Paypal exchange rate?

J

jparrie

Member
Guys, just tried to exchange some US$ into AUS$ and Paypal is quoting me 93 cents when the rate is around $1.05.

Tried calling them but they have "no access to exchange rates" or where they actually get their exchange rates from. I know they have a 2.5% processing fee and I've done these exchanges before with few problems and certainly not at this sort of crazy spread.

Anyone with a Paypal account here can tell me if they get the same rate? Surely that can't be right?

thanks.
 
jparrie said:
Guys, just tried to exchange some US$ into AUS$ and Paypal is quoting me 93 cents when the rate is around $1.05.

Tried calling them but they have "no access to exchange rates" or where they actually get their exchange rates from. I know they have a 2.5% processing fee and I've done these exchanges before with few problems and certainly not at this sort of crazy spread.

Anyone with a Paypal account here can tell me if they get the same rate? Surely that can't be right?

thanks.
Click to expand...

Wrong way around, if you're exchanging USD to AUD the current mid-market rate is ~0.95238095238095238095238095238095.

Add a 2.5% fee from paypal and you're looking at 0.95238095238095238095238095238095 * 0.975 = 0.92857142857142857142857142857143
 
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