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PayPal Currency and FX Fees?

Nucchem

If you are not falling, you are not learning.
Premium Member
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Dublin, Ca
To the Bosses out there, @OakleyBoss . Any chance we can add another accepted payment option for the exchange, Venmo or something? PAYPAL is getting ridiculous, a pain in the A$$ and the fees are starting to chisel away at any money sent or received. PAYPAL official SUCKS!
They screw a person in the money conversion, to the tune of at least 7% negative difference. They charge 5% just to convert money, say from USD to GBP.
They charged me $2 just to send $35 to the UK, thats without all the other BS I just mentioned, maybe because it was a UK address, hell I do not know. But PAYPAl has become a horrible option to send money across the pond. To send a measly amount of $35, the recipient, lost $2 just on the conversion compared to the standard rate. So they got about $33 USD in GBP, and I was charged almost 10% over all for the transaction. So to boil it down seller received $33 and I was charged $38.50, for a $35 transaction. And I didn't even add in GS!
WTF!
 
To the Bosses out there, @OakleyBoss . Any chance we can add another accepted payment option for the exchange, Venmo or something? PAYPAL is getting ridiculous, a pain in the A$$ and the fees are starting to chisel away at any money sent or received. PAYPAL official SUCKS!
They screw a person in the money conversion, to the tune of at least 7% negative difference. They charge 5% just to convert money, say from USD to GBP.
They charged me $2 just to send $35 to the UK, thats without all the other BS I just mentioned, maybe because it was a UK address, hell I do not know. But PAYPAl has become a horrible option to send money across the pond. To send a measly amount of $35, the recipient, lost $2 just on the conversion compared to the standard rate. So they got about $28 USD in GBP, and I was charged almost 10% over all for the transaction. So to boil it down seller received $28 and I was charged $38.50, for a $35 transaction. And I didn't even add in GS!
WTF!

I hear you on the exchange rates and have gotten hit there, the issue is around protection. Venmo/Zelle etc. don't offer a buyer/seller any protection. It's essentially no different than sending via PayPal F&F. IF a deal goes sour, you're out the money. The rule exists because of PayPal Buyer/Seller Protection.

For exchange rates, I've generally solved it by paying with a Credit Card that has no FX fees. Instead of letting PayPal convert, bill it in the local currency and let your CC exchange it for no fee. You should get market rate.
 
But doesn't a credit card through PAYPAl get a hit for some other stupid fee?
Plus to be honest, PP is stupid. Sent money only to have it refunded for no reason at all. Plus they took my conversion costs and never refunded that. Just getting tired of all the BS Paypal pulls.
 
But doesn't a credit card through PAYPAl get a hit for some other stupid fee?

Yes, believe its 2.9%, so on that $35, would be about $1 - Not ideal, not the worst. Think there are some bank accounts with no FX too but may only work at ATMs vs. all transactions since I believe they are geared towards travellers.
 
But doesn't a credit card through PAYPAl get a hit for some other stupid fee?
Plus to be honest, PP is stupid. Sent money only to have it refunded for no reason at all. Plus they took my conversion costs and never refunded that. Just getting tired of all the BS Paypal pulls.
Only if its F&F
 
I hear you on the exchange rates and have gotten hit there, the issue is around protection. Venmo/Zelle etc. don't offer a buyer/seller any protection. It's essentially no different than sending via PayPal F&F. IF a deal goes sour, you're out the money. The rule exists because of PayPal Buyer/Seller Protection.

For exchange rates, I've generally solved it by paying with a Credit Card that has no FX fees. Instead of letting PayPal convert, bill it in the local currency and let your CC exchange it for no fee. You should get market rate.
Yep. Because venmo and zelle are merely peer to peer cash sending services and the sites discourage people from sending money to strangers.



It is ironic that PayPal owns Venmo, though
 
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Yes, I know on the Venmo and Paypal. Just been having so many problems with PAYPAL of late!
 
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