The electronic money transfer company PayPal has changed its practice and introduced new rules for users in Serbia, which are not beneficial.
All those PayPal users in Serbia who had previously linked their account to a foreign currency account in one of the domestic banks through this platform could transfer and withdraw money in foreign currency by paying a fixed fee; now it seems that this is no longer the case.
At the moment all foreign currency amounts are converted at a very low exchange rate by PayPal; however, until a withdrawal is made, the money is often subjected to one or even two more conversions, so the recipient can lose up to 10% of the amount that was paid into their account.
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The National Bank of Serbia (NBS) stated that it is familiar with the new practice of PayPal, which involves the mandatory conversion of foreign currencies into dinars when transferring money to bank accounts in Serbia, but that no local regulations have conditioned this company to change its commercial policy in the country.
“Since the beginning of the introduction of the option to receive money in foreign currency, NBS has never seen any obstacles in withdrawing money in foreign currency from an account with a national bank, without unnecessary costs and unfavourable costs of converting it into dinars,” the Bank says.
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