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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).
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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.
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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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