Better still, it's free to set up a Money Pool and free for your friends and family to chip into your kitty using their PayPal balance, a debit card or funds from their bank account.
Collection Pot is a Paypal Money Pool alternative.
The Organiser in the group creates a money pool and then shares the payment link with the rest of the people in the group. Everyone else chips in, and once the pool has enough money in it, the Organiser can go ahead and buy or book the group item or activity.
PayPal are giving existing Money Pools customers until 8th November 2021 to close their pools. If there are any funds left in the pools at that point, then they will be transferred to the customer's main PayPal balance.
Once your money pool starts to get funds, you can access it the same way you got to it the first time: going from your main profile to the Send and Request page to the Request page, and then the menu on the right side of the window.
PayPal is launching the service today in 16 countries — Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, Switzerland, United Kingdom and the United States. Anyone who has a PayPal account in these regions can create a Money Pool, or contribute to one.
PayPal Giving Fund doesn't charge charities or donors any fees for its services. In some cases, our partners may charge fees on donations made through their platforms, which they disclose on their websites. If you aren't a PayPal customer and have further questions about PayPal Giving Fund, please contact us.
Friends and Family payments can be made to anyone in the U.S. for free (from your bank account or PayPal). If you are sending money internationally, you may be charged a transaction fee equal to 5% of the send amount (up to $4.99 USD).
PayPal charges 2.99% of the total transaction amount when sending or receiving money in exchange for goods and services. This is free, or 0%, for consumer-to-consumer transactions.
No transaction fee
When you use your PayPal Cash or PayPal Cash Plus balance to transfer money, you can send money online for free within the U.S.
Call it a fund collection, a savings' squad, a money pool is simply a way to make savings with a group of people. You and your friends pool together a contribution, for an agreed period until you collect the total amount you need.
You can hide your details by turning off your PayPal.Me link at any time in your PayPal settings. When turned off, your page will not be publicly visible or findable so you won't be able to receive money through it.
Fixed fees
For domestic transactions within Australia, PayPal charges a fixed fee of 30 cents per transaction. For example, if a customer purchases an item from your online store for $50, PayPal will deduct a fee of 30 cents from the transaction amount, and you'll receive $49.70.
For the most common PayPal fee of 3.49% + $0.49, the fee for a $100 transaction will be $3.98, making the total money received after fees $96.02.
PayPal fees are the costs associated with using the platform to process payments and send or receive money. Fees are applied either as a percentage of the transaction amount or as a flat fee, depending on how you're sending or receiving money.
Normal PayPal accounts have a minimum transaction amount of $0.01 and a maximum transaction amount of $4,000. You can also withdraw up to $500 from a bank account per month. People who don't have a PayPal account can also send one-time payments of up to $4,000 to another person.
Request specific donation amounts by adding it to the end of your link. Accept PayPal users' debit and credit cards or account balance.
GoFundMe charges one transaction fee—that's it. So, what percentage does GoFundMe take for transaction fees? A transaction fee of 2.9% +$0.30 is automatically deducted from each donation, so you never have to worry about paying a bill. Learn more about GoFundMe's fees on our pricing page here.
PayPal's International Currency Conversion Fee
PayPal's currency conversion fee to US or Canadian dollars is 3.5%, but is 4% for other currencies.
Out of 43 countries worldwide analyzed by ecommerceDB, Italy leads in terms of PayPal penetration among online stores.
Send money quickly and securely to friends in Australia and overseas. It's free within Australia when you use your linked bank account or PayPal balance. From Woolworths to Telstra, Uber to Netflix, Menulog to Australia Post, pay quicker with PayPal.
If you want to completely avoid PayPal fees, the only real option is to avoid PayPal entirely and instead open a fee-free bank account. PayPal charges different fees for payments to friends and family versus payments to businesses for commercial transactions.