I just made a purchase in US Dollars using Paypal and my Canadian credit card. The US exchange rate was a full 2% over the mid-market rate!!!! Stated differently, Paypal and Visa made 1.5% over the rate I would pay my currency exchange service that charges 0.5% for the same service - in addition to the merchant fees and my annual fees! This is outrageous! If I invested that money in a A rated bond for 1 year I would get the return these agencies made in 10 seconds! :( The public is being robbed blind by these companies on a greater and greater percentage of purchases and we`re all numb to the problem because it has crept up on us. We used to use credit cards to make occasional purchases, but increasingly credit cards have become the every day method for buying everything. We need a better solution!
Posted on: Sat, 03 Jan 2015 22:25:42 +0000
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