The mid-market rate is the only real exchange rate - it’s what you’ll find on Google, and the one that banks use to trade money on global financial markets. Exchange rates change all the time, but you can see the exchange rate that PayPal is offering you for your transfer, by logging into your PayPal account. It’s the same rate you can find if you google USD (US dollars) along with the other currency involved in your international transfer. You can see this if you compare the PayPal exchange rate with the mid-market rate, sometimes called wholesale, spot, or interbank rate. What that means, is that PayPal takes the exchange rate they get from a third party, and adds their conversion spread. If you’re sending money internationally, you’ll also find that you pay a currency conversion spread of 4.00%¹, which is added onto the wholesale exchange rate. PayPal charges international transfer fees, but that’s not all you need to know about. PayPal conversion rate vs bank exchange rates If you need to make a business transfer, the Wise Business account is even up to 19x cheaper than PayPal for business use. 💡 Find out all you need to know about PayPal’s international transfer fees for the US - and how best to avoid them. Sending money using your Paypal balance or bank account See the PayPal most important international transfer fees on this table: The international transfer fee is on top of the domestic transfer fee, which in case of card transfers is 2.90%+ a fixed fee based on the received currency.¹ The fee in this case can range from $0.99-$4.99.¹
Paypal send money free#
It’s free to send money within the US and Canada to friends and family (except for card transfers).īut if you want to send cash to another country using either your PayPal balance, a linked bank account, or card it’ll cost you 5.00% of the transaction amount. The international transfer fees you’ll be charged depend on where you’re sending money to - and how you fund the transfer. When you arrange an international transfer with PayPal, from a PayPal account based in the USA, you need to understand both the fee structure, and the currency conversion rate applied. Check out the fees section of PayPal’s local website, wherever you are, for more details. And if you’re going to send money abroad with PayPal, then it pays to know a little about the fees and charges you’ll encounter along the way.Īll the fees and charges discussed here relate to a PayPal USA account - if you’re based elsewhere in the world, the costs might be slightly different. Yes, PayPal can be a useful tool for sending money internationally. Let's say you want to send money abroad – and you’ve been wondering: is PayPal international? Where you can manage and send dozens of currencies, all from the same account. Oh, and while you’re at it, check out Wise’s borderless multi-currency account. Which means you can save up to 6x by using Wise vs your bank when you send your money abroad. Its smart new technology skips hefty international transfer fees by connecting local bank accounts all around the world. A lot.īanks and money transfer providers often give you a bad exchange rate to make extra profits. Sending money abroad? Wise could save you.
Paypal send money how to#
How to make an international transfer with PayPal: Step-by-step.PayPal conversion rate vs bank exchange rates.
If you’re considering sending money abroad using your PayPal account, there are a few things you need to know about how to set up your international money transfer. Today, you can use your PayPal account to shop online, receive payments if you’re a freelancer or entrepreneur, and send cash to family and friends. Since launching close on 20 years ago, PayPal has played a big role in transforming ecommerce. Travelling to Australia Austria Bangladesh Belgium Brazil Bulgaria Canada Chile China Colombia Croatia Cyprus Czech Republic Denmark Egypt Estonia Finland France Georgia Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Kenya Latvia Liechtenstein Lithuania Luxembourg Malaysia Malta Mexico Monaco Morocco Nepal Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Romania Russia San Marino Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Thailand Turkey Ukraine Vietnam The UAE The UK The US.Life in Australia Austria Belgium Brazil Canada China Croatia Cyprus Czech Republic Denmark Finland France Germany Greece Hong Kong India Indonesia Ireland Israel Italy Japan Luxembourg Malaysia Malta Mexico Netherlands New Zealand Nigeria Norway Pakistan Peru Philippines Poland Portugal Russia Singapore South Africa South Korea Spain Sweden Switzerland Thailand Vietnam The UAE The UK The US.
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