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Rescinding on purchase

I just rented to a Canadian - nice lady but inexperienced with Paypal. She finally paid me in Canadian dollars and came up $57 short, but after several days of trying to help her make the payment, I just let it go...
 
Damn Canada... should have took them over while we had a chance... eh? ;)
 
I am just curious why people are losing money on the exchange of funds as the Canadian dollar has been worth more than the US dollar for well over a year.
 
I don't understand it either Rancher....dollar was over par on purchase and refund days.
 
Catgal78 said:
I don't understand it either Rancher....dollar was over par on purchase and refund days.
Click to expand...

Call your bank and inquire. You should just tell them that you dispute the initial charge...since obviously the vendor refunded the money. Why should you be liable for changing rates?
 
I recently rented to a Canadian as well. The PayPal fee is higher for Canadian money. It costs the seller an additional 1% I believe. The rates are on the PayPal site. I just eat the difference, as am happy to have the rental in this tough market.
-Kathleen
 
Catgal78 said:
I don't understand it either Rancher....dollar was over par on purchase and refund days.
Click to expand...

The credit card companies set their own rates, which don't match the actual exchange rates. Banks here do the same thing, but most of the chartered banks adjust twice a day.

They all effectively introduce a ~2% spread on purchases vs. returns, which accounts for the $500 you lost in the transaction even when the exchange rate seemed to be flat.
 
The companies that exchange money usually give you a different rate when you buy currency than when you sell it. There's a spread, as mentioned above. Credit cards sometimes keep the exchange rate the same both ways. but then add a foreign transaction fee that is a percentage of the amount. Different credit cards have different fee structures.

It is usually never a good deal to exchange to another currency and then back to the original. I try to spend all my cash when overseas unless I know I'll be back soon. I don't like to convert back to my home currency (US $) or to go through multiple exchanges.
 
DeniseM said:
I just rented to a Canadian - nice lady but inexperienced with Paypal. She finally paid me in Canadian dollars and came up $57 short, but after several days of trying to help her make the payment, I just let it go...
Click to expand...

Not sure if this is part of it but Paypal charges 2.9% instead of 1.9% for international payments.
 
If the difference of $57 was due to a 1% difference in the PayPal processing fee that's a pretty good rental price. Salty
 
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