If you’ve been (ab)using the “send money to friends and family” feature on PayPal to pay for domain names, it’s getting more expensive.
PayPal is changing its User Agreement, Privacy Policy, PayPal Here Agreement and the PayPal Website Payments Pro and Virtual Terminal Agreement – the changes will be effective to all PayPal users in the U.S. on April 19, 2018.
In particular, the clause about the feature to send funds to friends and family, is as follows:
- We’re removing the variable rate pricing for sending money to friends and family members who have PayPal accounts in a country other than the United States when you send money using PayPal balance or your bank account and introducing a new flat fee of $2.99 or $4.99 per transaction depending on the recipient’s country. However, when you send money using your credit card, debit card, or PayPal credit you will be charged the new flat fee per transaction depending on the recipient’s country + 2.9% of the transaction amount + a fixed fee based on the currency.
Withdrawals from PayPal Business accounts are getting more expensive too:
- For business accounts, we are changing the fee charged for our faster withdrawal option to an eligible debit card linked to your PayPal account to 1% of the transferred amount.
So whether you a small fry domainer flipping domains, or a professional domain investor using PayPal, it will become more expensive from April 19, 2018.
For the full set of changes to the PayPal group of policies, click here.
PayPal fees are going up. Photo by Matthew Kane on Unsplash.
