Undo a pay pal transaction?

[The-Collector]

Hey guys

 

I just put through a PayPal transaction for some stuff in Australia and it came out of my reserve of USD so I was given a shocking exchange rate.

 

Is there a way to undo this transaction and have it come out of my Australian bank account? I figure I am too late but it is annoying as I will have to put the usd back later this month to pay for a largeish cgc submission and with the appalling exchange rate I will lose over $100.

[brendanb438]

I believe the person you sent the payment to is the only one who can "undo" it via issuing a full refund through the transaction itself. Not sure if PayPal will do a full reversal though or still take some because of an exchange involved. Let me find out real fast for you.

[The-Collector]

Cheers.

[VintageComics]

You will lose on the exchange in both directions.

 

 

[Shaven Kev-migration]

Harsh

[brendanb438]

Nevermind that idea. Confirmed with PayPal rep they refund everything but exchange rate fees by doing that.

 

Doesn't look like there is anyway to undo this once they take the 2.5% exchange rate fee BS.

[The-Collector]

It works out to much more than 2.5% as the exchange is at about 5% less than market exchange.

 

So the same amount of USD dollars would be returned but they would keep the exchange fee? Because that would still be better than currently.

[brendanb438]

It works out to much more than 2.5% as the exchange is at about 5% less than market exchange.

 

So the same amount of USD dollars would be returned but they would keep the exchange fee? Because that would still be better than currently.

 

They tack on 2.5% on top of the exchange rate. Sounds like they are not using a legit up to date exchange rate then. From what I was told they will hit the refund on the way back also for the same amount. The rep wasn't exactly clear on what they keep though. Made it sound like it is the 2.5% each way.

 

Now if the reverse back to you is also realistically off by 5% roughly than PP is pretty much thieves in this situation.

[The-Collector]

Oh well lesson learned. Thanks for the help guys. That 100 would have helped with Christmas.

[The-Collector]

Hopefully my clink payments come through before my bills and that way I won't have to replenish.

 

Ahh the vicissitudes of commerce.

[VintageComics]

It works out to much more than 2.5% as the exchange is at about 5% less than market exchange.

 

So the same amount of USD dollars would be returned but they would keep the exchange fee? Because that would still be better than currently.

 

They tack on 2.5% on top of the exchange rate. Sounds like they are not using a legit up to date exchange rate then. From what I was told they will hit the refund on the way back also for the same amount. The rep wasn't exactly clear on what they keep though. Made it sound like it is the 2.5% each way.

 

Now if the reverse back to you is also realistically off by 5% roughly than PP is pretty much thieves in this situation.

Paypal has always had an exchange rate that favours them greatly.

 

They are terrific at taking your money.

 

I still say their eBay Seller's Performance ratings are a form of extortion.

 

 

[The-Collector]

Yeah the current exchange rate is about .96 USD to 1 AUD they are giving about .909:1when you exchange from USD to AUD.

[The-Collector]

It is a fantastically easy way to transact though.

[Arkham]

Yeah the current exchange rate is about .96 USD to 1 AUD they are giving about .909:1when you exchange from USD to AUD.

 

It certainly caught me out once.. when I budgeted for a spend of X based on the actual exchange rate and then, when I paid the bill, essentially it was almost 1:1 ...

 

Now I just stick the USD amount in my budget spreadsheet. As I like the security and convenience of PayPal... I just cop it on the chin.

 

But what happened to you at the get go was a disaster.

[AJD]

Yeah the current exchange rate is about .96 USD to 1 AUD they are giving about .909:1when you exchange from USD to AUD.

 

The current 'market rate' is different from the rate you will be given when you try to transact - in either direction, and with anyone. Typically you'll get hit about 4% either way. See the Commonwealth Bank rates as an example.

 

Bank buys: 1.0964

 

Bank sells: 1.0095

 

Difference = 8.7%

 

I'm afraid it's the cost of doing international transactions. But it's much cheaper and convenient than the old days of international cheques or money orders!