I'm a small business owner with a Paypal account in British pounds. I have a small Shopify store trying to eke out a living after being made redundant 9 months ago. Look at this scenario. A US customers buys $50 worth of products on my online store. As it's an international transaction, Paypal charge 3.5% + 1.5% international fee = 5%. =$2.50 in fees for Paypal. I want to withdraw the remaining $47.50 to my bank account. Even though I have a WISE BORDERLESS ACCOUNT IN USD AND GBP, PAYPAL FORBID ME FROM WITHDRAWING IN USD. So they charge another 4% currency conversion = $1.9 dollars. I only receive the equivalent of $45.60 in British Pounds from the original $50. In other words, Paypal took a total of 9% - NINE PERCENT TOTAL IN FEES. How is this legal? How on earth are small business owners expected to make money where they are being ripped off in broad daylight by big oppressive sharks like Paypal? Why has no action been taken here? Or is it acceptable that business owners kiss 9% of their gross revenue goodbye?? Imagine, a $50,000 gross revenue making business throwing almost $5000 of that away to Paypal in transaction fees and subsequent conversion fees! How is this allowed? Very VERY close to cancelling my Paypal account. Im here to make money and not give it to Paypal.
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