PayPal Fee Increases for Foreign Currency Exchange

[TallGuyJohninBKK]

Got an email notice the other day from PayPal regarding various changes to their terms and conditions that will take effect March 29, 2017.

 

https://www.paypal.com/us/webapps/mpp/ua/upcoming-policies-full?locale.x=en

 

As I read into the linked document, there appears to be a whole series of foreign currency transaction fee increases that will be taking effect. I clipped out some of the pertinent ones.

 

 

 

[Pib]

PayPal's currency exchange fee was already high....now it will be really high.  

 

PayPal must have hired a Thai bankster to run their currency exchange department.

[Familyaffairs]

Time to look for alternatives, any suggestions anyone ?

[oldcarguy]

I wonder if they give the Chinese sellers  better deal ?

 

The Chinese get such a great deal on shipping  its hard to compete with them

[Rv Hawee]

They are still cheaper compare to lot of bank from Europe (France, AFAIK) so do your calculation ! You need money fast, use bank ! You are not in hurry, Paypal is still attractive and on their new version of the site you directly know how much it will cost you and what ER they ll apply. Nothing perfect, but useful.

[DinoSabanovic]

I stopped selling on ebay years ago. Now I will delete PayPal after this joke.

[oldcarguy]

And. may I ask where you are selling now ?

[FredNL]

Yesterday I transferred 1,200.= USD from my PayPal account to my Thai Banking account.

It was almost 40,000 THB. They just stole over 2,000 THB on the exchange rate.

The normal banking exchange rate in Thailand would have given me 42,025.42 THB.

 

[DinoSabanovic]

5 hours ago, oldcarguy said:

And. may I ask where you are selling now ?

Me? I don't sell anymore.

[DinoSabanovic]

1 hour ago, FredNL said:

Yesterday I transferred 1,200.= USD from my PayPal account to my Thai Banking account.

It was almost 40,000 THB. They just stole over 2,000 THB on the exchange rate.

The normal banking exchange rate in Thailand would have given me 42,025.42 THB.

 

Exactly! Fee is fine, but the exchange rate is horrendous. I just give them big <deleted> now.

[stevenl]

Exactly! Fee is fine, but the exchange rate is horrendous. I just give them big now.

On top that the fees have been increased by a lot recently as well. All in all it is costing me 5% now to receive money via PayPal, not yet including the horrendous exchange rates which the sender pays.

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[Pib]

17 hours ago, FredNL said:

Yesterday I transferred 1,200.= USD from my PayPal account to my Thai Banking account.

It was almost 40,000 THB. They just stole over 2,000 THB on the exchange rate.

The normal banking exchange rate in Thailand would have given me 42,025.42 THB.

 

PayPal must have added in some other fees also.  I just did a USD to THB conversion for $1,200 on PayPal and got Bt40,827 with a  piss poor exchange rate of 34.0228.  

 

Bangkok Bank TT Buying Rate used for incoming wire transfers is 34.90 which is approx 3%  higher than the PayPal exchange rate.

 

PayPal likes being our pal.

[stevenl]

2 hours ago, Pib said:

PayPal must have added in some other fees also.  I just did a USD to THB conversion for $1,200 on PayPal and got Bt40,827 with a  piss poor exchange rate of 34.0228.  

 

Bangkok Bank TT Buying Rate used for incoming wire transfers is 34.90 which is approx 3%  higher than the PayPal exchange rate.

 

PayPal likes being our pal.

Correct, a few months ago Paypal introduced this:

" International payments: 
There is a fee when you receive a payment from someone in another country. Please note that exchange rate fees also apply if there is a currency conversion."