything

banks take the same or more so either way we get fucked. They don't "buy" your US money at the actually exchange rate. They "buy" it at a cheaper price so they can sell it for more and make a profit.

Old news bud ... look in their tos, they keep a margin of like 2.5 %

True...I knew it was nothing new. But I haven't checked their tos for ages, and usually assumed they were closer to the nightly news exchange rates than what they actually are.

These days with the exchange sucking out so bad - we're just taking a second look at all the places we're being shaved. Seeing where we can recoup some of those losses.