Why use WorldFirst instead of PayPal?
PayPal is a popular option for online sellers looking to manage their online payments. However, there are a few costs you’ll need to be aware of:
- Payment fees. A fee applies when you receive payment for selling an item. This fee is 3.4% + a fixed fee for payments from within New Zealand and 3.4% + NZD$6.99 + a fixed fee for international payments.
- Currency conversion fees. If you’re paid in a foreign currency and you want to convert those funds into New Zealand dollars so you can withdraw them to your bank account, PayPal adds a 2.5% margin on top of its base exchange rate before converting your money to NZD.
- Disappointing exchange rates. If you want to send an international payment from your PayPal account, you’ll find that PayPal’s exchange rates often don’t match those offered by some specialist transfer companies.
By comparison, WorldFirst doesn’t charge any ongoing fees or any fees for receiving payment in your World Account. Sending amounts less than $10k will incur a transaction fee. And with a foreign exchange margin of 0.60% or less based on the amount you transfer each year, using a World Account instead of PayPal could potentially offer big savings for your business.