Does Paypal get a kickback from dishonest currency conversions? I ask this, because there would seem to be no other reason to be almost a dollar high...
I use this .. http://Currency-converter.org.uk for my rates.. it uses the officially posted currency conversion rates, and ............This,.............. (as shown in the picture below)..
was the rate at the very moment I paid (or attempted to pay) a bill..
My bill was 11.95 Pounds.. I had 18 dollars and 94 cents.. as you can see in the posted picture, I should have enough..
So why wouldn't it go through?
Well, even though i had enough , *paypal's* currency converter, at THE VERY SAME MOMENT in time, and remember, these are adjusted dynamically, so paypal's rates should NOT differ from the market's rates... Well, they do, by over a half a dollar.. Seems Paypal converted it to 19 dollars and 45 cents..
So now i've had to try a workaround with the vendor I did a transaction with.. because I can't trust Paypal's rate conversion .. and what happens to the difference?.. i know I don't get it.. the vendor doesn't get it.. remember, he's getting paid in pounds.. so who keeps the difference?.. why.. Paypal, of course..
Now imagine 50,000 transactions a day, each with 3 to 5% siphoned off..
That's a WHOLE LOT of money...
Can you understand why I'm pissed?