Paypal Review byCurrencyComparison.co.uk
2 out of
Paypal has been voted 2/5 or 49% out of 923 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business and we say read this review befor using Paypal's Currency Transfers.
Who are Paypal?
So who are Paypal? Paypal Holdings, Inc. is an American company operating a worldwide online payments system. Online money transfers serve as electronic alternatives to traditional paper methods like checks and money orders. PayPal is one of the world’s largest Internet payment companies. The company operates as an acquirer, performing payment processing for online vendors, auction sites and other commercial users, for which it charges a fee.
In 2014, PayPal moved $228 billion in 26 currencies across more than 190 nations, generating a total revenue of $7.9 billion (44% of eBay’s total profits). The same year, eBay announced plans to spin-off PayPal into an independent company by mid-2015 and was completed on July 18, 2015.
Paying for global purchase using PayPal is easy, although, when purchasing items in a foreign currency through PayPal, the company imposes a 2.5% fee in addition to any credit card charges. Sell- Merchants have access to PayPal’s vast array of business products which include several APIs and checkout buttons that are designed to expedite customer’s shopping experience.
Paypal / Cross-Border and Currency Conversion Fees in the UK
Why should I use Paypal?
Warnings about PayPal’s high hidden fees litter the internet, but there are few formal reviews of the company. A recent review of merchant account providers by CPO gave PayPal 3.4 out of 5 stars and found he was soon inundated with comments detailing their ordeals with the company. 142 comments were made, so far and only 2 were positive. Issues that topped the furious former business clients list of problems included having their accounts suddenly frozen- both small and large amounts were unavailable to be used to pay employees, send or receive orders, with no explanations offered. Customer service was described as ‘really atrocious’ including customers service persons who speak little English putting callers on hold for hours without resolving issues.
Making a personal transfer with PayPal is simply foolhardy! No rate transparency exists- this ‘retail rate’ isn’t a fair starting point, and after 2%-3% conversion rate has been applied- the client will pay the same as bank rates or credit cards fee rates- or perhaps more after PayPal’s additional fees.
Cross-Border and Currency Conversion Fees in the UK
Business options are not viable tools if they aren’t backed by customer service that allows business control of their money. Grown large on the strength of eBay, PayPal is very new to the foreign exchange marketplace. Corporate clients have credible, dependable options they can depend on for invoicing and payment options, that don’t come with the risks and hidden fees PayPal pads its spreads with.
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