Why you should use TransferWise for payments in currencies other than your own.

PayPal charges a much higher fee than they claim for international sales by sneakily using a poor exchange rate. The seller gets about 4% less than you send, which is the expected fee. But you also pay for euros at a higher rate than the listed "mid-market" exchange rate. So, when I paid in euros Dec. 8, 2019 and the day's exchange rate was given on websites as $1.106, the actual rate PayPal gave me was $1.154 (dollars subtracted divided by euros I sent). That's an additional 4% that PayPal takes. 

For example, the seller asks 100 euros and accepts PayPal and knows he will only get 96. That looks like 4%. But wait. I buy 100 euros in dollars (at $1.154/euro) so I pay $115.40. $115.40 really buys (in bulk at $1.106/euro) 104.35 euros. So, PayPal gives out 96 and gets in 104.35. That works out to a 8% take. I'll bet you didn't think the fees were 8%! 

If you are in the US and pay abroad with PayPal, I invite you to compute the ratio of the PayPal deduction from your account in dollars to the number of euros or pounds or CHF sent. Then google the price of that currency that day and see how they compare. Any excess you pay goes into PayPal's pockets, and that is not counting the fee of about 4% to the seller.

That's way I now pay abroad with TransferWise (Their site: https://transferwise.com/ . Their Wikipedia link). They give a much better rate and much lower fees. By the way, TransferWise incurs no "wiring fee." Auction firms will remove any charge for that (often 12-20 euros) from your invoice. TransferWise takes a while to set up, but once I have paid a particular firm the second time is very easy. I feel good about giving the seller the full amount and not giving so much to the financial services industry.