Paypal: From November Uk-Europe Payments Will Be More Expensive

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PayPal announced that since November 2021, the fees for transactions between the UK and Europe will be higher than the current ones. Specifically, payments between Uk and the European Economic Area (EEA) will be subject to fees of 1.29% compared to the current 0.5%.

PayPal attributes this decision to the increase of operating costs and interchange fees between the United Kingdom and EEA. In fact, despite the EU legislation that interbank fees are limited to 0.2% and 0.3% for credit and debit card payments, the same is not true for companies operating in the UK, so the rule is not valid.

The 1.29% commission, although representing an important increase compared to the current one, is still lower than the one that PayPal applies for transactions in other countries, where it is 1.99%.

The percentage will apply to all payments between the United Kingdom, Gibraltar, Guernsey, Jersey and Isle of Man and the European Economic Area, composed of 27 member states from the European Union plus Iceland, Liechtenstein, and Norway.

According to Fintechfutures, Visa and Mastercard will also increase their commissions by the end of the year: the launch of the new policy is scheduled for mid-October.

Some rumors meanwhile report that Paypal could become a trading platform.

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