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<p>[QUOTE=&quot;Valentinian, post: 8010010, member: 44316&quot;]A BIG charge. I&#039;ll write about this below.</p><p><br /></p><p><br /></p><p><br /></p><p>Yes, I, too, highly recommend Wise.com.</p><p><br /></p><p><br /></p><p><br /></p><p>Actually, it is closer to 8%, whereas Wise charges about 1%.&nbsp; Why is it 8%?&nbsp; You should realize the auction house gets about 4% less than PayPal claims to send, as PayPal&#039;s fees. However, on top of that, PayPal gives you a very poor conversion rate to the tune of another 4%. How do we know that?</p><p><br /></p><p>Simple. Calculate it yourself whenever you pay with PayPal. Find the so-called conversion rate on any website. For example, right now the euro is 1.1557 on xe.com at the &quot;mid-market&quot; rate. PayPal tells you how much money, in dollars, comes out of your account when you pay in dollars for euros. It turns out the rate they expresses is not &quot;dollars per euro&quot; like normal but &quot;euros per dollar.&quot; That (intentionally) obscures the rate. How many of you convert that to figure out what the familiar rate is? They will say 1 dollar = .837 euros or some such number. That turns out to be $1.1947 per euro, a lot more than $1.1557 per euro.&nbsp; Of course, PayPal doesn&#039;t have to pay that exorbitant rate, but YOU do. The extra 4 cents per euro goes into PayPal&#039;s pocket. So, not only does PayPal get 4% or so from the firm getting the money, they get almost 4% extra from you. Total fees almost 8%. Work involved, almost nothing.</p><p><br /></p><p>Firms like Wise can and do cut the fees down to about 1%. I used Wise to pay for a Roma coin (in pounds) the day before yesterday. It was very easy because I have paid that firm before, but it takes substantial setup if you have never used Wise at all, because you will need to connect it to a source of money (e.g. a bank savings account, which I set up separately and without much extra money in it) and that can require two-factor authentication at first (Your bank wants to know you really do intend for Wise to take money out). By the way, PayPal took substantial setup too when you first started.</p><p><br /></p><p>Auction firms waive &quot;bank fees&quot; when you pay with Wise because they get it all, unlike with PayPal. So, when Leu sends an invoice with 12 CHF bank charges you can omit that 12 CHF fee. When you pay with Wise they get the whole amount with no bank fee. When I pay with Wise I compare the rate they give to the mid-market rate and it is always very similar. They state their fee very clearly.</p><p><br /></p><p>By the way, if you private-message me with your e-mail address I can send you an invite for which I may get a reward if you end up paying a lot with it over time. However, I did not write this because of the reward, rather I wrote it because I don&#039;t think the financial services industry as exemplified by PayPal deserves 8% of any transaction when other firms do it for 1%.[/QUOTE]</p><p><br /></p>

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