Interesting Question about Paypal - Have anyone experienced the same?

i know this happen everyday since paypal do not update their exchange rate daily and as remembered they only update it every 2 weeks or more so they only exchange your money under the preious rate but not the updated rate of the day you withdraw.if you care about that then select the higher rate paypal showing day to withdraw will be good for you.

Paypal does charge a fee for certain transactions and, I do believe that withdrawal of funds is one of those services. Paypal is a business and they have to make some kind of money for providing the services they do. It's kind of like a bank charging me a service fee to process transactions that I make through the bank.

I think you've never known this but there's always a remittance fee attached to foreign exchange transaction. Its not just Paypal but with every such company. Maybe the rate differs a little with different companies but it is more or less the same. Suppose you're going out of India and buy the currency of the country you're going. When you return and try to change the curreny into Indian rupees, it'll be done at a lower rate than at which you bought it. It may seem a dirty money making tactic but its followed im most countries.

I also experienced the same thing, the exchange rate of the said amount was not given properly by paypal. They deducted so much for every transaction but we cant do nothing because if we complain they can block our account and we cant ask anyone for it.

I also received the reduced amount from them recently, than the normal exchange rate..Though they are saying that there is no any transaction charges if we transfer the fund more than Rs 7000.00, they are deduction the transaction fee in this way which is much more...

Yes I have also seen that it is kind of siphoning off the funds from the genuine rate. When we transfer less than Rs. 7000 , Rs, 50 are deducted from the amount and apart from that the conversion rate applied is not the one which is existing at that day. Infact the rate which they have given you means that PayPal has deducted exorbitantly on such huge amount. I also transferred last week and they charged Rs. 50 for the amount being less than 7000 and the rate which they converted was $1= Rs. 45.62 . So it is kind of indirect loss to the members of PayPal.

Actually, I have never tried withdrawing my paypal balance to my bank account. I have withdrawn paypal balance to my credit card for which I was already charged 5$ before the transaction. However, even after the transaction would be done, I could see the decrease in the amount when the money would be transferred to my credit card. I did not enquire about it at any time, because I thought that even bank would be charging some amount for the currency conversion.

Paypal has been involved in a lot of scam activities off late. I have read too many things about them, especially, swindling money. Even I had the same experience with Paypal, and I lost a lot of money when I withdrew 20 dollars.

I guess it is where they get their fees. Even banks have different exchange rates. That is also the reason why I dont like withdrawing my funds. I would rather spend them all on online shopping than pay a large amount on bank to bank transfers.

Hello!I also have a paypal accound ,used for online payment .Now account for less than 10 years U.S.dollars,Oh,so you kind of say I have not met.However, the registration of indivedual low-level,it is not charging.Bless you!

That sucks... I guess paypal just love taking a few dollars off our us every time we turn our backs. It's how they earn money, I guess. Thousands and millions of transactions every single day and thousands and millions of dollars taken while we don't notice. It's how the owner of paypal became a millionaire. :( Grr. But I mean, it's just a conversion, really. Paypal can easily create more money themselves. They just have to increase numbers and them transfer it to their bank account, because really, these funds aren't even real funds. They are just numbers that can go up and down. :( I won't be surprised if paypal illegally create money for themselves. :( But anyway.

i have not experienced like this. but what my opinion is may be there is a selling rate for exchanges. that is if $1 is 45.97 means in exchanges they will pay only 44 something. may be like that they might have deducted. i wont say it is the reason but my assumption. but please tell me if you find the correct reason. even i need to know

No dear,These rate's are going up and down every second. it varies every time.

Hi Tina. I have been using Paypal for more than 2 years now.They do charge a foreign exchange transaction fee when you withdraw your money even if its above 7000 rupees. I know its not fair. But everybody does it so does Paypal.

There are daily fluctuations in the currency rates..even in 1 day there are about 200-300 pips movement..this is the basic of forex....and the day when u withdrew and the day u actually got..there will be lot of difference in rates..so you are getting that difference...there i no fees ..above 7000/- ..if there are any fees..it is mentioned by Paypal..in the transaction..Paypal are very fair in their transactions..and i can't agree that they take any hidden fees.

So far I never experienced anything like that. my transactions with Paypal are hassle free and i have never experienced being deducted for whatever. It might be true in your country but not in our country. Try to send a message to paypal to resolve the issue. Good luck.

It is not fair from the part of paypal. This is a big and unjustifiable reduction in the exchange rate of dollar v/s rupee rate. But there is no other way. Paypal knows that. Any way you can bring this matter to the attention of the paypal authorities.

Hi, bank charges varies. Also, banks sometimes use a lower exchange rate. You should ask your bank what their remittance fees are, if any.

Paypal hold thousands of pound. How do they get away with this?