azmanar

Hi,

Heads-up !

I noticed today that PayPal Exchange rates are ridiculously higher by 25 %.

I purchased anyway, thinking it was an anomaly. Then when I tried to purchase another product, it also presented 25% higher. I decided not to complete the transaction.

Realtime online rates and bank rates :
US$ 1 = RM3.00 or even less ( Malaysian currency doesn't fluctuate much )

Paypal currency exchange rates :
US$ 1 = RM4.00

This means, we have to pay higher for our online purchases, be it WSO or other products elsewhere.

I'm not sure whether this sudden issue is a Matter Of Business Policy Change or a temporary Systems Problem.

In the interim, I suggest the following:
1. Get an alternative payment provider such as MoneyBooker.
2. Pay by Credit Card - 2CO or many others.

All advice is appreciated.

imback

Thanks for the heads up could be a problem for several people!


CHAD

bobhenry

to be very honest ,paypal currency conversion rate and charges eats away chunks of my income..

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TG12

Mine have seemed OK for USD to GBP . . . I think. *Goes to check now* lol

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williamrs

Yep, I have to convert USD to R$ when I transfer money to my bank account and I agree that the exchange rate is high.

The Real (Brazilian currency) has been fluctuating lately, but at this moment I think that it is 1USD = 1.57R$.

Paypal offers me just 1USD = R$1.50 / R$1.49! Maybe it doesn't sound like a lot, but a few days ago I transfered $10K and lost $700+ in this process. Considering that the taxes here in Brazil are the highest in the world (not exaggerating) and I already have to send (waste) a lot of money to the government, this fee is definetely not welcome.

Besides the currency exchange fees, they also charge a fee on the payments received. My small $7 payments (from WSOs) go to $6,18 (it is 22%, imagine how much they get after 1K payments...), the bigger payments from networks and more expensive products usually have fees between 5% - 10% which is definetely not low.

I was taking a look on MoneyBookers' fees and it seems that they are lower, but Paypal has so many features and it's easy to integrate it with anything, so I'm hesitant to change my payment processor...


W

azmanar

Chad and Bob,

Very true. This kind of problem affects both sides of the market : Sellers & Buyers.

When buyers have to pay more, they may decide to not buy at the last minute ( just like what happened when I cancelled my 2nd purchase ).

But it doesn't stop there. What this also mean is LESS BUSINESS for Sellers.

And it will SNOWBALL to suppliers of products and services. This will later on ripple across to Media Space owners and content providers.

If it is a new PayPal business move, it will greatly impact US & Non-US online payment system users - Sellers & Buyers. Lower margins is expected to raise number of sales.

To mitigate this issue quickly before it boils further, SELLERS must offer several alternative systems - to receive and to pay.

I hope things will not become as chronic as I imagined and hope PayPal won't become a monster like Microsoft before.

What's important now is being aware of things and giving awareness to friends here.

imback

Yes just like oil prices

It effects the consumer and business (well maybe the business hehe jk)


CHAD

azmanar

Will,

You should visit this site to get more thoughts about PayPal Alternatives.

I think it is high time to consider alternatives as backup.

PPC-Coach

I'm not impressed with their exchange rates either. They're not as bad as 25% out of whack but the US to Canadian dollar exchange is insulting compared to current rates.

Paypal makes a mint off fees, then they get you on exchange rates too.

azmanar

Hi PPC Coach,

PayPal is becoming outrageous for such practice on exchange rates. Over here, we call it as Daylight Robbery.

I'm waiting for Monday. So I can make a complain to the Consumer Association.

Warrior Forum & Warrior Plus should consider having MoneyBooker too - for all types of transactions.

There are thousands of transactions per day in WF & WF+ using PayPal. With the ridiculous exchange rates recently implemented, I'll stop buying WSOs.

azmanar

Hi,

PayPal has reverted to the previous Exchange Rates, the one which is not as bad.

However, I still feel it is important to have PayPal Alternatives.