Paypal Policy Update: Higher Currency Conversion Fee

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Paypal has sent an email to all their users today regarding the policy update which will take effect on June 12, 2012. The policy update is in the User Agreement for Paypal Services section 3, Additional Fees. Previously, the currency conversion fee was from 2.5% – 4%. In the current policy update, the currency conversion fee to the local currency of countries such as Argentina, Canada, Poland and others will increase, while some countries remain the same. To read the specific details of the Paypal policy update, login to your Paypal account.

The current update will affect users who receive or send money from one country to another where there is a need to convert the currency. That means the conversion rate will be much lower than before. Online teachers like me who are receiving payments in US$ and withdrawing in local currency are affected with this change. Aside from the fees for receiving payments, this increase in currency  conversion fee will take a toll on us. Aside from that, students whose currency are not US$ are also affected because they need to convert their local currency to US$ in order to buy classes.

I think I need to search for a good payment processor that is reliable and cheap. But for now, I need to put up with whatever policy updates Paypal do. 🙁

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3 Responses to “Paypal Policy Update: Higher Currency Conversion Fee”

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