Help with PayPal fees.

Nerine

Hoping for a little clarity here if poss: 

Scenario:

Selling some gear. International (European) buyer interested. Happy to pay via PayPal but not as gift. 

How much do I need to charge so that after all PayPal deductions, I can transfer £1000 into my bank account?? Buyer is happy to pay the fees. 

Is it £1,029.20?? 

2.9% plus 20p charge? Will the exchange from € to £ matter?? 

Thanks guys!

Nerine

Also, I'm assuming I can send a payment request for whatever amount? And that will be what is transferred to me?? 

gavin_axecaster

3.4% + 20p assuming you don't have a business account receiving over £1500 per month.

https://www.paypal.com/uk/webapps/mpp/paypal-fees

Have him pay you in sterling then the conversion rate and any fee for conversion is his responsibility.

Nerine

so I guess £1,034 and plus a £1.99 fee from what I make out?

gringopig

.

bgmartinsbridge

Yep, exchange rates will hit you.

3.4% for basic ebay fees but you're looking at about another 3% for paypal exchange rate fees. 

Johnnyseven

Are you selling through a website like ebay? Be wary that this could be a scam.

FatPete

It's 3.4% of the gross figure (+0.20), not the net, if we're being precise, so just a little more - I make it £1035.41. Any ebay/reverb etc. fee will be charged separately.

If you're charging in pounds, then your customer gets the rough end of Paypal's exchange rate, not you.

FatPete

Sorry, missed a bit out - there's another 0.5% 'cross-border' fee* - so it's £1040.80

edit:
*This also varies within Europe - for some countries it's 0.4% or 1.3%. Anybody would think they'd made it deliberately complicated.

mort

You’re better off with a normal PayPal payment rather than a gift payment.
If the payment method is being used fraudulently then you have zero protection with a gift payment. You can at least defend yourself in that scenario with a normal PayPal payment.

bgmartinsbridge

Sounds like it's outside if ebay, so good old bank transfer. 

Nerine

Thanks for the comments so far chaps. 
Very helpful. 

Yeah. It's outside of eBay. I suggested a gift payment to circumvent the fees, but the buyer said he'd be more comfortable with paying the fees and offered to do so, so therefore I said I'd calculate what they need to be. 

FatPete

Which country is he in?

Nerine

FatPete said:

Which country is he in?

Germany. 

FatPete

Nerine said:

FatPete said:

Which country is he in?

Germany. 

In that case it is the 0.5% additional fee as above - £1040.80

Nerine

Cool. Thanks man. I'll put that to him and see what he says. 

m_c

Alternatively, so both sides get peace of mind with sensible fees - https://www.transpact.com/

Wazmeister

https://www.clothnappytree.com/ppcalculator/

Nerine

Wazmeister said:

https://www.clothnappytree.com/ppcalculator/

That's ace. Thanks! 

steveledzep

Nerine said:

Wazmeister said:

https://www.clothnappytree.com/ppcalculator/

That's ace. Thanks! 

A little pampering is always good !

lukedlb

With large sums of money, ultimately it’s down to trust. If you trust them, then bank transfer will save money over PayPal. I saved more than a hundred quid on my redplate amp that would’ve gone to PayPal in a poor exchange rate.