hey

Well. I have recently started using PalPal to accept payment for design work. I just went to withdraw the money and noticed something. Their exchange rate:

The current PayPal exchange rate is:
1 USD = 1.8539 AUD

When the current rate is 1.94363 AUD

How/Why are they so off?

Small transactions are always 2-4% away from the published ("interbank") rates -- those rates are normally applied only when banks are transfering $100,000 or more.

Also, I don't think that Paypal updates their rates every day, so you might be seeing a rate based on where the markets were a few days ago.

But I'll agree that their exchange rates aren't phenominal... I'd personally prefer it if they quoted higher "transaction charges" for exporting money and had better exchange rates. (That way I could justify waiting until I had more money in my account before moving it across the border.) Damon, are you listening? ;)

I'm finding some other way to accept payment
heh

good luck to me :(

OT: This is why the entire world should switch to using the Euro ;)

Heh, annoying exchange rates.

Damon, if you are reading this, please go and update the exchange rate so I can put the money into my account. :)

Originally posted by NetXL
I'm finding some other way to accept payment
heh

good luck to me :(

Hi Andy,
Have you checked out PaySystems? (you probably have)

www.revecom.com

I dont like things that invlove me paying :D

I only take, not give.

j/k


Nah.. I'll see what happens.

Thank you for your comments.

The exchange rate is based off of the retail rate, which is different than the wholesale rate you will see quoted in papers,etc.

Hi cperciva,

Not a bad suggestion:)

Originally posted by paypaldamon
Thank you for your comments.

The exchange rate is based off of the retail rate, which is different than the wholesale rate you will see quoted in papers,etc.

Hi cperciva,

Not a bad suggestion:)

Oh okay. Stil.. Ten cents off can mean a fair bit heh. I didn't realise this was the case. Thanks,