Note that these are the terms for United Kingdom, while tmiw cited USA terms.
Yep. Currently,
the spread is 3.75% for US accounts:
For some uses of your PayPal accounts, PayPal may determine currency conversion is necessary. For any of the following transactions that involve a currency conversion, the currency conversion spread is 3.75% or such other amount as may be disclosed to you during the transaction
Much less of an increase than I thought it'd be, but still way more than one should be paying.