Beware of extremely high currency transaction fees charged by Paypal
Sammi11
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Posted on
Jan-08-2021
07:48 AM
Recently, i have tried to purchase ipad pro online using PayPal. I have wanted to pay in Euro as per the merchant currency. The price is at 819 euro. At checkout, i have accidentally clicked on the SGD and resulted in paying $1,393.42 instead of the euro that I wanted to pay in. As a result, i activated the cancellation, thinking that I will be refund the original amount of $1,393.42. To my surprise, i was refunded only $1,323.88, which was $69.54 lesser. I pursued the reason from paypal and only realise that there is an exchange fee of 4% for the transaction. In all, taking into account the 1st wrong currency paid, I have lost in total $109.87 through using PayPal (not taking into account that I have suffered a lost when they took $1,393.42 from my euro wallet when I intended to pay in Euro, suffering an exchange lost from there too). Please be extremely careful if you are intending to use their currency conversion which is charged at 4% per transaction and if you need to return or cancel the transaction, another auto 4% gets deducted off when you do.
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