When it comes to simple transactions, like sending and receiving cash between PayPal accounts in the US, the payment transfer platform is free. However, things are different for some other transactions. See How To Avoid PayPal Fees?:
Even if transferring funds from your PayPal account to your bank will cost you nothing, you will need to pay for immediate transfers- 1% of the transfer amount, capped at $10 per transaction.
You will also need to part with some money if you want to send cash to a friend or loved one with a debit or credit card. If that is the case, the fee should be 2.9% plus a fixed amount that will depend on the currency used.
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There are more fees for sending cash to those who live in other nations. For instance, you will pay a minimum of 5% of the amount you want to send, plus $0.99 to $4.99, this will depend on your circumstances.
If you will be using a credit or debit card to pay for these transfers, you would also have to pay a funding fee of 2.9% plus a fixed fee that varies depending on where the receiver is residing across the globe.
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Lastly, if you wish to sell items and use PayPal to process your payments, you will pay fees on each transaction:
- Sales in America: 2.9% plus 30 cents.
- Discounted rate for recognized charities: 2.2% plus 30 cents.
- International sales: 4.4% plus a fixed amount, depending on the country.
- PayPal Here card reader fee: 2.7% per swipe, or 3.5% plus 15 cents for manual transactions.
More Information About Paypal
PayPal Holdings Inc trading as PayPal, is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee in exchange for benefits such as one-click transactions and password memory. PayPal’s payment system, also called PayPal, is considered a type of payment rail.
Established in 1998 as Confinity, PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year. eBay spun off PayPal in 2015. The company ranked 222nd on the 2018 Fortune 500 of the largest United States corporations by revenue.
At a 2019 World Economic Forum panel in Davos, founder Luke Nosek stated that PayPal’s initial mission was to “create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies”. Nosek said this mission ultimately failed because of investor pressure to release a product as soon as possible.
On March 19, 2019, PayPal announced their partnership with Instagram as part of the company’s new checkout feature, “Checkout on Instagram”.
