text: Users can then use a cheaper 3rd party remittance service, such as TransferWise, to convert the foreign currency to their currency of choice at mid-market rates instead of directly converting using PayPal and withdrawing the balance to their local bank account.
  This bypass will save a ton of conversion fees since PayPal typically charges a spread on top of the mid-market rates.
  Users based in New Zealand and Kenya are also subject to a 3.00% fee while balance withdrawal to a US bank account by users in Chile and the Dominican Republic will be subject to a 0.50% fee.
  You or your company may still require to transact USD regularly, and this change could bring a severe impact to the bottom line.
  Although the easy way out is to switch PayPal out for an alternative payment gateway like Square and Stripe, or even request clients to do a direct bank transfer to your USD bank account, most clients are accustomed to using PayPal.
  It is also good to note that the friends and family option that isn’t available in Singapore due to regulatory reasons (which removes the transaction fee) is still a feature in many other countries.