Yeah, this is pretty clearly PayPal's response to people using TransferWise for this to get around their exorbitant fees. They dress it up as necessary to support their 'innovative' (?) development. Then why does it only apply to people without a US account (but still a US bank account)? Because they're worried about missing out on their hidden currency exchange fee. Every payout now until Shopify comes to the rescue is money lost and I'm feeling pretty bitter about being forced to hand over money to a company I despise and have no choice about using.
Common Shopify, we need more payout options.
Honestly I would even register a company in Canada if that would mean you guys/girls could payout to a bank account.
PayPal is getting ridiculous with their fees and the USD dropping in value since May 20' does not help with this either
I cannot emphasize enough, how much Shopify needs to find a solution for this. If not direct bank transfer, then at least add the option to use Transferwise.
Every Shopify partner (with less than $30k MRR) outside of North America is currently being ripped off by PayPal for 3% of their revenue for a service that the bank or Transferwise provides virtually for free.
It is really dissatisfying to see this thread having been open for almost 2½ years with absolutely no progress. We pay 20% of our revenue to Shopify, and you thank us by forcing an expensive payment service down our throat.
Has anyone found a new way to get around the ridiculous conversion fees on PayPal?
+1 for alternative payout methods.
We even got as far as registering a US company to quality for a US PayPal account, but it sounds like that still won't save the 3% PayPal charges.
Transferwise would work, or there any many open banking APIs that could work at the scale Shopify is paying out.
Yep, every day Shopify does not provide an alternative paiement method for partners, especially those affected by the new 3% PayPal fee, it gives an uncompetitive advantage to partners operating from the US, which is kind of ironic for a Canadian company.
Seriously though, we need an alternate payment method, Transferwise, direct bank transfer or anything really!
@edwardupton, any luck switching to a US PayPal account?