Hello there,
Just want to express my dissent towards paypal fees. Let me first explain how horrible the situation is. The stated fees for my paypal account is 4.4% + a fixed fee of $0.3 (For a $50 transaction, Paypal took $2.95 in fees. Which is a more than 4.4% + $0.3) which is very high in itself but, in reality the fee is double that. Indians can't hold the money in their paypal wallets and so, it gets withdrawn to our bank automatically at paypal's exchange rates and paypal being so greedy as it so evidently is, charges a hefty 4% fee there too. When the actual exchange rate for 1 USD is around 75.9 inr, I got a meager 72.88 inr! The fees in total now are around 4% + 4.4% + $0.3, around 10%.
What's the reason for this atrocity? Isn't 4.4% + a fixed fee enough for the company? why charge that high for currency conversion again? Is there no regulation to keep these fees in check by governments?
I wonder why people still use this service when the fees are this high, I'm going to look for other alternatives now.
Regards.
