Last update: September 11, 2018
This page shall serve as advance information for PayPal Users with regards to important upcoming changes of PayPal Services, the PayPal User Agreement, and other policies (collectively, the “Legal Agreements”).
Please read this document carefully. PayPal will change the Legal Agreements with effect to December 11, 2018.
You do not need to do anything to accept the changes as they will automatically come into effect on December 11, 2018.
Should you decide you do not wish to accept the changes, you can notify us prior to December 11, 2018 to close your account (https://www.paypal.com/ch/cgi-bin/?&cmd=_close-account) immediately without incurring any additional charges.
All changes and updates to the Legal Agreements are on this page highlighted in italic. This highlighting shall ensure better traceability of the changes and updates applied.
Amendments made for linguistic adjustment, to correct or remove orthographical and grammatical mistakes, or changes to the formatting are not highlighted. This does also apply where we have corrected or standardized numbering and references.
Updates to the PayPal User Agreement
We have made the following amendments to our PayPal User Agreement:
5.2. Currency Conversion
We have amended the wording in clause 5.2. and are now – hopefully more clearly than before – referring to a "transaction exchange rate":
5.2. Currency Conversion
Where a currency conversion is required, it will be completed at the transaction exchange rate we set for the relevant currency exchange.
The transaction exchange rate is adjusted regularly and includes a Currency Conversion Fee applied and retained by us on a base exchange rate to form the rate applicable to your conversion. The based base exchange rate is set on the basis of rates within the wholesale currency markets, or if required by law or regulation, at the relevant government reference rate(s), in each case on the conversion date or the prior business day.
The transaction exchange rate applied to your conversion may be applied immediately and without notice to you. .
The “Currency Converter” tool can be accessed through your PayPal Account and used to see what transaction exchange rates apply for certain currency exchanges at the time you use the tool.
Where a currency conversion is offered by PayPal to you when you make your transaction (e.g. at the point of sale), you will be shown the transaction exchange rate that will be applied to the transaction before you proceed with your Authorization of the payment transaction. By proceeding with your Authorization of the payment transaction you are agreeing to the currency conversion on the basis of the transaction exchange shown.
Where your payment is funded by Bank or Credit Card and involves a currency conversion by PayPal, by entering into this Agreement you consent to and authorize PayPal to convert the currency in place of your Bank or Credit card issuer.
Depending on the type of Funding Source used for your payment you may opt out of a currency conversion by PayPal before you complete your payment during checkout, in which case PayPal has no liability to you for your use of other currency conversion options.
Where a currency conversion is offered at the point of sale by the Merchant, not by PayPal, and you choose to Authorize the payment transaction on the basis of the Merchant's exchange rate and charges, PayPal has no liability to you for such currency conversion by a Merchant.
Where your payment is funded by credit card and involves a currency conversion, by entering into this User Agreement you consent to and Authorize PayPal to convert the currency in place of your credit card issuer.
Where transactions are funded with direct debit, we will, unless we have a special agreement with you, always debit your bank account in euros (EUR) and, if required for the transaction, offer a currency conversion.
If you receive a payment in a currency other than the primary currency of your PayPal Account from anyone who doesn’t have a PayPal Account, the payment amount will be converted into the primary currency of your PayPal Account by PayPal for you at the time the payment is made, in accordance with this clause 5.2. (except where otherwise agreed by PayPal) and you agree to bear the Currency Conversion Fee of the Fees Policy (which is included in the transaction exchange rate you pay), before any other transaction fees apply.