Using Amex with Paypal

Active_Lad

I have previously used my Amex Card when paying for PayPal items as the conversion credit is always greater than the commissions, so I end up paying less. However, I've discovered today that AmEx NO LONGER apply conversion credits, so you will LOSE OUT if you pay using AmEx. Their reply to my query about a missing credit conformed this and also confirmed:

Thank you for your reply

Yes I can confirm the Pay Pal transactions will continue at the punitive conversion rates

I hope this has resolved your enquiry.

Thank you for your continued loyalty to American Express.

Kind Regards,
Ash Mohammed
E-Servicing, American Express

So even they agree the rates are punative! :eek:

lisyloo

So even they agree the rates are punative!

There are two sets of fees.
One from paypal for converting £ to $s.
One from Amex for converting $ to £s.

Amex are not responsible for the former charge.
If you want to blame anyone blame paypal for not being able to charge a sterling Amex card in sterling.
I don't have any connection to Amex, but I think it's paypal at fault here for charging you in the wrong currency in the first place.
My comments apply to purchasing a sterling item.

If you are purchasing a $ item then I don't think the rates are much different to many other banks (I think it's 2.73%).

Active_Lad

The response was to a comment that the conversion was punative, not just PayPal's element.

But I agree, it's PayPal's issue.

lisyloo

The response was to a comment that the conversion was punative

It sounds a strange thing to say about their own rates.
There rates are not higher than other banks (which are mostly about 2.75%).
I have found card rates quite good in comparison to changing cash.

I don't really agree with the comment even if one of their staff said it about themselves.

Businesses cannot change money for free and it's OK compared to the rest of the market.

The thing that is wrong is this silly 2 way conversion.

NickX

lisyloo wrote: »

Businesses cannot change money for free and it's OK compared to the rest of the market.

Nationwide change money for free:j

lisyloo

Nationwide change money for free

Yes you are right but in some countries it's a nightmare trying to use their card (like poland for example).
I'm not talking about jsut one ATM, we tried about 10.
I don't know if this is due to the fact that they pay no commission.

I have still be using my AMEX card because despite the 2.73% charge, I'm still in the 5% cashback period so it's still worthwhile.

I don't think their 2.73% charge is out of line with the rest of the market in general.
Nationwide are an exception and not the rule.

amizaki

I used Lloyds TSB Amex Card at paypal couple of times. Everytime intially Lloyds charged me 1/2 GBP extra. but later they refund me extra charged fee. Even sometimes they refund me more e.g.
Instead of £58, they initially charged me £60.96. but next day they refund me £3.66. In this case, my net payment was £57.3 (£0.70 profit lol).

As they convert £-$-£, i think all depends on conversion rates. & by this process, sometimes we loose or gain extra £.

NickX

lisyloo wrote: »

I'm not talking about jsut one ATM, we tried about 10.
I don't know if this is due to the fact that they pay no commission.

I really wouldn't think that problems using the card in foreign ATMs has anything to do with them not charging commission.

thefirs

lisyloo wrote: »

Yes you are right but in some countries it's a nightmare trying to use their card (like poland for example).

That's interesting. I regularly work in France and habitually pay for most things there on my NWBS cc. The time taken to get the "Put in PIN" message on this card seems to have been getting longer and longer. I thought this might just be normal for any foreign card, but was surprised when using my AMEX card there (in the 5% cashback period) that the PIN request was instant.

No probs using the flexaccount card in cash machines though.

efunc

Active_Lad wrote: »

I have previously used my Amex Card when paying for PayPal items as the conversion credit is always greater than the commissions, so I end up paying less. However, I've discovered today that AmEx NO LONGER apply conversion credits, so you will LOSE OUT if you pay using AmEx. Their reply to my query about a missing credit conformed this and also confirmed:

Thank you for your reply

Yes I can confirm the Pay Pal transactions will continue at the punitive conversion rates

I hope this has resolved your enquiry.

Thank you for your continued loyalty to American Express.

Kind Regards,
Ash Mohammed
E-Servicing, American Express

So even they agree the rates are punative! :eek:

This is perplexing. Can anyone else confirm that AmEx are no longer refunding this conversion fee? The PayPal statement as of today insists that they do. Are they providing false information??