PayPal international money transfers

Did you know that you can use PayPal to transfer money overseas quickly and easily? We show you how.

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Using a money transfer can be cheaper than using Paypal

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
USD 5 1 - 2 days HKD 25.00 0.127 USD
1,267
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies. Go to site Show details
USD 10 1 - 2 days HKD 140.00 0.128 USD
1,265
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
USD 1,000 1 day HKD 25.00 0.128 USD
1,280
Quick and simple international money transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details
USD 10,000 1 day HKD 0.00 0.128 USD
1,280
A higher exchange rate applies to non-finder customers.
Send money in more than 130 currencies.
Go to site Show details
USD 1 Within an hour HKD 20.00 0.128 USD
1,276
An online money transfer service with cash pickup, bank account to bank account and airtime transfers available. Go to site Show details
USD 100 1 day HKD 15.00 0.128 USD
1,276
A higher exchange rate applies to non-finder customers.
Send money in 45 currencies.
Go to site Show details
GBP 5,000 1 - 2 days HKD 0.00 0.127 USD
1,269
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USD 2,000 1 day HKD 0.00 0.128 USD
1,279
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以45種貨幣匯款到全球。登記後,將會有一個客戶經理提供支持和引導。
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SGD 1 1 day HKD 35.00 0.128 USD
1,279
Transfer money to over 30 countries with nominal fees and the mid-market exchange rate. Go to site Show details

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Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

Though perhaps best known for its ease of use when making purchases from online merchants, PayPal also makes it easy to send money overseas. PayPal’s service is fast and secure, though the company’s fee structure means this service is best used for transferring smaller amounts, usually up to a maximum of a few hundred dollars.

PayPal exchange rates

PayPal generally offers slightly better exchange rates than major Hong Kong banks. Sometimes, in most cases, its exchange rates are even higher or the same as those offered by specialist money transfer services. See the comparison table below to determine how PayPal’s rates stack up against the competition.

$1 HKD inPayPal/ InverseHSBC/ InverseOFX/ Inverse
USD0.124/ 8.060.128/ 7.810.127/ 7.86
GBP0.093/ 10.750.097/ 10.33 0.096/ 10.46
CAD0.161/ 6.210.167/ 5.97 0.165/ 6.05
JPY13.697/ 0.0714.190/ 0.0714.052/ 0.07
EUR0.105/ 9.520.110/ 9.070.109/ 9.18
NZD0.176/ 5.680.183/ 5.45 0.181/ 5.51
AUD0.163/ 6.130.171/ 5.860.169/ 5.92

* Rates accurate up to 14 June 2018

Whenever you wish to send money overseas with PayPal, you can see the conversion rate that applies when you lodge your transaction. PayPal adjusts its rates frequently to stay in line with market conditions.

How much does it cost to transfer money with PayPal?

It’s free to sign up for a PayPal account. However, as well as exchange rates, you’ll also need to take fees into account when transferring funds. The fees which apply when you send money via PayPal depends on where your money is going and whether the transaction is funded from your PayPal balance, bank account or credit card. Fees are charged based on a percentage of the money you are transferring.

However, transfers between local HK to HK accounts are free.

Minimum transfer amount and available countries

As PayPal is widely used for small payments, the minimum you can transfer in HKD is $0.01. PayPal supports 25 currencies around the world.

PayPal is available in 203 countries, a list of which can be found on the company’s website. While no such list exists of countries excluded from PayPal international money transfers, you won’t be able to use PayPal to send money to places like Afghanistan, Burma, Cuba, Iran, Iraq, Syria or Sudan.

What types of transfers can you carry out with PayPal?

PayPal is designed to take care of one-off transfers when you need to send money to someone. While it is possible to set up regular scheduled transfers, this will incur a fee.

Other transfer options, such as forward contracts or limit orders, are not available. Your PayPal account is linked to your bank account, which is how you can access the funds you receive and withdraw them.

If you need customer support, PayPal has a well-organised Online Help Centre. However, you can also phone or email the company with any queries you may have.

How to transfer money from your bank account to PayPal

  1. Log into your PayPal account
  2. Click “Top up” under your PayPal balance
  3. Select the bank account you want to transfer from (you can choose to add multiple currency accounts), enter the amount to transfer and click “Add”.
  4. The expected clearing date is two to three business days depending your bank.

The registration and transfer process

Both you and your recipient will need a PayPal account, but these are quick, easy and free to sign up for. You’ll need to provide:

  • Your email address
  • Name
  • Date of birth
  • Phone number
  • Address
  • Linked bank account or credit card details

Once you’ve signed up and logged in, click on the “Send Payment” tab in your account overview. Enter the email address or phone number of the person you are sending money to, the amount you wish to send and the reason for the transaction. You’ll then be shown the fees and exchange rate which will apply, before being given the opportunity to review your transaction and then click “Send Payment”.

The entire process is relatively straightforward and the money typically arrives within minutes.

What are the pros and cons of using PayPal?

Pros

  • Better exchange rates than banks. PayPal’s exchange rates are typically a little better than those offered by major banks.
  • Fast. Your money arrives within minutes.
  • Secure. PayPal transactions are protected by state-of-the-art security technology.
  • Great for small transactions. PayPal’s fee structure is perfect for sending smaller amounts of money.

Cons

  • Exchange rates could be better. You’ll typically be able to find better exchange rates with money transfer companies.

What other products and services does PayPal offer?

PayPal offers a variety of products and services to customers, including:

  • Online shopping. You can use PayPal to checkout faster at tens of thousands of online and mobile stores.
  • Business solutions. PayPal allows business to accept payments from credit cards, debit cards, linked bank accounts and PayPal accounts online.

FAQs

How can I check my balance?

This can be easily done by logging into your account online or through the smartphone app.

What’s their refund/ dispute handling process?

PayPal has a detailed dispute resolution process in place to ensure that you can send money successfully.

Is PayPal suitable for small businesses?

Yes, it’s simple to open up a business account with PayPal.

This can be easily done by logging into your account online or through the smartphone app.

If you’re looking to transfer no more than a few-hundred dollars overseas, PayPal could be the best money transfer option for you. However, compare PayPal’s fees and exchange rates with those of banks and money transfer companies to ensure you end up with a great deal.

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