PP squeeze continues

[tbtorro]

I don't know if anyone else bothered to read PP's new policy (effecive Apr.27) they sent out, but basically between all the legaleeze mumbo-jumbo, one important change is that they're increasing the cross border paments fee by 0.5%.. (basically doubled from 0.5 to 1% for EU, US. and from 1.5 to 2% rest of the world).

Since I think the wast majority of payments are cross border (I for instance never use PP in Denmark as we have a free and very easy to use bank transfer system called MobilePay) this is basically a 0.5% fee raise so goes to almost 5% for smaller amounts. I expect they continue to raise it to as high as they can get away with - what a choke monopoly!

I'm sure they are laughing all the way to the bank..

 

[b00mer]

Thank you for spotting this, I started to read their new policy but after seeing how much there is to read, I just said f*ck it and closed the tab.

 

[Pondis]

I have heard about this but most of my PP transactions are inside the UK so it didnt really affect me as much.

Its true they have a complete monopoly on the market as bank transfers are pretty risky here. You could send me money, I dont have to ship the item and theres really nothing that can be done about it, so here PP is pretty essential.

At least this is my understanding. I will probably spend a few minutes looking into this.

 

[Pgovotsos]

I've experienced this a lot lately. It isn't universal but there are a few counties in Europe where the PayPal fees on gift transactions has gotten absolutely ridiculous. In addition to the exchange fee, I'm getting fees as high as 10% of the gift amount. For me, France, Italy and Poland seem to be the worst. It seems to have started when PayPal started asking for both the from and to currency types instead of just the currency type of the recipient.