Singapore / Withdrawal USD to US Bank Account now 3% fee

[Temp20211223cp]

We have a PP merchant account registered in Singapore and we always withdrew USD currency to our US Bank Account. Starting on 31 Oct 2020, a withdrawal to US Bank Account has a charge of 3% fee. Withdrawing to local bank, despite the account is in USD, requires a conversion USD to SGD first, in which Paypal conversion fee is way below market price. Sending USD payment (to friends/family) seems to be disabled as well for account registered in Singapore.

Let me know if anyone here has any workaround this or better suggestion to manage this. We have to keep USD currency as it's our main currency for trading.

Thanks.

[typeonetalks87]

I have the same issue. Will try to see if I can find a workaround and would let you know. So far I have not been successful in figuring out anything to avoid this 3% fee or rediculosly high conversion fee to local currency... I'm in Switzerland...

[dm7771]

Yes, it seems they are doing it to add fees to any of us who have USD or foreign bank accounts transferring to those accounts our main domestic currency which is very out of touch as so many of us run international businesses. This is an article from a reputable Australian site in the last week:

https://www.smartcompany.com.au/startupsmart/news/paypal-smes-usd-transfer-fee/

I will be asking my main merchants to pay me with Swift from now on as it's just too much money to throw up against a wall. I finally was able to get a US bank account to reduce some of the fees but it's just too much. Especially in 2020 when so many businesses are doing it tough. I wish I had warning or I would have removed money earlier. I'll be considering whether to use Paypal for my upcoming product launch too which is a shame as I've used Paypal for 9 years!  Would be nice if Paypal would address their reasons for adding an entirely new fee. 

[dm7771]

Yes, it's across all USD or foreign bank accounts transferring to those accounts outside of your main domestic currency which is very out of touch as so many of us run international businesses and use those accounts to try to reduce the ridiculously low exchange rate or fees.  This is an article from a reputable Australian site in the last week and it seems to be across 30 markets: 

https://www.smartcompany.com.au/startupsmart/news/paypal-smes-usd-transfer-fee/

I have a USD bank account to reduce some of the fees. This is too much, especially in 2020 when so many businesses are doing it tough.  I'll be looking at asking merchants/clients to pay me with Swift or other methods as this is just becoming too much.