Join Date: Mar 2007
Location: Fort Sask , Alberta, Canada
PayPal Exchange Rate & Canadians
one of my pet peeves with PayPal has always been the fees they award themselves to convert my CDN funds to US. Recently wanted to purchase a couple ties I can only seem to get on eBay. Did a bit of searching around to see if there was a better way than PayPal. What I found was a post on another forum I use occasionally that advised as follows. Just passing the info along to other Canadians who may be in the same boat as me.
Just want to post this for people to save some money.
When purchasing something with foreign currency, Paypal's default payment option is to use Paypal's own currency conversion then bill your CC's source currency.
This can go against you if you have a credit card that does not have 2.5% fee (i.e. Chase Sears, Amazon, Marriott CCs).
To change your currency default option, do the following:
My Account -> Profile -> My Money -> My preapproved payments -> Update -> See Available Funding Sources (or Set Available Funding Sources) -> Conversion Options (for card you'd like to change this option)-> Bill me in the currency listed on the seller's invoice -> Submit
Hope, it helps. I found that I had to jump through a few hoops ion the PayPal site to do this. Included having to change to the Classic site view.
My Kaw Barn - 2004 KLR, 2006 Concours (sold), 1997 Bayou 400.
"It's a friggen motorcycle, it's not supposed to be comfortable, quiet or safe. The wind noise is supposed to hurt your ears, the seat should be hard and riding it should make you shit your pants every now and then. "
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