I'm in New York and I want to send money to someone in London. The exact amount is £499 pounds. However, the receiver wants me to send him £519, that is, he is adding 4% (£20) as he said this is what he will be charged by PayPal.
I haven't sent him the money yet because I want to be sure who is paying for what and that there won' be duplicate fees. The reason is because when I set Paypal for sending him money, the screen shows "Recipient gets" £519 (it doesn't say "Recipient gets" £499). It seems to me that he'll get the full amount. (See screenshot image, I just erased his email)
Also in the screen it shows that Paypal would charge me 4% in conversion rate (the current conversion dollar/pound is 0.71 and Paypal's rate is 0.68.)
If Paypal charges twice (for conversion and for whatever fee), they are getting away with 8%. That's good business for Paypal! Is that what happens?
(Note: When I click the "send money" tab I don't see the choice "for friends" or "for goods". After adding the email of this person it directs me straight to the page of conversion)
I will appreciate anyone who can educate me in this matter,
Thank you
Laura
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