I live in Brazil, tax resident here.
So Paypal charges a 6.46% fee on a payment I received in USD: OK (but not much).
Then, due to regulatory reasons, I must convert this balance into BRL. OK, no worries.
USDBRL spot rates are around 5.28-5.30 at the time.
And Paypal converts them into BRL at 5.026. That is another 4.80% spread on the exchange rate.
One could discount 0.38% IOF tax to move USD into Brasil.
But in total we're talking about 10.5%-11% in fees.
This is outrageous. I might not have read the fees charged, but now that I have I will no longer use Paypal.
Anyone with same ludicrous experience?
