In this video, I have raised the issue of PayPal opting for a very poor exchange rate at the time of converting currencies.
For instance, I am in India and I have noticed that typically, there is a difference of around a Rupee for every US Dollar which is converted. So for instance, if I see a particular exchange rate on say XE.com or OANDA.com, the exchange rate which PayPal takes at the time of conversion would typically be around a Rupee less than what I see on either XE or OANDA.
Why this stark difference?
This is something which I really would like to know.
After all, say on transferring 1000 US Dollars from my PayPal account to my bank account, if I am losing 1000 Rupees, that is a LOT! More than 18 Dollars at current exchange rates!
PayPal, I really would like to know - why this discrepancy??
And most importantly, why is this difference in exchange rate not conveyed to PayPal users in a transparent manner? What I have noticed is that PayPal simply talks about the fees which it charges at the time of receiving payments. It fails to mention the difference between its own exchange rate and the actual one, where I have a gut feeling PayPal makes a lot of money.
I am also fairly certain that this is a worldwide, global phenomenon, at least in all markets where PayPal is operational and functional.
I feel that users should take up this issue with PayPal and PayPal should in turn be much more transparent about the whole thing.
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