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Yet another way ebay/paypal will scam you!


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Old 03-05-2011, 10:08:37 PM
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Angry Yet another way ebay/paypal will scam you!

The Canadian dollar closed in trading on Friday at $1.029 US, the highest is has been in a while.

So this is what I get when I try to withdraw money from my ebay selling efforts:

The following information shows the U.S. Dollar to Canadian Dollar currency conversion. We use the most current exchange rate data.

Verify the information below is correct. Learn More
From This Balance U.S. Dollar Balance
Amount $300.00 USD
Exchange Rate 1 U.S. Dollar = 0.947510 Canadian Dollars
Gross Amount $284.25 CAD


So that's another 8% they will hit me with. Don't you just love monopolies!
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Old 03-05-2011, 10:46:06 PM
Rich Wood Rich Wood is offline
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Default Re: Yet another way ebay/paypal will scam you!

seems more like 2.5% by my calculations. Not too bad since I was north of the border last week & got whacked 5% going back & forth between US & canadian funds. 400 US = 380 CAN. When I cashed in my winnings 850 CAN = 850 US.
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Old 03-06-2011, 12:53:12 AM
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Default Re: Yet another way ebay/paypal will scam you!

Ha, looks like were both not too good at math: 5.25%.

Still pisses me off that they would use a rate that is 8 cents lower. Credit card companies do this all the time as well.
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Old 03-06-2011, 01:10:55 AM
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Default Re: Yet another way ebay/paypal will scam you!

All countries do when rate changes in certain times a day.
Nothing wrong with that.
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Old 03-06-2011, 09:00:20 AM
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Default Re: Yet another way ebay/paypal will scam you!

There is something wrong when I can go to the bank tomorrow and get $308.70 Canadian when I convert my $300 in US, but the bank of ebay/paypal will only give me $284.75 In Canuck bucks!

The Canadian dollar has been above par for a few months now in conjuction with the high gasoline prices (tar sands are a good thing for consumers like me!). So I wouldn't keep going back to a "bank" that gives me a crappy return or exchange rate.

About all I can do is keep that cash there and use it to buy more stuff on ebay.
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Old 03-06-2011, 09:28:41 AM
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Default Re: Yet another way ebay/paypal will scam you!

Quote:
About all I can do is keep that cash there and use it to buy more stuff on ebay.
I was going to suggest this, until I got to your last post. I dont like the way ebay forces the use of paypal, but thats another story. That is the cost of selling on the internet. It is NOT A SCAM. It is another cost. In addition to ebay, I imagine you could also use the money toward purchases from other sites like Amazon.

I am surprised actually, I though the one place where paypal really was useful was international trade. You seem to be doing a lot of business in usa. Without paypal you have international money orders and currency fluctuation still happen. On balance you might come out ahead, without paypal many American would not bother buying from Canada. I had to drive 1/2 day to get AU$, so I could mail cash to a guy in Australia. So; as a buyer I would have made out great with paypal in that case. if I ever sold to an australian, I would prefer take the % hit and avoid the hassle and get it done. Costs balance out if you both buy and sell. The seller takes the hit. I hate paypal sucking the blood out of every ebay transaction within usa, but I am seeing a value for cross border deals. You know, ebay takes a pretty big %% these days too. Paypal even takes a bite out of shipping charges, ebay wont even do that.

I tried to sell an IHC hand crank on Harrys. Not a single offer. I listed that on ebay and got 3x my asking price. Hard to bitch about 15% lost when that leaves me keeping 285% more than I wanted.

Last edited by Peter; 03-06-2011 at 09:35:04 AM.
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Old 03-06-2011, 03:14:18 PM
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Default Re: Yet another way ebay/paypal will scam you!

I received the Canadian money order deposit at my local bank. The dollar amount was different less than what I thought when the dollars changed. Same way as paypal.
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Old 03-06-2011, 05:15:39 PM
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Default Re: Yet another way ebay/paypal will scam you!

Quote:
Originally Posted by Peter View Post
... I dont like the way ebay forces the use of paypal, but thats another story. That is the cost of selling on the internet. It is NOT A SCAN. It is another cost. In addition to ebay,...
.... You seem to be doing a lot of business in usa. Without paypal you have international money orders and currency fluctuation still happen. On balance you might come out ahead, without paypal many American would not bother buying from Canada. I had to drive 1/2 day to get AU$, so I could mail cash to a guy in Australia. So; as a buyer I would have made out great with paypal in that case. if I ever sold to an australian, I would preferr take the % hit and avoid the hassle and get it done. Costs balance out if you both buy and sell. The seller takes the hit. I hate paypal sucking the blood out of every ebay transaction within usa, but I am seeing a value for cross boarder deals. You know, ebay takes a pretty big %% these days too. Paypal even takes a bite out of shipping charges, ebay wont even do that.

I tried to sell an IHC hand crank on Harrys. Not a single offer. I listed that on ebay and got 3x my asking price. Hard to bitch about 15% lost when that leaves me keeping 285% more than I wanted.
I'm curious as to why you mailed CASH for an International transaction when they warn about even mailing cash accross town. Even if you sent it certified mail they could claim you sent an empty envelope and you'd be out the money and what you bought as eBay would likely back them.

PayPal nails the seller big time on fee's & commisions, but it also offers security for both the Buyer and the Seller even though the seller is the only one paying the fees for using it.

If you wanted to avoid PayPal or the seller refused to acept it because of the fees, you should have sent an International Money Order.... NOT CASH

Have to agree with the rest of that though. There's always a price for convenience.... it would be nice if it was evenly split though or at a lower % for sellers. But at the same time, PayPal is so convenient for buyers, not costing them anything, and allowing them to make monthly payments on higher priced items with a PayPal line of credit, that it does generate more sales at higher dollar amounts for sellers.
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Old 03-06-2011, 11:45:44 PM
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Default Re: Yet another way ebay/paypal will scam you!

Peter I can see your point, it does open up more commerce around the world by connecting buyers and sellers and provides quick access to funds. One thing I would like to see is more competition for ebay since it really is a monopoly. They are making the rules that everyone has to play by.

I reside in a country where monopolies, collusion and overtaxing is comon place. They are just banking on people's apathy. So a few percentage points won't break the bank, it's just the principle of the thing.
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