Business fees at 33%?!?!

[PrestoWasTaken]

Why am I getting charged a 33% fee on payments made to myself currently?! Any and all help is appreciated, thank you.

[sharpiemarker]

@PrestoWasTaken 

What were you doing? What do you mean making payments to yourself? How did you do it? Give the amount and the amount in fees. 

The fee schedule is here:

https://www.paypal.com/uk/webapps/mpp/paypal-fees

[PrestoWasTaken]

I made a payment of £1 (GBP) from my personal PayPal to my newly made business PayPal to ensure everything was working fine. Once I'd logged into my business PayPal, I could see that the payment had been received and that I had possession of 0.67p of the £1 and that 0.33p had been taken as a fee. I'm struggling to understand why I am being charged 33% fees when in the fees section of the website it clearly states that fees are generally between around 2% and 4% depending on location, the recipient's account location etc.

[PrestoWasTaken]

@sharpiemarker 

I made a payment of £1 (GBP) from my personal PayPal to my newly made business PayPal to ensure everything was working fine. Once I'd logged into my business PayPal, I could see that the payment had been received and that I had possession of 0.67p of the £1 and that 0.33p had been taken as a fee. I'm struggling to understand why I am being charged 33% fees when in the fees section of the website it clearly states that fees are generally between around 2% and 4% depending on location, the recipient's account location etc. (I'm replying a second time as I did not @ you the first time and am unsure whether you will be notified or not. Apologies if you receive this twice).

[sharpiemarker]

@PrestoWasTaken 

Hi,

That is correct. If you're calculating in relation to 100% as a whole, yes you'll get 33% going to fees.

The PayPal fee for standard goods and services transaction within the UK is 2.9% + 30p

I went on salecalc.com and entered the standard G&S rate and got this result:

"If sending £1, the amount that will go to fees* is £0.33 and the recipient will receive £0.67. That's 33% going to fees, effectively."

* Using custom fee rate of 2.9% + £0.30

Here is PayPal's fee schedule:

https://www.paypal.com/uk/webapps/mpp/merchant-fees

[PrestoWasTaken]

Ok so with what you have said (2.9% + 30p), am I correct in thinking that if I were to for example receive a goods and services payment of £100, I would be charged £3.20 in fees and would receive a total of £96.80?

Thank you.