Paypal Heads Up

I have been using my PayPal Mastercard for the past 5+ years on all my foreign adventures for 1 major reason....No foreign transaction fees. Well, the party is over:

From PayPal's website:

Foreign Transactions Fee for PayPal ATM/Debit Card and PayPal Virtual Debit Card Usage
Notice Date: March 8, 2007
Effective Date: April 12, 2007
The Fees section in the PayPal user agreement will be amended to include the following fee: 1% Foreign Transaction Fee for cross border PayPal ATM/Debit Card payments or cash withdrawals, or Virtual Debit Card payments. This fee will apply even if the transaction does not require PayPal to make a currency conversion.

Adios PayPal!

 

I have also been using Paypal (most expats do $1 fee for $300.00 withdrawel) for the past 5 years. Unfortunately for those of us living here in Peru we don't have that choice. Every time mongers "broadcast" a good thing on the internet (locations,girls,restaurants,loop holes,free internet..etc) it always ends up hurting the guys who are living there. We have all witnessed what happened to "FS" at R&V, but this one actually caught me by suprise! But like my father always told me "Nothing good lasts forever". Those of us who got in on the early days of Peru's "economic miracle" and have enjoyed it's cornocopia of pleasures should not complain about a few bucks a day, so I will end my rant and get back to "living the life"!
LB

 

Quick chime in here at Lima Busy.

Actually, VISA/MC have been imposing this "fee" on foreign transaction on banks for the past year, who have in turned passed this fee onto us (users). Paypal just got around to it, but both of my banks (Wachovia and Citibank) started this charge last year.

In this instance, mongers had little to do with it. Trust me, I was one of the lucky recipients of "FS" at RyV. Not sure if I could still pull it off, I'm guessing that pooch got screwed over by.....

 

My chase charges 3% so Paypal is cheaper.

 

I have never had any problems with withdrawing PayPal money. Maybe you need to change the provider.