hefty foreign transaction hit

[pagomez1]

I sent a request for $720 to my son in China. They took $4864.73 Renminbi from his account. Current foreign exchange rate of 15.552, or $755.00 US dollars. I received in my account.... $688.02 or...over 8% HIT. Please advise?

[Whac-A-Mole]

Paypal charges a 3% convsersion fee if he sent you Chinese dollars and you only accept US $,THERE Is also a bid and ask price for foreign exchange,also Chinese govt may have taken some fees,ask you son.

if he has sent as goods and servics ,not friend and family,paypal fee is 30 cents plus 4.4 for cross border transaction

[pagomez1]

should have been friend and family.  Bottom line 8% wack.  

[pagomez1]

how do i get back difference of not using for goods and service but as family member???

[Whac-A-Mole]

yes,you son is using goods and services,so you pay Paypal 30 cents plus 4.4%.

review Paypal fee schedule for more information

[pagomez1]

he wasn't using goods or services, he was sending me, a family member, money.  $755 down to $688.02 is rediculous. 

[Whac-A-Mole]

You asked for $720 and you get 688.02 after fees,so do the math,it comes to 30 cents plus 4.4% of 720,total is 31.98,thats what Paypal charges for goods and services for cross border transaction.

you can refund him and ask him to try again unde friend and family.

if you need it soon,beware it could be under review.

[Whac-A-Mole]

or you can ask him to go a bank and wiretransfer into your bank account,skip Paypal .

but he would b e paying intl wiretranfer fee and your bank would charge you a fee for receving incoming wired fund