PayPal offers personal and business financial solutions to its customers.
International money transfers. Send money overseas with PayPal’s Xoom money transfer service. Recipients can get cash in hand or have it deposited directly to their bank account. And they don’t need a PayPal account. Or send money to friends and loved one overseas from your PayPal account.
Pay for purchases. Once you create an account and add a payment method, save time by making payments without pulling out your credit or debit card.
Access credit. Take advantage of PayPal Credit and purchase goods now and pay for them later. Please be aware that interest will be charged to your account from the posting date (which is usually within a few days of the purchase date) if the purchase balance is not paid in full within 6 months.
Pay with your mobile wallet. Pay for your purchase in stores with PayPal’s mobile wallet app. Pay with PayPal without even taking out your wallet.
Make eBay payments. Pay for your purchase on eBay with your PayPal account and rest assured your purchase is protected with PayPal’s Purchase Protection feature.
Merchant services. With a PayPal business account you can accept payments on your website or app, in person or in your store, or by email or phone.
Borrow for your business. A PayPal business loan allows you to get funding within minutes while paying one affordable fixed fee. They also offer flexible payments and no credit check.
Credit card processing. Accept debit and credit cards by adding the PayPal button to your site, and simplify accounting while saving money in the process.
Mobile card reader. Use your phone or tablet while on the go to accept payments with PayPal’s mobile card reader.
Point of sale solutions. PayPal offers a range of solutions for accepting payments. Choose a full POS solution with their PayPal Chip Card Reader setup, or try the PayPal Here app to accept payments.
How can I use PayPal to send money overseas?
It’s quick and easy to send money overseas with PayPal. If you don’t already have one, you need to sign up for a PayPal account 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
Once you’ve signed up, you can use your PayPal account to purchase a range of goods and services online, and you can also start transferring money overseas. To make a transfer, simply log into your account and click on the “Send Money” tab. Your recipient will also need to have a PayPal account. Next, enter your recipient’s phone number or email address, the amount you want to send and a description of the transfer. PayPal will give you a total cost for the transaction, including transfer fees and currency exchange rate, when applicable. Review this information and click “Send Money” if you are ready to transfer your funds. From start to finish, the whole PayPal international money transfer process takes just a few minutes. 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.
See how other transfer providers compare to PayPal
Pros and cons of using PayPal for an international money transfer
- 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.
- Great for small transfers. PayPal’s fees are based on how much money you are sending. If you are sending a small amount, its fees are very reasonable.
- Customer service. There are several customer service options available if you need help with a transaction.
- 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 will be exchanging your currency for another 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%.
- PayPal accounts. Both you and your recipient will need to have PayPal accounts.
If you need to send funds to someone overseas, PayPal’s international money transfer option is worth considering. Just make sure you compare its features, fees and exchange rates with those of other money transfer providers before you choose the option that’s right for you.
What is PayPal?
Established in 1998, PayPal is a leading global provider of digital payments. Processing around 12.5 million payments every day, PayPal boasts a massive customer base, with over 165 million active accounts worldwide. PayPal offers a secure payments system for online, in-store and mobile use. Previously owned by eBay, PayPal separated from its parent company in July 2015 to become an independent, publicly-traded company listed on the NASDAQ stock exchange. From its San Jose, California, headquarters, PayPal processed around 4 billion payments, resulting in over $8 billion in revenue in 2014 alone. People in 202 countries around the world can use PayPal in 25 currencies.
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