Has anyone noticed when using PayPal for foreign transactions that they take some extra money off the top with the exchange rates? I have noticed this a few times and I always assumed they just used the most favorable rate for them over the past 24 hours, but they are always off in their favor.
Card purchased on November 26, 2022. PayPal claims exchange rate of 0.92, actual exchange rate is 0.96
I believe they also charge a fee for the exchange which they incorporate into their exchange rate.
Ah that would make sense, thanks
Yes, Paypal exchange rate is around 5% less then the the real one. Because that reason if the money is on your card, is it better use your bank exchange rate ( that still less ten the real one but around 2-2.5% in my case)
What I do is make a USD-currency account, then I think you should not be charged for the conversion rate, and you could use USD when buying from people in the US.
Next time you fly at an international airport you should check the exchange rate at a currency exchange kiosk. Last time I flew through Chicago and saw the yen to usd rate of about 25% less than actual rates. Then they charge extra fees on top.
I think the exchange rate on google is always off a little. Every single time I make a purchase, the exchange rate shows up different on my statement, compared to what it says on google or other platforms. Its never any huge discrepancy, but it is almost always higher lmao 
You can’t really get the actual exchange rate. There is almost always going to be foreign transaction fees and they usually come in the form of a lower exchange rate and sometimes an extra fee tacked on to the transaction.
Yea thats kinda what im thinking too. Plus, the rate is pretty much constantly fluctuating, so itll nevet be exact. Such is the struggle of living outside the two markets I participate in most 
Different institutions charge different exchange rates. Paypal’s is not good. Your bank will have a better rate, but for an even better rate you’re going to want to exchange with a private company that focuses on such things. When I lived in Canada I would send all my money to an exchange to get the best rates but they will have a minimum.
Basically, it’s not in your best interest to exchange currencies on the fly using Paypal etc. It’s better to get a good rate somewhere else and then keep a different currency wallet.
Yeah, there is not a company out there that will give you the exact rate that the market is trading at. The best rate I’ve been able to find has been through using wise, and/or my chase preferred credit card (they’re about equal).
Be careful if you choose to use wise as it is very finicky about the details you put into the account. Money can get lost in purgatory for a long time if something is wrong. Also, you need a bank account that uses that currency, so if you’re not able to open an American account, probably SOL…
With wise, I’m usually within about 1-2 yen of the actual rate google claims, and the fees are quite minimal when compared to PayPal. Hope this is of any use.
If you have an international card with no exchange fees (most are nowadays) you can choose to use the card’s rate vs PayPal’s and you will get much much closer to spot rate.
