Exchange rates are kinda horrible!

HarrySound

HarrySound

Power User
Got my email today about my AXE FX order.
I got a Paypal payment request and was just about to press the "Pay now" when.....HOLD ON A MINUTE.
Yep it turns out if you convert € to £ you get €1 = £0.80p making a total of £2161 ($3074) ok fine.
BUT if you convert £ to € you get £1 = €1.2 making a total of £2245 ($3194)
Thats a £84 -$120 difference.
What is it i'm not seeing here?
The men in suits are taxing our rock n roll man!

Anyway. I bit the Apple and sent the money off so should expect delivery in a week or two.
Colour (color) me excited!
 
It's one of the things I feel is just pure robbery by banks. I understand: having to store printed money in reserve in many currencies would be expensive, and when the need arises, it would be reasonable to compensate for the hassle for having to handle the exhange of different currencies and be able to supply them when needed.

But we're talking 2016 here. It's all just bits and code on a server. And the banks take profit from "handling" the exchange.

I really wish that banks were already overtaken by cryptocurrencies and we could just transfer money directly with very small fees.
 
Also, don't forget PayPal sacking in some extra cash as their "service", for being able to pay in different currencies.

It's like when I pay something in US$, while I'm in €.
They (PP) always lowers the actual exchange rate by about 0,03.
So if €1 would be $1.13, they make it 1.10 instead and getting the 0.03 per $ as their revenue.
 
HarrySound said:
Got my email today about my AXE FX order.
I got a Paypal payment request and was just about to press the "Pay now" when.....HOLD ON A MINUTE.
Yep it turns out if you convert € to £ you get €1 = £0.80p making a total of £2161 ($3074) ok fine.
BUT if you convert £ to € you get £1 = €1.2 making a total of £2245 ($3194)
Thats a £84 -$120 difference.
What is it i'm not seeing here?
The men in suits are taxing our rock n roll man!

Anyway. I bit the Apple and sent the money off so should expect delivery in a week or two.
Colour (color) me excited!
Click to expand...
That is the consequence of American economic policy specifically Federal Reserve policy. You cant print money like there is no tomorrow bail out all the rich with connections with out the bill coming due, and quess who gets to pay the bill. The government keeps claiming there is no real inflation all the while claiming we need at least 2% inflation every year. They do this ignoring all the inflation evident in everything you need to buy like food, rent, utilities and yes the cost of an AxeFx II XL+.
 
This man knows the truth!

hochha said:
That is the consequence of American economic policy specifically Federal Reserve policy. You cant print money like there is no tomorrow bail out all the rich with connections with out the bill coming due, and quess who gets to pay the bill. The government keeps claiming there is no real inflation all the while claiming we need at least 2% inflation every year. They do this ignoring all the inflation evident in everything you need to buy like food, rent, utilities and yes the cost of an AxeFx II XL+.
Click to expand...
 
It's gut wrenching but that's life. The £ to € to $ conversions are bad enough, before you even get to tax and duty. But it's even worse in other territories. Australia for example, they have it even worse. That's somewhat comforting to me, along with coming to terms with the whole thing when buying a doughnut in San Francisco and realising it was one third of the price it costs in the UK. Same brand, same ingredients. Just shrug your shoulders and move on...
 
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