There is a conversion involved when receiving payments with PayPal. There's an exchange rate fee applied which is 3% above the base exchange rate so if I'm getting a payment and let's say it's paid by card there is a 1.2% fee plus fixed fee plus if conversion is needed it's an additional 3% markup above the base exchange rate for receiving personal transactions you won't get charged a fee if the transfer is domestic meaning it occurs when both the sender and receiver are registered with or considered by PayPal to be residents of the same Market but if there's also a currency conversion then we're back to the markup at 3% above the base exchange rate.

A 3% markup above the base exchange rate essentially translates to an additional fee which you need to consider if you often receive payments in different currencies calculating PayPal fees without logging into your account can be quite challenging it took us a considerable amount of time to do the research because this page with fees is nearly endless to make sure that you don't need to spend your time researching wise we've designed a calculator to determine total PayPal fees for merchants simply click on the link provided here or in the description and feel free to play with it so as we see the fees are starting to add up aren't they. At the moment of this recording according to this calculator for a $1,000 pay payment coming into the UK from the US almost £58 go straight to PayPal a business that handles many small transactions can also be hit with the micro payment rate that's five or even 6% fee for every single payment plus the fixed fee you may be surprised by how much you're losing in fees with PayPal and how many other fees are mentioned on their page but don't worry since.

There is an alternative to using PayPal take a look if receiving payments with wise works better for you wise is not a payment Gateway so you cannot integrate it to your website for now but if you receive personal payments or your business clients can pay to your account details it could be a great alternative because with wise you can get Account Details for personal and business accounts in around 10 major currencies this depends on your region getting personal account details is free while for business accounts there is a one-time fee and receiving money is free too at the moment of this recording the only exceptions are US wire payments and Canadian Swift payments. With wise you get mid-market exchange rates these are the rates that you can see on Google they are always the most transparent ones pricing pages are easily accessible and you don't need to be registered to find the information that you need for money transfers you can even compare wise and PayPal fees head-to-head.

The link is in the description for example at the moment of this recording if I send 1,000 British pound to euros with wise my recipient will get around 46 more than if I send this amount with PayPal this information applies if we pay via bank transfer with both wise business and personal accounts you can hold money in 40 plus currencies convert using mid-market exchange rates send payments to 170 countries around the world and spend money with wise debit and digital cards. Plus with wise business you can integrate your account with a range of apps tools and software set up batch payments for employees organize team members within an account you can connect wise business to your favorite accounting software and access tons of other opportunities to receive payments in a convenient way and manage your business effectively.

It's just an exceptional solution for managing your finances whether it's for personal or business use with over 13 years of operation and more than 16 million customers on board wise is undoubtedly a platform worth considering you can sign up via the link provided here or in the description now. Let's delve a bit deeper into PayPal reason number four why you may want to reconsider using PayPal is the overall user experience which often lacks user friendliness okay I understand this may sound subjective but let me give you some examples if I want to check the exact fees before receiving money I'd need to scroll through multiple pages and do multiple calculations if I don't use PayPal for 12 months in some regions there's an inactive account fee up to €10 or equivalent in your currency.

If I want to find out more about PayPal functionality it often feels like I have to dig for information especially if not logged into an account it's like navigating a maze and endlessly scrolling through pages just to find out fees and exchange rates so these were four reasons to rethink using PayPal for receiving money and while you could consider switching to wise for low fees mid-market exchange rates with zero hidden charges and user-friendly experience if you don't necessarily need a payment Gateway solution so be sure to check out the links in the description for more information and feel free to leave any questions you may have in the comments section until next time.

"WEBVTTKind: captionsLanguage: enif you're still receiving money on PayPal it might be a good time to reconsider if it's right for you receiving transfers on PayPal has become a habit for many personal and business users some of us are getting payments from Friends While others receive money from making sales we've all gotten used to seeing those two blue pe's next to the shopping basket at the online checkout but there are four solid reasons why you might want to rethink using PayPal and consider the alternative I'm Tom from Wise and let's Dive Right In reason one fees let's talk about both Merchants that means person or business selling something and personal payments recipients pricing is different from region to region and I highly recommend that you check the relevant page with all the fees for your country in this video we're looking at the fees that apply to PayPal accounts of residents of the UK Market but no worries if you're not from that this example is still very illustrative follow me it's going to be exciting for example you were based in the United Kingdom and use PayPal as a merchant you've just made a sale and you're happy but hold on because first you need to calculate how much PayPal will be taken from your sales at the moment of this recording PayPal charges a payment fee 1.2% for cards from 1.5 to 2% with a QR code and 2.9% for any other method is your customer paying from outside the UK If so there's an additional International transaction fee ranging between 1.29 9% and 1.99% let's not Overlook the fixed fee which varies depending on the currency used for payment ah yes if there is a conversion involved there's an exchange rate fee applied which is 3% above the base exchange rate so if I'm getting a payment and let's say it's paid by card there is a 1.2% fee plus fixed fee plus if conversion is needed it's an additional 3% mark up above the base exchange rate for receiving personal transactions you won't get charged a fee if the transfer is domestic meaning it occurs when both the sender and receiver are registered with or considered by PayPal to be residents of the same Market but if there's also a currency conversion then we're back to the marup at 3% above the base exchange rate and here is the second reason to reconsider using PayPal exchange rates a 3% markup above the base exchange rate essentially translates to an additional fee which you need to consider if you often receive payments in different currencies calculating payp fees without logging into your account can be quite challenging it took us a considerable amount of time to do the research because this page with fees is nearly endless to make sure that you don't need to spend your time researching wise we've designed a calculator to determine total PayPal fees for merchants simply click on the link provided here or in the description and feel free to play with it so as we see the fees are starting to add up aren't they at the moment of this recording according to this calculator for a $1,000 pay payment coming into the UK from the US almost £58 go straight to PayPal a business that handles many small transactions can also be hit with the micro payment rate that's five or even 6% fee for every single payment plus the fixed fee you may be surprised by how much you're losing in fees with PayPal and how many other fees are mentioned on their page but don't worry since reason three to switch from PayPal is that there is an alternative take a look if receiving payments with wise works better for you wise is not a payment Gateway so you cannot integrate it to your website for now but if you receive personal payments or your business clients can pay to your account details it could be a great alternative because with wise you can get Account Details for personal and business accounts in around 10 major currencies this depends on your region getting personal account details is free while for business accounts there is a one-time fee and receiving money is free too at the moment of this recording the only exceptions are us wire payments and Canadian Swift payments with wise you get mid-market exchange rates these are the rates that you can see on Google they are always the most transparent ones pricing pages are easily accessible and you don't need to be registered to find the information that you need for money transfers you can even compare wise and PayPal fees head-to-head the link is in the description for example at the moment of this recording if I send 1,000 British pound to euros with wise my recipient will get around 46 more than if I send this amount with PayPal this information applies if we pay via bank transfer with both wise business and personal accounts you can hold money in 40 plus currencies convert using mid-market exchange rates send payments to 170 countries around the world and spend money with wise debit and digital cards plus with wise business you can integrate your account with a range of apps tools and software set up batch payments for employees organize team members within an account you can connect wise business to your favorite accounting software and access tons of other opportunities to receive payments in a convenient way and manage your business effectively it's just an exceptional solution for managing your finances whether it's for personal or business use with over 13 years of operation and more than 16 million customers on board wise is undoubtedly a platform worth considering you can sign up via the link provided here or in the description now let's delve a bit deeper into PayPal reason number four why you may want to reconsider using PayPal is the overall user experience which often lacks user friendliness okay I understand this may sound subjective but let me give you some examples if I want to check the exact fees before receiving money I'd need to scroll through multiple pages and do multiple calculations if I don't use PayPal for 12 months in some regions there's an inactive account fee up to €10 or equivalent in your currency if I want to find out more about PayPal functionality it often feels like I have to dink for information especially if not logged into an account it's like navigating a maze and endlessly scrolling through pages just to find out fees and exchange rates so these were four reasons to rethink using PayPal for receiving money and while you could consider switching to wise for low fees mid-market exchange rates with zero hidden charges and userfriendly experience if you don't necessarily need a payment Gateway solution so be sure to check out the links in the description for more information and feel free to leave any questions you may have in the comments section until next timeif you're still receiving money on PayPal it might be a good time to reconsider if it's right for you receiving transfers on PayPal has become a habit for many personal and business users some of us are getting payments from Friends While others receive money from making sales we've all gotten used to seeing those two blue pe's next to the shopping basket at the online checkout but there are four solid reasons why you might want to rethink using PayPal and consider the alternative I'm Tom from Wise and let's Dive Right In reason one fees let's talk about both Merchants that means person or business selling something and personal payments recipients pricing is different from region to region and I highly recommend that you check the relevant page with all the fees for your country in this video we're looking at the fees that apply to PayPal accounts of residents of the UK Market but no worries if you're not from that this example is still very illustrative follow me it's going to be exciting for example you were based in the United Kingdom and use PayPal as a merchant you've just made a sale and you're happy but hold on because first you need to calculate how much PayPal will be taken from your sales at the moment of this recording PayPal charges a payment fee 1.2% for cards from 1.5 to 2% with a QR code and 2.9% for any other method is your customer paying from outside the UK If so there's an additional International transaction fee ranging between 1.29 9% and 1.99% let's not Overlook the fixed fee which varies depending on the currency used for payment ah yes if there is a conversion involved there's an exchange rate fee applied which is 3% above the base exchange rate so if I'm getting a payment and let's say it's paid by card there is a 1.2% fee plus fixed fee plus if conversion is needed it's an additional 3% mark up above the base exchange rate for receiving personal transactions you won't get charged a fee if the transfer is domestic meaning it occurs when both the sender and receiver are registered with or considered by PayPal to be residents of the same Market but if there's also a currency conversion then we're back to the marup at 3% above the base exchange rate and here is the second reason to reconsider using PayPal exchange rates a 3% markup above the base exchange rate essentially translates to an additional fee which you need to consider if you often receive payments in different currencies calculating payp fees without logging into your account can be quite challenging it took us a considerable amount of time to do the research because this page with fees is nearly endless to make sure that you don't need to spend your time researching wise we've designed a calculator to determine total PayPal fees for merchants simply click on the link provided here or in the description and feel free to play with it so as we see the fees are starting to add up aren't they at the moment of this recording according to this calculator for a $1,000 pay payment coming into the UK from the US almost £58 go straight to PayPal a business that handles many small transactions can also be hit with the micro payment rate that's five or even 6% fee for every single payment plus the fixed fee you may be surprised by how much you're losing in fees with PayPal and how many other fees are mentioned on their page but don't worry since reason three to switch from PayPal is that there is an alternative take a look if receiving payments with wise works better for you wise is not a payment Gateway so you cannot integrate it to your website for now but if you receive personal payments or your business clients can pay to your account details it could be a great alternative because with wise you can get Account Details for personal and business accounts in around 10 major currencies this depends on your region getting personal account details is free while for business accounts there is a one-time fee and receiving money is free too at the moment of this recording the only exceptions are us wire payments and Canadian Swift payments with wise you get mid-market exchange rates these are the rates that you can see on Google they are always the most transparent ones pricing pages are easily accessible and you don't need to be registered to find the information that you need for money transfers you can even compare wise and PayPal fees head-to-head the link is in the description for example at the moment of this recording if I send 1,000 British pound to euros with wise my recipient will get around 46 more than if I send this amount with PayPal this information applies if we pay via bank transfer with both wise business and personal accounts you can hold money in 40 plus currencies convert using mid-market exchange rates send payments to 170 countries around the world and spend money with wise debit and digital cards plus with wise business you can integrate your account with a range of apps tools and software set up batch payments for employees organize team members within an account you can connect wise business to your favorite accounting software and access tons of other opportunities to receive payments in a convenient way and manage your business effectively it's just an exceptional solution for managing your finances whether it's for personal or business use with over 13 years of operation and more than 16 million customers on board wise is undoubtedly a platform worth considering you can sign up via the link provided here or in the description now let's delve a bit deeper into PayPal reason number four why you may want to reconsider using PayPal is the overall user experience which often lacks user friendliness okay I understand this may sound subjective but let me give you some examples if I want to check the exact fees before receiving money I'd need to scroll through multiple pages and do multiple calculations if I don't use PayPal for 12 months in some regions there's an inactive account fee up to €10 or equivalent in your currency if I want to find out more about PayPal functionality it often feels like I have to dink for information especially if not logged into an account it's like navigating a maze and endlessly scrolling through pages just to find out fees and exchange rates so these were four reasons to rethink using PayPal for receiving money and while you could consider switching to wise for low fees mid-market exchange rates with zero hidden charges and userfriendly experience if you don't necessarily need a payment Gateway solution so be sure to check out the links in the description for more information and feel free to leave any questions you may have in the comments section until next time\n"