New PayPal transaction fees from November.

[ambient]

As if trading between the UK and EU wasn’t already difficult and more expensive than it used to be. PayPal are introducing a new charge on transactions between the UK and the EU from November. It’s for businesses - at the moment - so won’t effect private sales, but will possibly push up the price of buying from shops there/here. 
 

I wonder if it’ll apply to Bandcamp purchases? I know of several small labels here and in Europe that have given up selling across the channel.

 

https://www.bbc.co.uk/news/technology-58492953?fbclid=IwAR3Xc9KLEr2cZqq0dw1l96-Ea7dzMz5mVf9QDxvvhBHXpZk_1Q0au_4mYK8

[martthebass]

Thread tidied, can we avoid political comments please, it never ends well.

[Kev]

Why would there be an additional charge for such transactions?  Is there already for UK - US transactions, for example, and has that changed recently?

[Bassassin]

3 hours ago, martthebass said:

Thread tidied, can we avoid political comments please, it never ends well.

Observing the fact this is happening is political.

 

53 minutes ago, Kev said:

Why would there be an additional charge for such transactions?  Is there already for UK - US transactions, for example, and has that changed recently?

Gouging, pure & simple.

[Bassfinger]

According to their website, the fees will be reciprocal - EU buyers will be stung for purchases in the UK as well. 

 

They website also lists fees for transactions between all sorts of different countries and the rest of the world, including the EU.

 

I suspect Paypal are keeping their eye on the main chance and slowly, insiduosly, ratcheting fees across the board. Not having large cash holdings like a bank its hard to make a profit on interest alone, and even harder now global interest rates are fairly low. Instead they're slowly staring to take a slice of the pie as it is passed around the table.

[Woodinblack]

13 hours ago, Bassfinger said:

I suspect Paypal are keeping their eye on the main chance and slowly, insiduosly, ratcheting fees across the board. Not having large cash holdings like a bank its hard to make a profit on interest alone, and even harder now global interest rates are fairly low. Instead they're slowly staring to take a slice of the pie as it is passed around the table.

 

Normally how it happens. once there is no legislation to stop it happening, it slowly goes up to see what the market will tollerate. You see that with the mobile phone roaming fees coming back, one by one, so one introduces it then the others look to see if there is any effect on them for doing it, then they do it too. I think they have all done it now as of last week.

Not that I care much about roaming fees but always used to get irritated before they were abolished with the stories in the summer of people who streamed east enders on their phone every day on holiday for 2 weeks moaning they had a bill of £500 in all the papers and how hard done by they were!

[Woodinblack]

20 hours ago, ambient said:

As if trading between the UK and EU wasn’t already difficult and more expensive than it used to be. PayPal are introducing a new charge on transactions between the UK and the EU from November. It’s for businesses - at the moment - so won’t effect private sales, but will possibly push up the price of buying from shops there/here.

 

Credit card fees have already gone up in general now they can. However, there are still ways of paying without new fees at the moment if it is for expensive things, if it is for bandcamp and the like, and extra 1% isn't going to be too bad, if that is what it stays at.