Paypal money issue [edited]

Geez

Dan Clermont in Burnaby

>That sucks.

$1.52 can go a long way today. Hope you get 'em.

By the way, We Canadians face this everytime. When you use a credit card to buy a US buck you pay one rate and when you sell it is a different rate.

I think this is quite normal to be honest.

Dan Clermont

Re: Paypal money issue [edited in original]

Moses Yoder in White Pigeon, MI

>Good morning Pam. How are you feeling? It is a rainy day here, and will be for about a week I think, so instead of a large job of putting in a new front door jamb, I am just doing some puttering around the house and shop today, designing a nice bookcase for our upstairs hallway and maybe building a simple bookcase for our bedroom. I think our books are reproducing under the bed; they have spread to stacks all over the house now, and there is no more room under the bed.

[Edited]... But I would bet my life that they had no idea they took that money, so if it was me, I would be happy if they simply refunded the rest of the money. But I think it could be looked at in another way also. You chose to make a monetary transaction in a currency from another country. The currency you used was worth x amount of american dollars on day 1 when you made the first transaction. But on day 2, the currency you used was worth $1.52 less in american dollars. Paypal did not decide to use this currency for the transaction, so why should the risk of the relative value be theirs?

I wonder, if the value had gone up and you had recived $.02 more than you had paid, if you would refund the money to Paypal? In a book called the Bible, in Matthew 7:2, there is a quote from Jesus that I try to live by; "With what measure you use, it will be measured back to you".

Re: Paypal saved you money!

arw01

>If you sign up for a premium account so you can take a bit larger payments, they also take a pretty good fee out of that too.

NOW if you had paid in ANY OTHER MEANS, you would have paid at least double that for an international capable money order from the post office, had to mail it.

SO in reality, PAYPAL SAVED YOU MONEY..

Don't worry Google cash is coming to make ebay more competitive...

Crapshoot . . .

Steve Mackay

>When I buy on the bay and do pay pal Its ALLWAYs money I was going to throw into the street any way. I figure if I got bent-out-o-shape every time a young 'un could'nt make change at Taco Bell I'd be a cranky old man. Ooops . . .

Re: Geez

Pam Niedermayer - Austin, TX

>Dan, $1.52 isn't much, granted, but $1.52 multiplied by the number of transactions per day is enormous. Besides, if I let them get away with this, just think what they'll have the nerve to do next month. Note, I'm not talking about normal currency conversions.

Pam

Re: Paypal money issue [edited in original]

Pam Niedermayer - Austin, TX

>[Edited] If I hadn't reviewed the transaction in detail, as I do for all abnormal situations, I'd never have known. And when I wrote to them, they merely justified their taking, did not offer to refund the whole amount.

In fact, from an accounting standpoint a refund is a different animal, things like currency conversions should not come into play.

Also, if they'd refunded more than I paid, I would have notified them. In fact, I'd bet they do NOT refund more even when the currency conversion rate changes to the buyer's advantage. This is the crux of the issue.

Pam

Re: Crapshoot . . .

Pam Niedermayer - Austin, TX

>So glad to hear you have enough money to throw it in the street. Where do you live?

Pam

Re: Paypal money issue [edited]

mikew

>Hi Pam,

It costs me roughly 4% to receive money for the saws I sell. It costs nothing to send/pay money. That is in their terms of service, viewable in your account and when you signed up with them.

I don't know what the fee for receiving the refund was in your case, but I would suspect it was in that area.

Take care, Mike

Re: Paypal saved you money!

Pam Niedermayer - Austin, TX

>I have no big problems with fees of various sorts, consider them normal costs to sell and buy things long distance. Nor do I get any joy from standing in line at the PO. This is all about what Paypal/eBay are doing that seems underhanded to me, and my assumption is they're doing it to everyone. Hope Google cash gets here soon.

Pam

Re: Paypal money issue [edited]

Pam Niedermayer - Austin, TX

>Nope, Mike, this was not a fee (nor should there have been any such thing in a refund situation). Here's what Paypal said:

When a payment is refunded within 24 hours of initiating the payment, you

will be credited the exact same amount

When it has been over 24 hours, the conversion rate may fluctuate causing a

different amount to be credited

The refund is based on the currency of the original payment. Any loss in

conversion rate fees is due to normal market fluctuation. PayPal is not

able to reimburse for loss due to conversion rate differences

Pam

El Paso, TX, Socialist Republic of Mexico !

Steve Mackay

>

International banking & exchange . . .

Steve Mackay

>Moves pretty fast ! We used to change $ to German marks to go to dinner. By the time the evening was over and we traded them back on the way back to the barracks it might have gone up or down. I guess the Tokyo market was at fault ! The rest of the world keeps on keep'n on even while we sleep ! [edited] Wonderfull World Economy !

Re: Geez

Dan Clermont in Burnaby

>Hi Pam,

It happens all the time on my visa card. If the Canada to US exchange rate is $1.19 when I buy a US dollar if I refund that dollar I only get credited $1.15

Being Canadian I accept this as the norm.

Should also note that when I go to the bank and buy US currency the rate is better then my Visa rate even though that Visa is with the same bank. For example buying that US dollar would cost $1.17 through the bank and about $1.19 using the Visa card

Not saying you don't have a reason to be upset but having to buy in US dollars I have gotten use to this

Cheers

Dan Clermont

Re: Geez

Pam Niedermayer - Austin, TX

>Maybe you shouldn't get used to it. Maybe it's time to protest. Maybe it's time to stop using these things.

Pam

Re: Geez

Brent Smith

>It's just one more way that banks and other finacial institutions make money from us using plastic or the internet instead of good old fashion folding money.

I don't know what you mean, Steve.

Pam Niedermayer - Austin, TX

>

Re: International banking & exchange . . .

Pam Niedermayer - Austin, TX

>Steve, I really do know all about currency exchange rates and other things business and economic. This is not about currency exchange, it's about hidden fees, inappropriate application of exchange rates, proper accounting, and other things theft.

[deleted]

Pam

Re: Paypal money issue [edited]

Mark Nowicki

>On what date was the payment processed and on what date was the refund processed?

Mark Nowicki

5/5/06 and 5/7/06

Pam Niedermayer - Austin, TX

>

Re: Paypal money issue [edited]

Tony Reynolds somewhere near Newark, Ohio

>Sounds fair to me. You surely can't expect Paypal or anyone else to pick up the tab when it's out of their control. I'd just chalk it up to the cost of doing business in a world economy, just like any other fee or cost. My merchant account fee for taking credit cards varies depending on the amount of sales each month. Got to figure it in the cost of business.

Tony

Re: Paypal [edited original text] money

Andrew F in Australia

>Hi Pam,

I saw your original post but didn't respond.

This is something that we deal with regularly as part of currency exchange, where everything is pegged to the US Dollar.

One local term used here is "swings and roundabouts", you might lose this week but win next week. For instance, if you bought a week ago before the US Dollar took a dive and refunded this week when the GBP was worth more in USD, you'd have come out ahead by about 3%.

At the end of the day, it's only the cost of a cup of coffee.

Paypal aren't making any money on this - they're just passing on the currency (minus their fees) at the rate it's worth on the day. At the end of the day, it would come out about square.

The people that make money on this are the currency traders who are paid to try and buy low and sell high.

Have a good day.

Andrew

Re: Geez

Dan Clermont in Burnaby

>Your right Pam. Tends to be why I pay cash whenver possible.

I tend not to buy from stores in the US and EBay. Tend to buy Canadian whenver possible even when it comes right down to American made tools such as LN which I buy through Rob Cosman

Dan Clermont

Re: Geez

Pam Niedermayer - Austin, TX

>Yeah, it's a shame, but looks like I'll be pulling my head back into the shell. So no more ebay in other than dollar currencies, already trusted foreign vendors only, etc.

Pam

OK, enough

Ted Owen, Pittsburgh

>This thread is exhausted and must now end. No further responses or posts are appropriate.

Thanks for your understanding, everyone.

Best, Ted