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PayPal fees to rise for payments between the UK and Europe
PayPal fees are set to increase for payments made by businesses between the UK and Europe. The fee increase is the result of PayPal experiencing higher fees since the UK left the European Union.
Something that was being eagerly awaited was the new fee schedule which includes the additional percentage-based fees for international commercial transactions. The fee schedule which outlines all the fee changes set to take effect on November 10th can be found here.
The fee increase means that businesses making payments between the UK and Europe will be charged a 1.29% fee as opposed to the 0.5% most are currently paying. It’s not only PayPal having to make this change, Visa and Mastercard have announced fee increases that are set to take effect in October.
Although PayPal’s rate for the rest of the world is a higher 1.99% this increase is still something businesses in the UK and Europe will have to take into consideration. The change will be particularly unwelcomed by small businesses, many of which have already stopped exporting to the EU due to reasons that include costs.
Additional percentage-based fee for international commercial
- Where sender’s market/region is Fee
- EEA 1.29%
- All other markets 1.99%