Does anyone know a way to get the currency exchange rates for paypal?
We have custom shopping cart and use Paypal (Website Payments Standard) to handle payments. Our 'home' currency is Euro, but we would like to present our customers the option to pay in different currencies (USD, CAD, AUD and GBP).
PayPal offers the option to:
a) automatically convert our Euro quoted prices to, for example, USD upon checkout
b) checkout in USD directly
With option a):
With option b)
So my question is:
Does anybody know a way to get the PayPal exchange rates?
or
Does anybody know how to make a good estimate?
Update:
PayPal updates it's exchange rate 2 times a day. (at least, that is what they state). They use the Interbank Exchange Rate provided by ??? and add a 2.5% spread above this rate to determine their retail foreign exchange rates. Unforunately, there the Interbank Exchange Rates vary from source to source and from minute to minute.
We have been monitoring the PayPal exchange rates and cross referenced them with the Official reference rates provides by the European Central Bank. the results vary widely, somewhere from 1 to 6 ! percent...
PayPal's International Currency Conversion Fee PayPal's currency conversion fee to US or Canadian dollars is 3.5%, but is 4% for other currencies. PayPal also charges a 4.5% fee for conversion service, so it's important to factor this cost in as well to any currency conversion you do.
When you make a transaction with a foreign merchant or send money to someone in another currency via PayPal, PayPal operates as a currency exchange service, thus charging you this conversion fee on top of your purchase amount – unless you opt to let your credit card company handle the conversion.
A new study has found that PayPal checkout converts at 88.7 percent – 82 percent higher than a checkout without PayPal, including other digital wallets and cards.
https://www.paypal.com/us/cgi-bin/webscr?cmd=_convert-currency-withdrawal is a (needs login) page on Paypal where you can perform currency conversions at Paypal's rates.
I just found this: https://www.x.com/thread/38451 (This link is now broken)
so it look like there is something you could use
https://www.x.com/docs/DOC-1400 (This link is now broken)
https://www.x.com/docs/DOC-1401 (This link is now broken)
I also found this
http://apipay.net/easyapi/index.php?sid=paypal&id=nvp_adpay&ac=convertcurrency (This link is now appears to be broken also)
and there is someone that already posted a question about that
PHP example for PayPal Adaptive Payments ConvertCurrency API
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