PayPal to drop New 3% fee for USD withdrawal to TransferWise/Wise (Virtual Bank Accounts)

PayPal to drop New 3% fee for USD withdrawal to TransferWise/Wise (Virtual Bank Accounts)

The Issue

There are many PayPal users outside of the US who 100% must rely on receiving USD in to their PayPal accounts - many online service/job providers only use PayPal - Then exchange to their local currencies.

The problem is, that PayPal's exchange rate is really, really poor.

So from 2017 a lot of people used a TransferWise Borderless Account (and other 'virutal' bank accounts) to withdraw from PayPal to exchange to their local currency, at a MUCH better and fairer exchange rate.

Since the tail end of 2020 (amidst a global pandemic) PayPal started to charge an extra 3% fee to withdraw from PayPal to TransferWise and other similar bank accounts. This 3% is on top of the 3-5% PayPal fee for receiving payments - making the loss on income 6-8% rather than 3-5%.

I know this doesn't sound like much of an increase, but in tough times during this pandemic, we need all the income we can generate.

So I kindly ask PayPal to revert their decision and stop the 3% extra withdrawal fee for us online service providers outside of the US, many of which are sole traders.

This petition had 146 supporters

The Issue

There are many PayPal users outside of the US who 100% must rely on receiving USD in to their PayPal accounts - many online service/job providers only use PayPal - Then exchange to their local currencies.

The problem is, that PayPal's exchange rate is really, really poor.

So from 2017 a lot of people used a TransferWise Borderless Account (and other 'virutal' bank accounts) to withdraw from PayPal to exchange to their local currency, at a MUCH better and fairer exchange rate.

Since the tail end of 2020 (amidst a global pandemic) PayPal started to charge an extra 3% fee to withdraw from PayPal to TransferWise and other similar bank accounts. This 3% is on top of the 3-5% PayPal fee for receiving payments - making the loss on income 6-8% rather than 3-5%.

I know this doesn't sound like much of an increase, but in tough times during this pandemic, we need all the income we can generate.

So I kindly ask PayPal to revert their decision and stop the 3% extra withdrawal fee for us online service providers outside of the US, many of which are sole traders.

The Decision Makers

Petition Updates