PayPal for international transfers [REVIEW] | Finder Singapore
GoBear is now part of Finder

Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

PayPal international money transfers

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

This product is not currently available via Finder. Visit the provider's website directly, or compare other options.

What is PayPal?

PayPal is a digital payment system that can be used by both individuals and businesses to send and receive payments through the internet without having to share personal data. Although PayPal has long been associated as being the primary payment system for eBay, PayPal has since separated itself and expanded to offer global services that include money transfers, international payments and more.

How does PayPal work?

PayPal works similar to a bank account, in that it allows you to send, receive and store money digitally. PayPal integrates with many online merchants to make shopping online more seamless and private, and users can see a full history of transactions in their PayPal account history. Overall, PayPal can be used in a lot of the same places you’d shop with a credit or debit card.

Why should I consider PayPal?

  • Fast transfers to other PayPal users. Transfers direct from one PayPal account to another are almost always instant.
  • Security. PayPal monitors all transactions for fraud, uses industry-standard encryption and has many dispute resolution options. Additionally, AI systems add to PayPal’s resiliency against fraudulent transactions.
  • Worldwide network. PayPal is available in more than 200 countries around the world, but you’ll be limited to the 20+ currencies that PayPal supports.

What should I be aware of with PayPal?

  • Expensive international transfers. You face a layer of fees that vary by method, amount and country.
  • Weak exchange rates. When sending money to foreign currencies you’ll be forced to accept an exchange rate below the mid-market rate.
  • Fees when using credit and debit cards. Expect yet more fees if your plan to fund your transaction with plastic, rather than your PayPal account or a linked bank account.
  • Extra steps when receiving money. When someone pays you on PayPal you have to manually go into your account and request a bank payout — further increasing the time it takes for that money to hit your bank account.

Must read: Our experience transferring money with PayPal

Here’s what we found when we sent live transfers to Mexico and France through the digital wallet PayPal.

  • While PayPal offered accurate delivery estimates, it took three days for our recipient to transfer money from their PayPal account to a French bank.
  • PayPal offered exchange rates that were 2.7% above the mid-market rate on average, with rates updated multiple times a day.
  • PayPal’s easy-to-use website allowed us to sign up and initiate a transfer in under 4 minutes.

Compare money transfer services now

PayPal’s exchange rates and fees explained

PayPal international transfer fees depend on where you’re sending money to, how you’re sending it and how you plan to fund it. For international deliveries you face layers of fees that include flat rates and percentages of your transaction amount. PayPal does not have any hidden fees, but its fee structure is complex to say the least. When using PayPal, pay close attention to fees and exchange rates to avoid feeling like hidden fees snuck up on you.

PayPal fees in SGD

It’s free to sign up for a PayPal account. For buyers, there are no fees when you make a purchase in Singapore. If you make a purchase from an overseas merchant, a small currency conversion fee may apply. For merchants, transaction fees are capped at 3.9% + $0.50 SGD per sale, or lower. You can also send or request payment from anyone with an email address or mobile number.

PayPal fees for sending money

There’s no transaction fee when you send payments with PayPal. If you send a payment overseas in a different currency, you’ll incur a small conversion fee.

Paypal feesAmount
Basic feeNone
Currency conversion fees (for international transfers)Varies between 3% and 4%, depending on country and currency

PayPal seller fees

When selling goods and services through PayPal, these are the fees you’ll have to pay based on what country the PayPal account of the person buying from you comes from.

Sale occurs:Buyer’s PayPal account is from:Fee
OnlineWithin Singapore3.9% of the transaction amount + $0.50
OnlineOutside of Singapore4.4% of the transaction amount + a fixed fee based on the currency.

Fixed fee based on currency received

CurrencyFee
Australian dollar0.30 AUD
Brazilian real0.60 BRL
Canadian dollar0.30 CAD
Czech koruna10 CZK
Danish krone2.60 DKK
Euro0.35 EUR
Hong Kong dollar2.35 HKD
Hungarian forint90 HUF
Israeli shekel1.20 ILS
Japanese yen40 JPY
Malaysian ringgit2.00 MYR
Mexican peso4.00 MXN
CurrencyFee
New Zealand dollar0.45 NZD
Norwegian krone2.80 NOK
Philippine peso15 PHP
Polish zloty1.35 PLN
Russian ruble10 RUB
Singapore dollar0.50 SGD
Swedish krona3.25 SEK
Swiss franc0.55 CHF
Taiwan new dollar10 TWD
Thai baht11 THB
UK pounds sterling0.20 GBP
US dollar0.30 USD

PayPal’s exchange rates

When we checked on 28 August 2020, PayPal’s exchange rate markups were anywhere from 3 – 4% or more, depending on the currency.

1 SGD =Mid-market ratePayPal’s markup
AUD0.97221.00613.37%
CAD0.92850.96063.34%
EUR0.59550.61793.63%
GBP0.53350.55313.54%
USD0.70860.73373.42%
PHP34.414935.55483.20%

How to check PayPal’s exchange rates:

  1. Log in to your PayPal account.
  2. Click Wallet, which should be near the top of your screen.
  3. Click Currencies Calculator, which is under your PayPal balance.
  4. Select the currencies you want to convert to see rates.

Compare PayPal to other money transfer services

Most other services that send money overseas will be able to offer you a better exchange rate than PayPal. Check out the table below to see what your transfer could look like with another company.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
SGD 0 Same day SGD 4.99 0.746 USD
7,454
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
SGD 250 1 day SGD 0.00 0.751 USD
7,510
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
SGD 2,000 1 day SGD 0.00 0.751 USD
7,510
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Go to site Show details
SGD 1 Same day SGD 3.99 0.751 USD
7,503
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
SGD 250 1 day SGD 0.00 0.751 USD
7,510
Send guarantees to match any competitor's exchange rate. T&Cs apply.
Send has fee-free transfers in 30+ currencies to over 200 countries.
Go to site Show details
SGD 1 1 - 2 days SGD 45.00 0.754 USD
7,506
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details
SGD 5 1 - 2 days SGD 3.00 0.75 USD
7,497
Special offer: Zero fees on your first 10 transfers.
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Go to site Show details
SGD 1 1 day SGD 43.00 0.754 USD
7,508
Pay no fees on your first two transfers, up to S$3000.
SingX offers the real exchange rate every time you make a transfer and can help you send money across the world.
Go to site Show details
SGD 200 2 days SGD 50.00 0.748 USD
7,443
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers. Zero-margin rates on some currencies. Go to site Show details

Compare up to 4 providers

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

How to use PayPal

One of the most popular uses for PayPal is to send and receive money online. Whether you’re sending this money to businesses or friends, the process is similar. In general you’ll have to create your account, add money to it and then choose who to send it money to. Here are the steps:

Making a PayPal account

Creating a PayPal account can be done for free and with little verification needed. To begin, follow these steps:

  1. Visit PayPal’s website and click Sign Up for Free.
  2. Next, you’ll be prompted to choose between a Personal Account and a Business Account. Chances are you want a personal account — if you’re signing up your business account, head on over to our PayPal for Business page for more information.
  3. Enter your name, email and a password then click Next.
  4. You’ll then be asked for your address and phone number — these help PayPal confirm you’re a real person.
  5. Now you’re ready to add money to your PayPal account.

Once your account is created you can start receiving money right away, but you’ll have to add a payment method and bank account if you want to withdraw funds.

Adding money to PayPal

To add money to a PayPal account from your computer:

  1. Visit PayPal’s website and login.
  2. Click Wallet at the top of the screen.
  3. Click Transfer Money, and then select Add money to your balance, which is under Money in.
  4. Choose your preferred bank account, enter the amount to transfer and click Add.

Transfers from your bank account into your PayPal balance typically take 3-5 business days and incur no PayPal fees. However, it is always worth double checking with your bank account beforehand to make sure your bank won’t charge any fees.

How to send money through PayPal

Money can be sent both domestically and internationally with PayPal. Different fees may apply depending on who you are transferring to, the purpose of the transfer and what country they live in. In general, to send a domestic PayPal transfer:

  1. Log in to your account and click Send & Request.
  2. Enter your recipient’s phone number or email address, the amount you want to send and a description of the transfer.
  3. Review the total cost for your transaction, including transfer fees, your payment method and possible fees depending on transfer destination and speed.
  4. Click Send Payment Now if you’re ready to transfer your funds.

How to receive money on PayPal

Money can be sent to your PayPal account through your connected email address or mobile number, so be sure you provide the person paying you with the correct information. Once they’ve paid you, PayPal will send you an email, a text message or both to let you know there is money in your account.

There are a few ways you can withdraw money from your PayPal account:

  • Leave the money in your balance. If you plan on spending money on PayPal soon, leaving some money in your PayPal balance is a way to cover future PayPal expenses.
  • Request a check. PayPal will send you a check by mail if you select this option, but fees may apply.
  • Transfer money from PayPal to bank account. To transfer to your bank account, click the Transfer to your bank button after you accept the money. You’ll have two options when transferring to your bank account: standard transfer and instant transfer.

Is PayPal safe?

PayPal takes many measures to keep your money and transactions safe and secure, but how you use PayPal still factors into whether or not it is safe for you to use. PayPal helps keep you and your money safe by:

  • Protecting your sensitive information. PayPal doesn’t share your full financial information with sellers, which may help protect you from identity theft.
  • Monitoring transactions 24/7. Both humans and algorithms monitor PayPal transactions to spot fraud.
  • Encrypting your data. PayPal uses bank-level encryption, including SSL 3.0 with an encryption key length of 168 bits.
  • Offering fraud prevention. PayPal will never contact you asking for sensitive information by email or telephone — always contact PayPal if anything about your account history seems suspicious.
  • Providing dispute resolution. PayPal will help resolve disputes between buyers and sellers when PayPal is used as the payment method.

What PayPal reviews look like

Reviews accurate as of 28 August 2020.

Trustpilot score1 out of 5, based on 12,469 customer reviews

PayPal is a massive global company that has millions of daily users. When investigating the negative reviews on Trustpilot we saw a trend of customers complaints focused on poor customer service and extremely long wait times on both phone and chat support. To avoid some of these issues, always be sure to read existing reviews on a buyer before making a purchase. Also, thoroughly read PayPal’s buyer protection fine print to fully understand what is and isn’t covered before relying on it to guarantee you a refund.

Is there a PayPal app?

PayPal app screenshot

PayPal has an app on both Google Play and the App Store. The app can be used to:
  • Send money to loved ones. Send money to friends and family in Singapore using your PayPal balance or bank account for free.
  • Log in using biometrics. Both face and fingerprint recognition can be used to log in.
  • Manage your PayPal balance. Move money between your PayPal balance and your bank account on the go.
  • Send money around the world. Send money internationally through PayPal.

PayPal app reviews

Reviews accurate as of 28 August 2020
Google Play Store4.4 out of 5, based on 1,518,171 customer reviews
Apple App Store4.7 out of 5, based on 4,200 customer reviews

More on the best money transfer apps

What other products does PayPal offer?

PayPal can help you or your business beyond moving money worldwide or supporting your e-commerce business.

Personal products
  • Online shopping. Sign up for an account to pay for purchases at digital retailers without pulling out your credit or debit card. You can also donate to a series of charities or fund a gaming hobby directly from your account.
  • Mobile wallet. Use PayPal’s mobile wallet app to pay for in-store purchases at a growing list of brick-and-mortar retailers.
Business services
  • PayPal Ventures. The company invests in fintech startups and other early-stage companies looking for a lift off the ground.
  • Digital loans. Your PayPal business accounts grants you access to flexible business for a fixed fee with no credit check.
  • Card processing. Add a PayPal button to your e-commerce site to accept debit and credit cards and simplify your accounting.
  • Mobile card reader. Use your phone or tablet for on-the-go payments to your business through PayPal’s mobile card reader.

Bottom line

PayPal is a strong solution for fee-free direct domestic transfers to other PayPal accounts. But international transfers come with a complicated fee structure you’re likely better off avoiding with a money transfer specialist offering lower fees and stronger rates — especially on large transfers.

Frequently asked questions

How can I check my PayPal balance?

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.

How does PayPal compare to other services?

How long do PayPal transfers take?

PayPal transfers between PayPal accounts are instant, but transferring to your bank account may take anywhere from 1-5 business days or more. Consider using an instant transfer if you need the money immediately.
Back to top

More guides on Finder

Go to site