Send money abroad with PayPal international money transfers.
The world leader in quick and easy online purchase payment solutions, PayPal also allows its customers to transfer money overseas. With fast transfer speeds, more than 25 supported currencies and a presence in over 200 countries and territories, PayPal offers a simple and cost-effective solution when you need to transfer money across international borders.
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.
How can you send money overseas with PayPal?
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.
Pros and cons of using Paypal
- 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 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 competitors. PayPal’s currency exchange rates start at 2.5%.
- PayPal accounts. Both you and your recipient will need to have PayPal accounts.
What other products does PayPal offer?
PayPal also offers:
- Online shopping solutions. Purchase a huge range of goods and services online using your PayPal account.
- Nationwide transfers. PayPal offers free transfers to friends and family within the US when the transaction is funded using your PayPal balance or bank account.
- In-store payments. You can use PayPal’s app like a wallet when you shop in-store, saving you time at checkout.
- Business solutions. You can invoice customers or clients directly from your PayPal, so they can pay directly into your account with credit or debit card. Business merchants with PayPal accounts can accept credit cards and PayPal payments on their website.
- PayPal.me. You can send your friends and family a custom link to your PayPal account so they can easily send you money anytime.
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.
Frequently asked questions
Does my recipient need a PayPal account?
Yes. If your recipient does not yet have an account, PayPal will notify the recipient with instructions on how to set one up.
How can I track the progress of my transfer?
Simply log into your PayPal account and click on the “Account Activity” tab to check on the progress of recent transactions.
Does there need to be money in my PayPal account in order for me to send funds?
Not necessarily. You can also fund international money transfers from your linked bank account, credit card or debit card. Be aware that using a credit or debit card can incur additional fees.
What credit cards and debit cards does PayPal accept?
PayPal accepts MasterCard, Visa, Discover and American Express cards.
Can I convert my PayPal balance to another currency?
Yes. To do so, login to your account and click the “PayPal” tab to take you to your account overview. Click “PayPal balance.” When that window pops up, click “Manage Currencies.” Select your currency, enter the amount you would like to convert and the currency to which you will transfer it. Click “Calculate.” This is a good time to check the exchange rate PayPal is offering you with the actual exchange rate. If you want to proceed with the conversion, click “Continue.”
Is it possible to cancel a payment that I’ve already sent?
Yes, this can be done if the payment status is listed as ‘Unclaimed’ in the ‘Activity’ section of your PayPal account.
How do I start an international money transfer with PayPal?
All you have to do is login to your account and click ‘Send Money’ then follow the prompts.