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| PayPal Gouging https://www.breitlingsource.com/phpBB2/viewtopic.php?f=10&t=38580 |
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| Author: | Novacastrian [ Tue Mar 27, 2012 2:06 am ] |
| Post subject: | PayPal Gouging |
This has probably been said before here and it's more of a rant than anything else, but Paypal really do gouge their consumers when they convert money, don't they? At the moment the conversion rate between Aussie dollars and U.S is $1AU = $1.053US. Paypal pays out at 1AU = $1.026US. I'm sure they do the same thing going the other way. I don't begrudge anyone making a profit but that's pretty OTT. I'd love to see a realistic competitor to these guys in the market place. |
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| Author: | Justin28 [ Tue Mar 27, 2012 3:17 am ] |
| Post subject: | Re: PayPal Gouging |
I can't stand PayPal. I have had so many problems with them and would love to find a decent competitor but after researching, I cannot find one. |
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| Author: | Roffensian [ Tue Mar 27, 2012 4:18 am ] |
| Post subject: | Re: PayPal Gouging |
That's why I always get the credit card company to do the conversion. Still a rip off, but less than Paypal. |
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| Author: | Nav01L [ Tue Mar 27, 2012 5:17 am ] |
| Post subject: | Re: PayPal Gouging |
Justin28 wrote: I can't stand PayPal. I have had so many problems with them and would love to find a decent competitor but after researching, I cannot find one. There are plenty of competitors out there... Most of them from Nigeria  PayPal is bad... But at least they don't steal all your money...
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| Author: | WatchFred [ Tue Mar 27, 2012 7:13 am ] |
| Post subject: | Re: PayPal Gouging |
Roffensian wrote: That's why I always get the credit card company to do the conversion. Still a rip off, but less than Paypal. that seems to be the only viable solution at the moment, still surprised google is not getting it's act together in that arena. just remember to doublecheck b4 the transfer paypal has not reset the settings to "let paypal handle conversion", surprisingly this seems to happen..... |
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| Author: | MacApple [ Tue Mar 27, 2012 1:34 pm ] |
| Post subject: | Re: PayPal Gouging |
PayPal Ebay = CROOKS, THIEVES!!!!!!!!!!!!!!!!!!!!!! I'd rather chew glass than deal with paypal, and then these bozo buyers who want to only pay by paypal. Just venting!!!! Did I mention I hate paypal? |
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| Author: | Novacastrian [ Tue Mar 27, 2012 1:53 pm ] |
| Post subject: | Re: PayPal Gouging |
Roffensian wrote: That's why I always get the credit card company to do the conversion. Still a rip off, but less than Paypal. How do you do that? I've clearly missed an opportunity here. |
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| Author: | Roffensian [ Tue Mar 27, 2012 3:16 pm ] |
| Post subject: | Re: PayPal Gouging |
Novacastrian wrote: Roffensian wrote: That's why I always get the credit card company to do the conversion. Still a rip off, but less than Paypal. How do you do that? I've clearly missed an opportunity here. When you pay with PayPal you have the choice of bank account or credit card. If you choose credit card then you have the choice of paying in the currency of purchase (i.e. credit card does the conversion) or let PayPal convert to your 'home' currency. |
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| Author: | Novacastrian [ Wed Mar 28, 2012 4:47 am ] |
| Post subject: | Re: PayPal Gouging |
Cool, I'll have to bear that in mind. I think I've been letting PP do the conversion. |
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| Author: | WatchFred [ Wed Mar 28, 2012 4:52 am ] |
| Post subject: | Re: PayPal Gouging |
it is the default setting, of course. and tends to "accidentally" slip back to this |
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| Author: | Otto [ Mon Apr 30, 2012 4:55 pm ] |
| Post subject: | Re: PayPal Gouging |
Novacastrian wrote: Cool, I'll have to bear that in mind. I think I've been letting PP do the conversion. Digging up an old thread here, but make sure you check the exchange rates your credit card company will charge first. Rates on some Australian cards are terrible, worse than the Paypal rates you described above. Last time I was in the US, I used an Australian-issued platinum Mastercard from a large US-based global bank The rate I was charged was more than 5% worse than the actual exchange rate at the time. |
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| Author: | mboverst [ Tue May 01, 2012 11:15 am ] |
| Post subject: | Re: PayPal Gouging |
That seems to be the norm, and easy profit for a lot of these companies. You should also watch out with your bank automatically converting foreign currency into your local currency. Our bank, BofA, will post 'somewhat' accurate market spots on their website. What they fail to mention is that if it's a "retail transaction" (incoming wire transfer less than $25,000) they use different retail rates which can be 100 basis points off the market spot... In a sale of a watch for a couple thousand bucks, this can really add up. Thieves! |
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| Author: | grenhall [ Tue May 01, 2012 11:31 am ] |
| Post subject: | PayPal Gouging |
I just had an encounter with PP which I described in my Evo on the way-post. If they'd converted my money on their end they'd gotten almost 9% of the watch price. That's crazy! Luckily for me I had just changed bank to one that doesn't charge extra on the currency conversion so I got away. But it's pretty f-up anyway. I mean a lot of people are using their service and they'd made their big profit anyway by doing the right thing for their customers. Sent from my iPhone using Tapatalk |
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| Author: | RJRJRJ [ Tue May 01, 2012 12:47 pm ] |
| Post subject: | Re: PayPal Gouging |
I always seem to come across the type of threads, but I have to say I dont really hate paypal all that much (as far as fees go). Paying the fees sucks, but they offer the best option for us to send money to each other easily. Sometimes we can wire, but the situation doesnt always allow for that option. Besides, most banks charge a fairly decent wire fee anyway. As for conversion fees, im not familiar with paypal rates so I cant speak directly, but im pretty sure its a super easy process, and thats probably why you have to pay a bit for it. There are usually cheaper alternatives, but none are really as simple and widely accepted. |
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| Author: | grenhall [ Tue May 01, 2012 12:55 pm ] |
| Post subject: | PayPal Gouging |
RJRJRJ wrote: I always seem to come across the type of threads, but I have to say I dont really hate paypal all that much (as far as fees go). Paying the fees sucks, but they offer the best option for us to send money to each other easily. Sometimes we can wire, but the situation doesnt always allow for that option. Besides, most banks charge a fairly decent wire fee anyway. As for conversion fees, im not familiar with paypal rates so I cant speak directly, but im pretty sure its a super easy process, and thats probably why you have to pay a bit for it. There are usually cheaper alternatives, but none are really as simple and widely accepted. I can agree to some extent with your post. But seriously, do you really find it acceptable to pay almost 9% of your next watch purchase or really any purchase over $4 000? I mean yeah sure their service is great but when you don't make the choice for choosing currency conversion or not easily for your customers then you're basically screwing them over. I think that if they made the choice a lot clearer, instead of just a link in size 8px, then more customers would feel that they aren't ripped off hence using the service more frequently. Sent from my iPhone using Tapatalk |
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