Take advantage of quick and easy international money transfers when you send funds overseas using PayPal
If you’ve ever indulged in online shopping, you most likely have come across PayPal, which offers fast and secure payment services for online purchases. What you might not realize, however, is that PayPal also offers you a fast and easy alternative when you need to transfer money overseas.
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 to a long list of destinations around the world.
|Product Name||Paypal International Money Transfers|
|Min. Transfer Amount||GBP 1|
|Max. Transfer Amount||GBP 1,000,000|
|Transfer Methods||Online, Phone, Agent, Cash Transfer|
Minimum transfer time
|Customer Service||Phone, Email, Branch|
|Available Currencies||AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, INR, JPY, MXN, NOK, NZD, PLN, SEK, SGD, USD|
|Exchange Rate Updates||Real time|
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PayPal 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. 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.
To view PayPal’s current exchange rates, log in to your account, click Profile and then click My Money. Next, click Currencies, enter the relevant information under the Currency Exchange, and click Calculate. You’ll see the resulting exchange rate before initiating your money transfer.
How much does it cost to transfer money with PayPal?
PayPal allows you to send money inside the UK for free. But when you send money outside the UK, you’ll pay a fee equivalent to 0.3% to 2.0% of your transaction if it is funded by your bank account or PayPal balance. If you pay via credit or debit card, the fee is 3.4% of the transaction amount, plus 20p.
If currency conversion is involved, you will have to pay a fee for that, depending on which country you are sending money to.
Shopping for an alternative? Compare these services to PayPal for sending money to someone.
Minimum transfer amount and available currencies
Verified account holders can send from £0.01 to up to £10,000 in a single transaction.
PayPal is available in 203 countries, a full list of which is available on the PayPal website, although the following countries: India, Afghanistan, Cuba, Iran, Iraq, Syria and Sudan are excluded from this list, meaning you are unable to send funds to these destinations.
Overall, PayPal users can withdraw funds to their bank accounts in 57 currencies and hold a balance in their account in 26 currencies.
PayPal allows its customers to transfer the following currencies overseas:
What types of transfers can you carry out with PayPal?
PayPal does not 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.
The registration and transfer process
To send money using PayPal, you’ll need to sign up for a free PayPal account by entering your name, email address, residential address and mobile number. You’ll also need to link your credit or debit card or bank account to your PayPal profile.
To transfer money, log in to your PayPal account. Enter your recipient’s email address and phone number. Next, enter the amount you wish to send in your desired currency, and review the fees and exchange rates that apply to your transaction. Once you’re satisfied with the details, confirm to send money to your recipient.
To track every stage of your transaction’s process, log in to your PayPal account and view Account Activity.
If something goes wrong or you have a question, PayPal offers a useful online Help Center with answers to many frequently asked questions. Customer service options do not include the convenience of live chat, but you can call or email PayPal for individual support. Or ask a question of fellow PayPal users in the Community Help Forum.
Pros and cons of using PayPal
- 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.
- Secure. PayPal is a trusted provider of digital payments and has a range of procedures and technological safeguards in place to prevent fraud.
- Not ideal for larger transfers. With fees that are based on a percentage of your transfer amount, PayPal may not be your best option when transferring large amounts.
- Users rate PayPal one star on Trustpilot. Out of nearly 3,000 reviews.
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Frequently asked questions about PayPal
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.