Reports are coming in from British users of Paypal who are pointing to its astonishing exchange rate today - ¢£1 for 97¢.

One reader informed us that he converted US $150 in his account today - he got £145. "I then withdrew it to my uk bank account with no hassles!"

But then as another reader points out: Paypal is "charging £1 for 97c so for gods sake don't buy anything in USD at the moment."

So don't get caught out.

It must have been so much simpler for PayPal when it acted as if the world outside America did not exist, and those from elsewhere who insisted on signing up, had to pay in US currency, and were subject to worse Ts&Cs.

Here is the way it used to be. In October 2002, PayPal introduced euro and sterling accounts. ®