This page informs users in advance of important changes to the PayPal Service, its User Agreement, or other policies. We encourage you review this Policy Update to familiarize yourself with all of the changes that are being made to the PayPal User Agreement. These updates will be posted at least 30 days prior to their effective date.
Changes to PayPal Legal Agreements
Effective date: 10 May 2018
PayPal is changing some of its Legal Agreements with effect from 10 May 2018. We’ve created this policy update to help you understand the material changes. By continuing to use our services 10 May 2018, you are agreeing to the changes. If you decide not to accept the changes, you can notify us before 10 May 2018 to close your account.
- More Detailed Explanations: We’ve included more details about important features of our services and when you connect your PayPal account to third-party websites and platforms.
- Customized Experiences and Marketing: We clarified our marketing analytics practices to make it easier for you to understand how we and others engage and may provide you with targeted offers from PayPal, customized experiences and advertising on PayPal properties and on third party sites. We also explain how you can choose to limit your participation in these programs.
Currency Conversion Fee
The clause on Currency Conversion is amended and the following text shall be inserted in Annex A by replacing the first paragraph in the current Currency Conversion language:
Where a currency conversion is required, it will be completed at the transaction exchange rate we set for the relevant currency exchange. The transaction exchange rate is adjusted regularly and includes a Currency Conversion Fee applied and retained by us on a base exchange rate to form the rate applicable to your conversion. The base exchange rate is based on rates within the wholesale currency markets on the conversion day or the prior business day; or, if required by law or regulation, set at the relevant government reference rate(s). The transaction exchange rate applicable to your conversion may be applied immediately and without notice to you.
Clarifications in Treatment of Personal Data
Additional services requiring pre-approval
PayPal requires pre-approval to accept payments for certain types of services which we have detailed in our Acceptable Use Policy. We’ve made amendments to our Acceptable Use Policy to include additional types of services requiring such pre-approval.
Seller protection for digital goods
We have also expanded the scope of seller protection to include eligible transactions for digital goods and have amended our User Agreement to reflect this.
We’re changing some of the fees we charge.
Withdrawal of funds to an US bank account will attract a fee of 2.5%. There are also some change in fees applicable for P2P payments.
Thank you for being a PayPal customer.