PayPal Currency Converter
When you withdraw money from Paypal in a foreign currency, they will levy a 2.5% conversion fee on the prevailing foreign exchange rate.
That’s fine but try calculating the exchange rate using the PayPal currency converter and the result may surprise you.
For me it says that 1 USD = 0 INR inclusive of the Paypal exchange rate fee. Fortunately, this bug doesn’t come into effect when PayPal performs the actual currency conversion but you may still want to confirm that.
Related: Online Currency Converters
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But even when the bug is not there, I noticed that the paypal currency converter were using INR 38 something when it had gone up to INR 40+ per dollar. I plan to write a mail to paypal on this.
So how are you supposed to know how much you’re getting? I belong to a few UK sites and I would love to know how much paypal will take away when that money gets converted to dollars.
Their conversion is even otherwise ridiculous. Instead of having their own conversion methodology, Paypal could use the standard conversion rate & charge a transparent administrative fee. They could also hugely improve their telephone & email support.
Paypal’s payment system is programmable & could greatly help Indian websites implementing online transactions. Unfortunately their service is yet to adapt well to India.