Paypal charging exorbitant fees!

[saraschoudhary]

I was freelancing for a project these days and was to receive my renumeration in dollars. Because the person was not so tech savvy, I agreed to receive money via Paypal. On 31st of December they person credited my salary into my account. I was shocked to see that Paypal had deducted a fees of 5% for the total transaction size. It was a good amount in terms of rupees and paying such high fees was quite shocking to me. Moreover, they have put my funds on hold for 21 days because my Paypal account was not active for the past 6 months.

Is it normal for Paypal to charge 5% fees? And what are the other ways through which I can get money into India (from Dollars) in a cheap and easy way? Please don't say Bitcoin/Cryptocurrency because I am working for a project and the salary is decided beforehand. So the volatility in the markets plus the knowledge required to use cryptocurrency (on part of my employer) would be a major drawback.

[ggeorgeokafor]

PayPal really charges that amount.  Where will the money come from? There are other options for sure to get your pay.  Try asking freelancers in your country.. Check Facebook for homebased groups.  They might give you some answers.

[markovicmarge]

call their customer service number if they can release it sooner.  how long have you had your account, by the way? should be 100% verified.

[saraschoudhary]

call their customer service number if they can release it sooner.  how long have you had your account, by the way? should be 100% verified.

Probably 2 years with all the information updated and 100% verified. Will connect with their customer service for clarification.

[avikz]

See their user agreement page to know their charges in advance. Paypal won't charge anything more than what is written in the user agreement. You can refer the below link and scroll to the desired topic,

https://www.paypal.com/in/webapps/mpp/ua/useragreement-full#currency_conversion_section

You can use direct wire transfer method for receiving your salary. If you can let me know the country of your employer, I will be able to help you in a better way.

Otherwise, visit your bank and let them know that you want to receive international wire transfer. They will let you know what needs to be done. But it won't be cheap either. The cheapest option is crypto.

Thirdly, you can use Weastern Union as well. See their conversion rate from their website and compare it with paypal. Hope this helps!

[saraschoudhary]

See their user agreement page to know their charges in advance. Paypal won't charge anything more than what is written in the user agreement.

Yes, it is indeed mentioned that international payments would incur a fee of 4.4% + currency conversion charges. But, the thing is why should we be paying such huge amounts for a simple money transfer.

You can use direct wire transfer method for receiving your salary. If you can let me know the country of your employer, I will be able to help you in a better way.

Direct Wire transfers are very slow and also costly. The employer is based out of United States.

[erikalui]

Not only 5% fee, they also charge around 4.5% conversion fee if the money is received in another currency that makes it around 9-10% of the amount you receive. That's the reason I accept PayPal as a payment mode for converting Bitcoins only after quoting the 10% PayPal fee and I add my fee as well.

[saraschoudhary]

Not only 5% fee, they also charge around 4.5% conversion fee if the money is received in another currency that makes it around 9-10% of the amount you receive. That's the reason I accept PayPal as a payment mode for converting Bitcoins only after quoting the 10% PayPal fee and I add my fee as well.

Yeah, I did the exact calculations. They first charge some 4.5% on transfer and then some currency conversion charges on converting Dollars into rupees. The total comes out to be 7% on the amount transferred. Looks like at the moment the cheapest way to transfer internationally is cryptocurrency. Will have to look out for some buyer who keeps buying on a regular basis.

[hdclover]

I was freelancing for a project these days and was to receive my renumeration in dollars. Because the person was not so tech savvy, I agreed to receive money via Paypal. On 31st of December they person credited my salary into my account. I was shocked to see that Paypal had deducted a fees of 5% for the total transaction size. It was a good amount in terms of rupees and paying such high fees was quite shocking to me. Moreover, they have put my funds on hold for 21 days because my Paypal account was not active for the past 6 months.

Is it normal for Paypal to charge 5% fees? And what are the other ways through which I can get money into India (from Dollars) in a cheap and easy way? Please don't say Bitcoin/Cryptocurrency because I am working for a project and the salary is decided beforehand. So the volatility in the markets plus the knowledge required to use cryptocurrency (on part of my employer) would be a major drawback.

PayPal charges 4.4% fees + $0.30(fixed) + 3.5% currency conversion fees + 18% GST (ONLY ON 4.4% service charge)
But unfortunately that's the best option if you don't want to use crypto. Bank wire transfers charges even more fees. Same goes with physical cheques aswell and it takes way more time to get credited to your bank account.

[JSRAW]

You can use direct wire transfer method for receiving your salary. If you can let me know the country of your employer, I will be able to help you in a better way.

Direct Wire transfers are very slow and also costly. The employer is based out of United States.

I am a freelancer as well, and Direct Wire transfers are my go-to choice when receiving Payment. It usually takes max 2 days to receive payment in a bank account. If holidays comes in between. then, it can stretch the timeline. I typically request my clients to pay me during the mid-week Wednesday ideally in case of direct bank transfer, so that I can get a hand on cash on Friday or max Saturday morning.

Bank transfer is not that costly in comparing of other options like freelancing site or PayPal (clients usually pay 30$ for one transaction, and you pay virtually nothing. if are not counting conversion rates) unless you are maintaining USD-Euro account within your local bank.

[ragavancoin]

See their user agreement page to know their charges in advance. Paypal won't charge anything more than what is written in the user agreement. You can refer the below link and scroll to the desired topic,

https://www.paypal.com/in/webapps/mpp/ua/useragreement-full#currency_conversion_section

You can use direct wire transfer method for receiving your salary. If you can let me know the country of your employer, I will be able to help you in a better way.

Otherwise, visit your bank and let them know that you want to receive international wire transfer. They will let you know what needs to be done. But it won't be cheap either. The cheapest option is crypto.

Thirdly, you can use Weastern Union as well. See their conversion rate from their website and compare it with paypal. Hope this helps!

Thanks mate giving full information about PayPal payments charges and more I am sure that gay get right information there and it will be held full for me also because of I was using PayPal account more than a year to my online works they are not change like 5% for me.