Paypals Fees are such a nightmare lol
 

I know this isn't a revelation or anything new but damn, today I was due a payment from a company for $1330 USD. I accidently had them send this in CAD to my paypal instead of USD. My mistake. I pay for everything in USD.

Now the annoying part....to convert it back to USD in paypal, guess what I end up with.... $1230 USD. So between my payment provider & paypal both taking currency fees, I"m losing $100 of $1330 dollars.... which is 7.5% of my money.

I'm normally not a cheap ass but this kinda annoying me right now LOL. Company paying me uses tipalti, who seem to take around 2% for conversion. So paypal is taking around 5.5%....which sounds about right for those guys.

Won't make that mistake again lol. Any of you people using paypal for large amounts of currency conversion or business? You paying them 5 figures a year in fees or what??? lol crazy times with paypal!

P.S. this is another reason a lot of people like crypto. The fees are much lower. If I could get paid in a US dollar stablecoin, my overall cost would be around 1% fees to get the money to myself in CAD, versus 5.5% with paypal which is downright excessive in my opinion.

So you are complaining about something you messed up on? Got it, sounds like a winning GFY thread. :1orglaugh

Nah...this just reminded me & highlighted how bad paypal currency fees are.....for $1330 USD to turn into $1230 just like that. It's almost hilarious really. This isn't another one of those "i'm gonna sue paypal and blah blah blah lets all stop using them blah blah" type threads.

Curious tho, is anyone here using other methods to convert currency such as crypto?

My bank here in canada charges around 2.5-3% for currency conversion, which is still quite high.

Yup, their fees are shit.

I like Wise.com. Much cheaper and really smooth transactions + easy to set up.

Cool it looks promising, hadn't heard of it before. Thx for sharing

You may have heard of Transferwise, that's them, just a new name.

paypal are the biggest scammers ever, i avoid them if at all possible

Been using Remitly.com to send to people. Low amounts so far and send fee is like 3$

hey slightly related - if you have a US address, the Capital One 360 checking account has no international transaction fees. i pay a lot of intl vendors and the fees with Wells Fargo were around a grand a month (including a shitty exchange rate). i moved to the CapOne account and now my fees are zero. there's also no currency fees on intl debit machines (on their end). the exchange rates get updated hourly.

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Whatever. They've been working for me since 2006. No other payment solution can champion that so far.

Isn't the 360 account just for personal banking?

thanks for the info!

Yup... Ive been using them since about 2008. Just wish their fee's weren't so exorbitant, espeically when converting currencies. You lose a chunk of your entire income lol.

also this is the first time I've seen you post without your classic . . .

yup. they closed my account 11 years ago because I received payments from clients

My ellipsis! Guess I got too serious about this . . .

they have business checking too and its also fee free:

https://www.capitalone.com/small-bus...ucts/checking/

they are a nice online bank. i moved a few accounts there.

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Still, so many people, even in our business are using paypal as the only method to get a payment. Insane

:2 cents::thumbsup

at least you got paid. be happy about that

We used to use paypal, under some cases it was up to 11% fee for us due to all the forced currency exchanges at their HUGE spread.

thats the reason why we hate PP and offer our customers to use BTC

I don't use them for a long time ..seems everything is going up

you can't work fraud on btc...

I'd believe it.... their currency fees are the worst.

PayPal is shit

I started a corporation for my new endeavor and opened up a business account.

I tried to link it to PayPal about 4 times.
Every time it said wait 72 hours and check back or something similar.

I called PayPal helpline and they told me it was for fraud alert.

And even though PayPal would not let me deposit my money from my bank account into my PayPal account for fraud protection.

PayPal wanted me to start using their credit.
Go figure

I have lost almost 350 USD from the ~5500 that I was sent. This is a nightmare.

It's the same with Paxum, currency exchanges are very unfavourable. They also don't leave you the option to send the currency you have to your bank and accept your bank's currency exchange which is also bad, but no worse than Paxum's.

I hope that soon all programs will work with stablecoins, and fuck paypal, paxum.

Paypal isn't shit, it's just God's way of punishing people for using Paypal.

I mean it's not exactly the breaking news story of 2022 that they suck, is it.

Yeah I avoid paypal unless it's for very small transactions and there's no other choice. Transferwise (now Wise) or crypto are better choices.

I use Crypto.com, and I don't think they charge that much at all ... plus, I get CRO crypto back every time I spend money. I guess it depends on the crypto, but they don't charge a lot when I convert from BTC ... I am sure they do if you use ETH, but I hate ETH and find it to be more of a scam than anything with it the enormous gas fees.

they are the only reliable place to hold your money nowadays