.5 % increase quote: Among the increased fees is a currency conversion charge increase from 2.5 to 3 percent on top of the exchange rate established by PayPal's bank. Meaning customers will pay three percent more than the bank's currency conversion difference when exchanging money internationally. The standard transaction fee for sellers selling goods or services online to buyers outside the U.S. will jump from 3.9 to 4.4 percent plus the existing fixed fee based on the currency. The standard transaction fee for in-store transactions received from buyers outside the U.S. jumps from 3.7 to 4.2 percent. Nonprofits who receive payments from senders outside the U.S. and are charging a flat rate of 3.7 percent plus the existing fixed fee based on the currency for all such transactions. Micropayment fees for in-store transactions received from buyers outside the U.S. from 6.0% to 6.5% plus the existing fixed fee based on the currency. http://www.mlive.com/news/us-world/index.ssf/2017/02/paypal_increasing_several_fees.html
Muzzfuzzer! We (being largely the international crowd) already get hosed so much when we do the conversion for payments, and it has been an eternal peeve of mine since I started using the service. Are these changes effective immediately do you know? Honestly, this is just pissing me off so much the more I ponder it. I have been waiting for a competitor to come on the market for years, and, knowing Paypal and how it protects it's monopoly, not going to happen. Fuck US-centric thinking, fuck monopolies, and fuck greedy companies taking advantage just because they can. Oh what, your profits aren't high enough?? Need bigger and cushier chairs in those executive offices? Fuck you.
Maybe switch over to Stripe? And if you're transacting with someone you trust, and don't need the protection PayPal provides, there's the Cash App.
So, end of March is the date the change is taking place, for anyone who didn't follow the link. I don't have a cellphone, so any apps are probably out of the question, but I think for now I will just be switching the option for my own bank to do all the conversions. They don't easily let you select it, but it is there, and I'd recommend people looking in to that. Let's show Paypal we don't need to use their fees. And, unfortunately, I was referring more to Paypal incorporated as the default payment method in so many sites these days. A lot of the times it is the ONLY payment option you can use during checkout, so you don't have a choice. Doubly so for people who don't have credit cards. Hence my anger over their monopoly ubiquity everywhere. We really need to reach a state where you can just transfer money yourself, however you want it. Banks, services, etc., still operate on a model from decades ago - and yet people keep using them because they have to. It's archaic in 2017. Just like geo-restrictions. It will go eventually, I have no doubt, but I wish it was sooner rather than later.
Meh! It becomes way less of a worry if you cut back on buying this crap! It's the easiest way to reduce PP fees, losing £££ on interbank rates, saves a bunch on shipping and strangely increases disposable income exponentially!
I intentionally said 'cut back' and not 'stop' for that very reason smartass! It's also a "Want' that I will be very surprised if it's ever fulfilled!
Well good news is I splurged on a bunch of toys and records (which all come from sellers in the UK and Germany) recently fulfilling long wants. So I'm ok with going back to no buying or very very minimal buying anyhow. Bad news these fees are really unjustified and Paypal's being greedy because they can. I'm with Andy now- pad your savings and fuck buying! Take pics of what you have, no need for more.
