Aussie businesses are being hit with a new 3% PayPal fee for transferring US dollars from their PayPal accounts to bank accounts in the US, leaving ma

PayPal hits SMEs with “shocking” 3% USD transfer fee

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2022-09-23 13:00:06

Aussie businesses are being hit with a new 3% PayPal fee for transferring US dollars from their PayPal accounts to bank accounts in the US, leaving many businesses that operate globally forking out thousands of dollars per year.

The fee comes on top of PayPal’s inbound transaction fee of 3.6%, meaning businesses could now face a total charge of more than 6% if they use PayPal for transactions in USD.

A PayPal Spokesperson told SmartCompany on Tuesday that the fee has been effective for several weeks and is for non-US customers to withdraw USD to a US bank account.

“Only a very small fraction of our customers in Australia use this feature. For the majority of our customers in Australia who withdraw funds in AUD, there is little or no cost,” the spokesperson said.

“It only affects those who are transferring funds from a PayPal Australia account to a US bank account — this is not a domestic transaction.”

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