Another reason to hate ebay and/or paypal – international buyers getting ripped off on exchange rate

[hairyangryfella]

And I’m not just talking about their currency conversion rates, which are much worse than those of the bank...

I have just realised that every transaction I have made which involves either paying tax (shipped to COMC) or using the Global Shipping system, has been charged to me in NZD at their own exchange rate, DESPITE me changing the exchange rate option to be USD and exchange rate to be ‘determined by bank’ every single time.

This means that paypal have been taking advantage and charging me more than I should have been paying, on every single purchase except those from Asia where they have correctly come over in USD.

Just one more reason it’s so damn hard to be an international collector… and I’m pissed about it. It’s not like it’s cheap getting your cards this way as it is…

 

[Matt26]

And I’m not just talking about their currency conversion rates, which are much worse than those of the bank...

I have just realised that every transaction I have made which involves either paying tax (shipped to COMC) or using the Global Shipping system, has been charged to me in NZD at their own exchange rate, DESPITE me changing the exchange rate option to be USD and exchange rate to be ‘determined by bank’ every single time.

This means that paypal have been taking advantage and charging me more than I should have been paying, on every single purchase except those from Asia where they have correctly come over in USD.

Just one more reason it’s so damn hard to be an international collector… and I’m pissed about it. It’s not like it’s cheap getting your cards this way as it is…

The exchange rate and the State Tax Charges in the US have certainly dried up my buying of late.

I'm starting to get more interested again in the local sports releases mainly NRL than the NBA.

 

[hairyangryfella]

Paypal are a joke.
After messages back and forth around the issue they said I had to call them. So I just did.
Despite having a secure code like they said I needed, that wasn't used and I had to go through everything.
The lady I spoke to took a while to understand, said there was no proof that I had chosen the option to be charged in USD by my bank because it hadn't come through that way at their end, and in the end her solution was to contact each seller and ask for a refund, to then pay them direct through PayPal. After explaining that not one single seller would be open to this I asked to speak to a manager.
He suggested the same thing. Again, I explained nobody would do that, and also the only way I could prove anything is if I recorded me making the payment...
He then went away and lo and behold, found that there seems to be an active case/investigation for this issue.

So, if you are an international buyer and have been getting charged in local currency (ie been ripped off by PayPal's exchange rate), despite changing the conversion method in the payment, add your account to the case CSTS13412.
Fun 38 minutes on a Saturday...

 

[West Oz Cards]

Similar happens with every goods transaction that requires an exchange of currency. Paypal adds another small % onto the exchange rate as an additional fee. It's absolute thievery!
I pay thousands US dollars to multiple places like DACW and Blowout for cases etc. I save about 0.3% by exchanging AUD to USD in my paypal account, then sending the USD to them.

It may seem a trivial and insignificant amount but over a year, 2 years that is a decent amount of money to just donate to paypal.

Such a hideous company. Unfortunately we are stuck with them until mass uptake of another platform.

 

[Card Bandit]

Similar happens with every goods transaction that requires an exchange of currency. Paypal adds another small % onto the exchange rate as an additional fee. It's absolute thievery!
I pay thousands US dollars to multiple places like DACW and Blowout for cases etc. I save about 0.3% by exchanging AUD to USD in my paypal account, then sending the USD to them.

It may seem a trivial and insignificant amount but over a year, 2 years that is a decent amount of money to just donate to paypal.

Such a hideous company. Unfortunately we are stuck with them until mass uptake of another platform.

Hello my friend,

I've been reading this thread and agree that ebay, paypal and the banks combined exchange rates and fees are hurting our pockets.
Having the ability to access international markets allows traders to do more than just trade, there's a lot we need to coordinate if we're to get the most out of this hobby.

I started collecting (After 90s frenzy) from the 2011-12 season until 2013-14. I wasn't aware at the time how lucky I was as the exchange rate was around 1/1 AUSD/USD, this period was easily the most exciting time for a collector like myself.
There was no need to worry about fees and I was purchasing from many countries.
I'd buy boxes and singles, i'd enter live group breaks and open boxes live' postage was pretty much the only cost!

My collection grew then I started trading, that was until I made a few bad trades and did the shits 'lol.
I had another break and midway through last year decided to sell and trade a few from my collection...
What do you think the first thing I noticed was, and how do you think I feel about it?

My question to traders and collectors who use these platforms is:

Do you want legit solutions to bypassing excessive rates and fees??
I believe there may be some apps and certain new technology that can help save you a fair chunk of change, apps might also be used for creating payment systems you control, small fees and rates may apply, remember' you might also be supporting / funding alternative banking solutions meaning you have the ability to control more!!

Sites like ebay might be tricky as payment system is inbuilt, so try convincing ebay sellers to sell through external avenue, and through alternate payment system. There's always an alternative!!

I'd like to help give back to the hobby,
here is an example of an app that could be adopted: https://www.revolut.com/en-AU/
The main catch is I can only send and receive funds to others who use the app.
You could round up a decent number of traders, create a community thread that promotes the app, then trial it between a small group.
This might take some time to achieve, it's definitely not impossible!!


Thanks for your time'
Bandit

 

[West Oz Cards]

Looks interesting Bandit. I'm guessing you have been using them?

Wondering;
- What options are there to put money into your account?

- what is their fraud prevention and problem resolution system like? (for people that don't ship your items)

- is there any penalty from changing between plans. (in the event you had a large sum >$350 out one month, but then want to drop back to the free plan the next month)

- What's their international transaction times like?

 

[pete23nba]

Similar happens with every goods transaction that requires an exchange of currency. Paypal adds another small % onto the exchange rate as an additional fee. It's absolute thievery!
I pay thousands US dollars to multiple places like DACW and Blowout for cases etc. I save about 0.3% by exchanging AUD to USD in my paypal account, then sending the USD to them.

It may seem a trivial and insignificant amount but over a year, 2 years that is a decent amount of money to just donate to paypal.

Such a hideous company. Unfortunately we are stuck with them until mass uptake of another platform.

My tip, and I've been buying for years, is a no international transaction fee credit card. I've saved thousands, as I've been buying with one for over 10 years.

 

[Card Bandit]

Hi mate,

I signed up to Revolut and received an email months after being on waiting list. The Revolut app was only released a few months ago in Australia, its still in beta mode' which means it has more features to add, like cryptocurrency (BTC/ETH/LTC) storage and exchange.
The app seems to have a simple, easy to use setup, many handy features and could benefit those who travel, but mostly it should benefit those like you and I who want a direct / instant low fee payment solution. We can connect with anyone who uses the app, it has an option to scan contacts to see if any use Revolut. If we create rules and guidelines for traders to agree to we could make it work, there is a risk of shady business but if this is only reason not to try' I'm in!
There are also other apps like Cash App' which do instant transactions, I'm sure transactions are free.
In the end it comes down to rules and regulations and how to cover buyers and sellers insurance wise' adoption is the easy part,
will just take time. Let me know if you or anyone else is interested and would like to help assess this issue, could be a working progress with the right people behind the task!

Cheers,
Bandit