Paypal - Expensive fees, Forced exchange rates
I am an on-line trainer living in Malaysia, but training adult students in North America.I used Paypal to accept USD payment for several of my courses amounting to well over $6,000 per month.
Fee's to receive "international" payments (meaning payment outside of Malaysia) are 4.4%. Withdrawing money to my USD account is not possible. PayPal forces me to withdraw money to my MYR account at their exchange rate, which is a full 4% below the rate my bank charges to exchange USD wire transfers into MYR. PayPal's customer service reps are a bunch of poorly educated box checkers in their responses and were to come up with any solutions other than to tell me that I could withdraw USD into a to a US bank account but not into a USD bank account in Malaysia.
They also stated that they use competitive exchange rate.
A total of 8.4% is too high of a price to pay.I have found alternative payment methods and no longer use PayPal.
Reason of review: Pricing issue.
Monetary Loss: $2880.
Preferred solution: Accept deposit of USD into USD account in Malaysia..