PayPal fees, noticed I paid 38000 euro in fees in 3 years!!

[suzy]

I've always laughed when I saw people looking for a cheaper alternative to PayPal because they found its fees too high and thus too expensive for small businesses.

I didn't think they were expensive until I just calculated it. On a revenue of about 200K euros, I paid 38,000 euros in fees.

That's a lot of money!

 

[ActionMan]

suzy said:
That's a lot of money!
Click to expand...

Not fees, straight up theft/taxes. and to add insult to injury, they still freeze your account without prior notices.

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[Martin Everson]

Yup stopped using PP decades ago.

suzy said:
On a revenue of about 200K euros, I paid 38,000 euros in fees.
Click to expand...

That's 19% in fees your saying you paid...wow 😳

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[clemens]

That's a lot of money to pay for a shitty service!!

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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity

 

[apres777]

PayPal Fees in general are crazy for merchants, but their "foreign exchange rates" are the real rip-off.

Besides offering you the "amazing opportunity" to have your funds frozen for months.

PayPal differs from Region to Region though regarding fees and service for merchants.

 

[Xshore]

suzy said:
I've always laughed when I saw people looking for a cheaper alternative to PayPal because they found its fees too high and thus too expensive for small businesses.

I didn't think they were expensive until I just calculated it. On a revenue of about 200K euros, I paid 38,000 euros in fees.

That's a lot of money!
Click to expand...

Can you specify how the fee's are calculate? It does seem a bit too high.
Normally it would be like
2.9-3.9% transaction fees
2% foreign fee
2% currency fee
= 6.9 to 7.9%
Plus the per transactions fee of 0.3eur or so, so depending on your item price this could push the percentage higher.

 

[cryptofriendly]

Xshore said:
Can you specify how the fee's are calculate? It does seem a bit too high.
Normally it would be like
2.9-3.9% transaction fees
2% foreign fee
2% currency fee
= 6.9 to 7.9%
Plus the per transactions fee of 0.3eur or so, so depending on your item price this could push the percentage higher.
Click to expand...

That makes even on-chain BTC and ETH transaction fees look interesting, depending on amount 😎

 

[suzy]

Yes, it's a lot of money to use a service like this! It's mainly when converting from EUR and USD to local currency that they really charge a lot; their exchange rates are extremely poor. But their transaction fees are also just too high.

After reviewing our accounts, I can see that our accountant had already listed them as an expense with the same amount; I just hadn't noted it.

 

[D0naldDuck]

19%? You should re calculate

 

[wellington]

suzy said:
I've always laughed when I saw people looking for a cheaper alternative to PayPal because they found its fees too high and thus too expensive for small businesses.

I didn't think they were expensive until I just calculated it. On a revenue of about 200K euros, I paid 38,000 euros in fees.

That's a lot of money!
Click to expand...

Currently pay roughly 500$ a week to India
Fees their end with PayPal, fees our end works out to be about 100$ extra in fees both end - ridiculous - told them to accept USDC or equivalent but been told there's a 30% tax roughly on top for that lol - madness

suzy said:
Yes, it's a lot of money to use a service like this! It's mainly when converting from EUR and USD to local currency that they really charge a lot; their exchange rates are extremely poor. But their transaction fees are also just too high.

After reviewing our accounts, I can see that our accountant had already listed them as an expense with the same amount; I just hadn't noted it.
Click to expand...

Yep - though Indians and I'd imagine other countries entities can get a $ account locally and take deposits into that and then sell at favorable rates