the magic of Paypal

grips03

Krauser's Shoe Shiner
Joined
Sep 10, 2004
Posts
240
I pre-ordered a game for 467 euro last year. I ended up no longer wanting this game. I asked for a refund. Seller refunded less paypal.com fees. This is fine.

So 467 purchase euro became 449 euro refund, then Paypal.com charged me fees of 18 euro so now I have a refund of 431 euro. But then when they converted to USD they used a bogus exchange rate, so I got back 576 USD and not the 592 that the current exchange rate should have provided.

467 euro = 642 USD

642 - 576 = $66 in Paypal.com fees. :(
 
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dspoonrt

Sho's Rival
10 Year Member
Joined
Jul 25, 2011
Posts
1,439
Yeah, I find PayPal also swindles a few extra bucks when exchanging currency. Sorry to hear about your luck.
 

xsq

Thou Shalt Not, Question Rot.,
Joined
Jan 17, 2013
Posts
7,415
^^ yeah, that's PP alright. Wish another company would at least try to compete with them.
 

GohanX

Hollywood Hulk Gohan
20 Year Member
Joined
Sep 28, 2001
Posts
11,841
My bank was even worse even I deposited a check drawn from a Canadian bank into my account.
 

wyo

The Cable Guy
10 Year Member
Joined
May 22, 2013
Posts
8,162
I pre-ordered a game for 467 euro last year. I ended up no longer wanting this game. I asked for a refund. Seller refunded less paypal.com fees. This is fine.

So 467 purchase euro became 449 euro refund, then Paypal.com charged me fees of 18 euro so now I have a refund of 431 euro. But then when they converted to USD they used a bogus exchange rate, so I got back 576 USD and not the 592 that the current exchange rate should have provided.

467 euro = 642 USD

642 - 576 = $66 in Paypal.com fees. :(

You were past the standard refund period unfortunately. Did he refund you as a gift or was it all due to the suspect exchange rate?
 

theMot

Moterator.
10 Year Member
Joined
Jan 22, 2012
Posts
6,991
correct. every place that does exchange rates tacks on a point or two for themselves.

True. Unfortunately on the internet Paypal is generally the way things work. It's good for security in case something goes wrong but their fee's and exchange rates suck.

For anyone who does a decent amount of international trade you really should go to a proper provider like AFEX for instance: www.afex.com

I use those guys, the spread is about 1 cent in the dollar for exchanges, if I use my bank it is about 4 cents, same as Paypal. Only other fee is $10 for each transaction.
 
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jsiucho

Sakura's Bank Manager
15 Year Member
Joined
Apr 27, 2005
Posts
741
You should have just kept your NEO XYX AES preorder.
 
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