A blow to your pocket: PayPal increases fees in Latin American countries

Many Latinos use PayPal as a method of receiving and managing money from the US, and many of these users prefer to use this method to receive payments from abroad because withdrawals are easy, fast and with low fees.

However, on October 16, the electronic payments company sent an email to several of its branches around the world to notify them of important changes that will impact their pockets.

PayPal increases commission

“We are making some changes to legal agreements that will be of interest to you,” is an email that several users received this Monday, October 16th.

Changes to PayPal Terms of Use

With an effective date of November 6, 2023. (for residents of the countries listed below):

• Residents of the Republic of Korea– A new fee of 5,000 won has been introduced in the “Bank Refund for PayPal Withdrawal or Transfer” section of the “Consumer Fees” and “Merchant Fees” pages. This fee is charged when a user makes a withdrawal or transfer from a PayPal account and an error occurs because the bank account or shipping information provided is incorrect.

• Residents of Chile, Costa Rica, Dominican Republic and Peru: We have increased the fee for withdrawing funds from a PayPal account to a US bank account from 0.5% to 3.00% per withdrawal.

• Residents of El Salvador, Panama, Ecuador, Uruguay, Oman, Qatar, Bahrain, Georgia, Mauritius, Serbia, Moldova, Egypt, Albania and Kuwait.– We have increased the fee for withdrawing funds from a PayPal account to a US bank account from 0.0% to 3.00% per withdrawal.

What is PayPal and how does it work?

PayPal is a financial technology company that allows you to make and receive electronic payments online in over 200 different countries and with support for 25 currencies.

To use PayPal, you need to create a free account and link a payment method, such as a credit card, that allows you to make international payments. When you choose PayPal when paying online, you only need to enter your email and password or mobile number and PIN without having to share your financial information with the merchant. PayPal also offers 180 days of buyer protection if the item you purchased does not arrive or is not as originally described.