Paypal's GBP exchange rates

USD to GBP

  -------------------------

  Mid market rate: 0.754062  
  Paypal's rate: 0.719026  
  = ~5% in Paypal's favour

GBP to USD

  -------------------------

  Mid market rate: 1.32597
  Paypal's rate: 1.2854
  = 3% in Paypal's favour

Not seen exchange rates for GBP this bad from Paypal for years. Just a warning to everyone, if you hold USD balance you might want to wait before exchanging. 5% fee from Paypal on USD to GBP is an absolute rip off, and they are making a killing.