Paypal charged me 9% to receive money
A client recently sent me $500 via PayPal, and then I converted it to euros and got €310. Is that a good amount or not? Well, a perfect exchange rate would've gotten me €339, so this means PayPal charged me €29. As a percentage, that's 9.35%! WHAT THE ACTUAL FUCK, PAYPAL?
Let's break this down. So first, PayPal charged a payment acceptance fee of $23 before money even landed in my account. So that's a charge of 4.6% (23 divided by 500).
Then I converted what was left of my money to euros, because I'm in Europe now, and I'd like to actually spend the money at some point. But PayPal's god-awful exchange rates meant I lost even more money. A perfect exchange rate that day was 1 CAD = 0.68 EUR, whereas PayPal's shitty exchange rate was 1 CAD = 0.65 Euro. This means they took another $21 from me. Goddamn motherflipping assholes.
Why on earth does it cost so much to send money with PayPal? They probably charge what they like because they have the monopoly on sending money online. Well, I for one will be going ON STRIKE from PayPal for a couple of days. That'll show those capitalist bastards! Unless I have to buy something from eBay. Or pretty much anything else online.
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