Arbitrage By PayPal
from the oops dept
It seems that whoever set up the PayPal UK pounds to US dollars currency converter didn’t understand that the UK currency and the euro are two very different things. So, while the real exchange rate is something like ?1 = US$1.57861, PayPal believes it is ?1 =97c. Now, there’s a pretty clear way to profit from such information. Just start converting all your US dollars… Of course, if you’re in the UK, this also means you shouldn’t buy anything in US dollars using PayPal for the time being.
Comments on “Arbitrage By PayPal”
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This was obviously a temporary glitch. I transferred dollars to sterling yesterday and got the typical rate. Tried it again today to see what would happen and got the same normal rate.