PayPal international money transfer review

A quick and convenient way to send money overseas.

Sending money overseas with PayPal is quick and simple, but their unfavourable exchange rates can make them an expensive option for large transfers.

Product NamePayPal International Money Transfers
Min. Transfer AmountCAD 15
Max. Transfer AmountCAD 60,000
Transfer MethodsOnline, Bank Account to Bank Account
Transfer Speed
Minimum transfer time
3 - 5 days
Customer ServiceEmail
Available CurrenciesAUD, BRL, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, MYR, NOK, NZD, PHP, PLN, SEK, SGD, THB, TWD, USD

Send money almost anywhere with flexible transfer options and an easy process

With low fees on small transfer amounts and fast transfer processing times, PayPal makes it possible to send over 20 currencies across more than 200 countries, allowing you to send money almost anywhere around the world.

How much does it cost to transfer money with PayPal?

How much it costs depends on how much money you send, where you send it and how you pay for the transfer.

Base fees

Payment method:Country of recipient’s account:$0.00-$49.99$50.00-$99.99$100.00+
PayPal balance or a bank account linked to your PayPal account.CanadaFee is waivedFee is waivedFee is waived
Funded by a credit card, debit card or PayPal Credit.Canada2.9% of the transaction amount plus fixed fee (see table below)2.9% of the transaction amount plus fixed fee (see table below)2.9% of the transaction amount plus fixed fee (see table below)
PayPal balance or a bank account linked to your PayPal account.United States and Europe$0.99$2.99$2.99
Funded by a credit card, debit card or PayPal Credit.United States and Europe$0.99 + 2.9% of the transaction amount plus fixed fee (see table below)$2.99 + 2.9% of the transaction amount plus fixed fee (see table below)$2.99 + 2.9% of the transaction amount + fixed fee (see table below)
PayPal balance or a bank account linked to your PayPal account.Any other country$4.99$4.99$4.99
Funded by a credit card, debit card or PayPal Credit.Any other country$4.99 + 2.9% of the transaction amount plus fixed fee (see table below)$4.99 + 2.9% of the transaction amount plus fixed fee (see table below)$4.99 + 2.9% of the transaction amount plus fixed fee (see table below)

Flat fees for sending in a different currency

CurrencyFee
Australian Dollar:0.30 AUD
Brazilian Real:0.60 BRL
Canadian Dollar:0.30 CAD
Czech Koruna:10.00 CZK
Danish Krone:2.60 DKK
Euro:0.35 EUR
Hong Kong Dollar:90 HUF
Hungarian Forint:2.35 HKD
Israeli Shekel:1.20 ILS
Japanese Yen:40 JPY
Malaysian Ringgit:2.00 MYR
Mexican Peso:4.00 MXN
CurrencyFee
New Zealand Dollar:0.45 NZD
Norwegian Krone:2.80 NOK
Philippine Peso:15.00 PHP
Polish Zloty:1.35 PLN
Russian Ruble:10 RUB
Singapore Dollar:0.50 SGD
Swedish Krona:3.25 SEK
Swiss Franc:0.55 CHF
Taiwan New Dollar:10.00 TWD
Thai Baht:11.00 THB
U.K. Pounds Sterling:0.20 GBP
U.S. Dollar:0.30 USD

Exchange rates

PayPal’s exchange rates are calculated by a financial institution and updated multiple times a day to reflect fluctuating market conditions. PayPal’s bank adds 2.5% to a wholesale rate price to calculate the service’s retail foreign exchange rate. If you compare the rates offered by PayPal, you’ll see that they can be competitive against the rates offered by banks and other foreign exchange providers.

Below is a comparison of exchange rates from four providers: TD Bank, Western Union, TransferWise and PayPal.

$1 CAD inCanadian Bank (TD)
(Bank transfer)
Western Union
(Cash pickup)
TransferWise
(Bank transfer)
PayPal
(Bank transfer)
USD0.73830.74610.75750.7400
GBP0.55330.56160.57020.5602
AUD0.98290.99071.01760.9920
JPY81.13582.57583.83682.645
EUR1.48130.64130.65240.6500
SGD0.94801.00791.02331.0145
SEKN/A6.50136.65366.5953

Rates last checked 15 June 2018

To view PayPal’s current exchange rates, log in to your account. On your profile summary page, click Details next to PayPal balance, then click Manage currencies. From this page you can enter the relevant information and click Calculate to see the resulting exchange rate before initiating your money transfer.

What types of transfers can you carry out with PayPal?

PayPal doesn’t offer the flexibility of rate locks or forward contracts, but you can schedule recurring transfers using its Balance Manager. Keep in mind that doing so will incur a fee.

There’s no cash pickup option available for your recipient, with all transfers handled electronically.

Pros and cons of using PayPal

Pros
  • Easy. Sending money overseas with PayPal is fast, easy and intuitive.
  • Fast. PayPal international money transfers are faster than many other international money transfer options.
  • Secure. PayPal offers 24/7 transaction monitoring, next-level encryption and dispute resolution options. Its “deep learning” artificial intelligence technology makes it extremely resistant to fraud.
  • Customer service. There are several customer service options available if you need help with a transaction.
  • Good for small transfers. PayPal’s fees are a percentage of your transaction amount, making it a cost-effective solution when you need to transfer smaller amounts.
  • Worldwide network. PayPal is available in more than 200 countries around the world, allowing you access to a wealth of possible transfer destinations.
Cons
  • Not ideal for larger transfers. With fees that are based on a percentage of your transfer amount, PayPal might not be your best option when transferring large amounts.
  • Fees. PayPal’s fee structure can add a lot to the total cost of your transfer. Its fees are calculated based on the amount of money you are sending. If you send a large amount, expect to pay a lot in fees. Fees also vary based on where your money is going. Finally, your fee will be higher if you use a credit or debit card to fund the transaction, rather than your PayPal account or linked bank account.
  • Exchange rates. If you’ll be exchanging your currency to make your PayPal international money transfer, you might find that its exchange rates are not as favorable as its competitors. PayPal’s currency exchange rates start at 2.5%.

How does PayPal compare to other services?

Our table below shows you the fees and exchange rates you can expect from other money transfer specialists. Compare PayPal to the other providers below to see if it’s the best option for you.

Rates last updated June 17th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
WorldRemit International Money Transfers
CAD 0
Within an hour
Online, Bank Account to Bank Account, Cash Transfer
Use code FINDERCA and pay zero fees on your first transfer. Conditions apply.
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
TransferWise International Money Transfers
CAD 1
1 - 2 days
Online
Make online transfers with transparent exchange rates, low fees and low minimum amounts.
WorldFirst International Money Transfers
CAD 2,000
1 day
Online, Phone
Send 60+ currencies at competitive rates with $0 transfer fees for Finder customers. WorldFirst will beat any eligible quote from another provider.
Exclusive: OFX (Ozforex) International Money Transfers
USD 150
1 day
Online, Phone, Agent
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
A higher exchange rate applies to non-finder customers. Send money in 45 currencies.
XE International Money Transfers
CAD 0
1 day
Online, Phone, Bank Account to Bank Account
Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
CurrencyFair International Money Transfers
EUR 3
1 - 2 days
Online
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
TorFX International Money Transfers
USD 150
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.

Send money overseas in 45 currencies.
Venstar Exchange International Money Transfers
CAD 7,000
1 day
Phone, Bank Account to Bank Account
Venstar Exchange offers competitive exchange rates and zero fees on large transfers over US$10,000.
CurrencyTransfer International Money Transfers
GBP 5,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
Aimed at larger transfers, CurrencyTransfer is an online marketplace that lets you shop around for the best exchange rate.
The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

Compare up to 4 providers

How do I sign up for an account?

It’s quick and easy to send money overseas with PayPal. If you don’t already have a PayPal account, you’ll need to sign up for one before you can transfer money internationally. Accounts are free to open and you can apply online; you’ll just need to provide the following details:

  • Your name and date of birth
  • Your email address and phone number
  • Your residential address
  • The details of your linked bank account or credit card

How do I send an international transfer with PayPal?

Once you’ve signed up, you can use your PayPal account to purchase a range of goods and services online; you can also start transferring money overseas. From start to finish, the whole PayPal international money transfer process takes just a few minutes.

  1. Log in to your account and click on the Send Money tab.
  2. Enter your recipient’s phone number or email address, the amount you want to send and a description of the transfer.
  3. PayPal will give you a total cost for the transaction, including transfer fees and currency exchange rate, when applicable.
  4. Review this information and click Send Money if you are ready to transfer your funds.

You can use PayPal to transfer money internationally from:

  • Your PayPal account balance
  • Your linked bank account
  • Your linked credit or debit card

The funds will be available in your recipient’s PayPal account almost immediately. They can then keep the money in their PayPal account or transfer it to a linked bank account. Transferring it to a bank account can take several days.

You can also use Xoom, a PayPal service, to make an international money transfer without signing up for a PayPal account.

How do I withdraw funds from a PayPal account?

There are three different ways to withdraw money from your PayPal account:

  1. Receive a cheque. Log into your PayPal account and select Transfer to Your Bank under your balance. Then, click “Request a Cheque By Mail Instead”. If you’re a Canadian customer, you should receive the check in one to six weeks.
  2. Transfer to your bank account. Log into your PayPal account and choose how much money you’d like to transfer to your bank account. Then, select which bank account you’d like to transfer the funds to. The minimum amount you can transfer is $1, there are no fees involved and it usually takes one business day for the transaction to go through.
  3. Use an eligible Visa or MasterCard debit or prepaid card. If you’re looking to get your funds fast, then using an eligible card to transfer funds to your bank account is the way to go. This usually takes 30 minutes or less, but it does cost $0.25 per transfer. If you have a PayPal Debit MasterCard, you can withdraw up to $400 per day from any ATM by selecting Chequing Account when you withdraw the money. You can also use your PayPal Debit MasterCard to make purchases using your PayPal account anywhere MasterCards are accepted.

Bottom line

If you’re looking for an easy solution to your international money transfer needs, compare PayPal’s features, benefits and fees with those of other money transfer providers to find the safest and most cost-effective transfer method available.

Frequently asked questions about PayPal money transfers

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