How to get PP exch rate, FT are undestimating by almost 30%

[VapingBad]

I knew FT were wrong for a long time, but since Brexit they have been massively wrong, they seem to be using $1.54 to the pound, that's about 28% out! Today PayPal is giving $1.1966 to the pound so if FT say it's £1 PayPal will charge £1.29, £10 will be £12.87.  Change your currency back to USD in FT or get an extra 28.7% added when you go to PayPal.  


You can find the current PP rate by logging into PayPal, click the "Details" link next to "Wallet", then "Manage currencies", on the rhs change to "Payment conversion" and USD.











If you put 1 divided by the rate into the memory in your calculator 1/1.1966 = 0.8357 the you just have to multiply the USD price by that to get what PayPal will charge you.

[VapingBad]

Actually on FT just swapping the $ sign for a £ sign and using the USD price would be closer than using their conversion.

[thebishman]

Thanks jon. Thats actually quite shocking!

So would i be too cinical to say that this is a FT con?

[VapingBad]

Dec 22, 2016 10:02:34 GMT thebishman said:

Thanks jon. Thats actually quite shocking!

So would i be too cinical to say that this is a FT con?

They were never accurate if you take PP's cut into account, but it used to be a few tens of pence on a tank not a couple of pounds.  They must realise it hasn't been anywhere near 1.54 since Brexit and IIRC then it was only a peek with people speculating on the result.  They call it an estimate so you can't call them out lying and not technically a con, but it sure ain't what passes for honest in my book.

[snow]

Dec 22, 2016 9:55:42 GMT VapingBad said:

Actually on FT just swapping the $ sign for a £ sign and using the USD price would be closer than using their conversion.

Do you mean just selecting the display price in £ means the checkout paypal price will be in £ or that when pp do the conversion to USD its a better rate than if the FT checkout was still in USD? 

[snow]

Dec 22, 2016 10:10:22 GMT VapingBad said:

Dec 22, 2016 10:02:34 GMT thebishman said:

Thanks jon. Thats actually quite shocking!

So would i be too cinical to say that this is a FT con?

They were never accurate if you take PP's cut into account, but it used to be a few tens of pence on a tank not a couple of pounds.  They must realise it hasn't been anywhere near 1.54 since Brexit and IIRC then it was only a peek with people speculating on the result.  They call it an estimate so you can't call them out lying and not technically a con, but it sure ain't what passes for honest in my book.

I agree theres a £6 difference in the USD conversion price and the £ price on a mod I had in my basket! 

[VapingBad]

Dec 22, 2016 10:17:08 GMT snow said:

Dec 22, 2016 9:55:42 GMT VapingBad said:

Actually on FT just swapping the $ sign for a £ sign and using the USD price would be closer than using their conversion.

Do you mean just selecting the display price in £ means the checkout paypal price will be in £ or that when pp do the conversion to USD its a better rate than if the FT checkout was still in USD? 

The GBP price FT quote is just an estimate, they always use the USD price and their conversion is not shown in your basket. But their estimate is far too low so when you checkout and get to PP it is 28.7% higher than they quoted, the PP rate is the correct one.  PP make about 4 percent on the money market price, but that's still better than the Bureau de Change at the airport.

[Deleted]

If you divide the FT dollor price by 6 and then multiply by 5, you will be within a few pence of PayPal's Sterling price.

[VapingBad]

It's so volatile ATM, in the 3 months I have been checking $10 could be as low as £7.96 or as high as £8.47 and I don't check often so it is probably more than that, today it's £8.36. I just check if I am looking at something priced in USD and started to make a note because I was thinking about spending hundreds of dollars and hopping it would get back over 133 where it was after the vote.

[toots]

My euros is virtually the same as in dollars now - Paypal's conversion is: (1 EUR = 1,01191 USD)

[thebishman]

Forgive my numpty brain... if something is 77 dollars on fasttech...what would that equate to you pound sterling?

[Richard46]

thebishman

I make it £64.35

Have you spotted the 15% off over Christmas/Boxing day?

www.fasttech.com/forums/promotions/t/2337321/christmas-sale-boxing-day-surprise-site-wide-15/1

[thebishman]

Ah brill cheers richard. Yes did spot it. Just teying to suss out my budget :0)

[ceedee]

If you search Google for the price including the dollar sign, eg. $77.52, it'll show you a more accurate conversion rate:

[toots]

Dec 22, 2016 14:43:38 GMT ceedee said:

If you search Google for the price including the dollar sign, eg. $77.52, it'll show you a more accurate conversion rate:

Yeah but Paypal set their own currency exchange rate and as we normally pay FT via Paypal that's the one we need to know more than the general going rate.