Paxum and Paypal withdraw expences.
 

I've withdrew money with paypal to my bank account and found out that the difference in valuta exchange cost me 50euro on a 1500euro withdraw... i was like WTF

Then i went and tested it with paxum... and to my astonishment it costed even more! Paxum went and took 61euro.

Is this normal? :mad::mad::mad:

Yep, it is....

You did both the same day?

no i didnt do it on the same day... prolly 2 or 3 days apart...

Foreign exchange is the biggest business in the world. Banks make more money with those transactions in one day than all interest payments combined of an entire year.

You got away with 3%. That's pretty cheap. Sometimes they do charge up to 5% in spread.

bastards.... hard earned moneys... and they take it in 1 sec. :mad::mad::mad:

And how come you didn't know this from before???

Paypal are pretty clear about they only let you withdraw in the currency of that country where your account is registered. And Paypal will never give you the market price of any currency exchange. First they will force you to use their currency exchange prices and then on top of that comes a fixed percentage "for their troubles".

Paxum has something similar,, not sure if they exchange it for you or if they send out USD and then you get hit with your own bank'¨s exchange fees, receiving fees and stuff.

Because of this, if you have earnings in USD, you want to have your expenses in USD too. And first pay off as many expenses as possible and first then withdraw the remaining profit.

It's very, very stupid to withdraw any income, pay currency exchange fees and then exchange them into USD again and pay yet again new currency exchange fees.

charge of experienced dude so don't get mad