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Cheapest way to get Foreign currency out of paypal A/C

  • 10-06-2018 07:01PM
    #1
    somefeen
    Registered Users, Registered Users 2 Posts: 1,656 ✭✭✭


    Hello
    I hope you guy can help me out with this.

    I normally get clients to pay me via bank transfer and there is usually no problem.
    Someone recently asked if they could pay via paypal and I sent them my Paypal details.
    I forgot that I set up the business paypal when I lived in the UK. I can't link an Irish bank account to it to get the money out. I still have my UK bank account but by time it gets sent there via paypal, and then I pay the currency exchange and card fee for withdrawing it here I think it will add up to a fair chunk of cash.

    I've considered setting up another irish based paypal account and transfering it between the two but I reckon I'll get hammered on fees that way to.

    TLDR. I've got several hundred USD in a UK paypal account and I want to get at it without costing me a fortune.

    Thanks


Comments

  • #2
    CeilingFly
    Closed Accounts Posts: 3,369 ✭✭✭CeilingFly


    Paypal to your bank account is usually next day now - so withdraw now and it will be in your account tomorrow.

    Paypal exchange fees are about 3.5%-4% off mid rate no matter what way you do it.

    If you withdraw in euro from your UK bank account you'll be charge close to the mid rate + whatever currency fee your bank charges (aib = 1.75%) and in some cases a cash withdrawal fee will apply depending on the bank.

    So one way or the other, the transaction will cost about 6%

    But the good news is you should be able to withdraw it from an atm within 24 hours of doing the Paypal transfer.


  • #3
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 27,018 ✭✭✭✭Mrs OBumble


    Use transferwise or currencyFair from your UK to ROI bank account?


  • #4
    pedroeibar1
    Closed Accounts Posts: 5,105 ✭✭✭pedroeibar1


    somefeen wrote: »
    TLDR. I've got several hundred USD in a UK paypal account and I want to get at it without costing me a fortune.

    Thanks
    You have a secure method of payment and now have several hundred euro is in an account (let’s be generous and call it a grand). So the difference is going to be about 3 – 5% on top of standard between cheapest and best rates, or, on average, €40. And this is a serious issue for you?


  • #5
    mneylon
    Registered Users, Registered Users 2 Posts: 7,742 ✭✭✭mneylon


    You should be able to update your Paypal account to use your Irish address etc.,

    I'd be very surprised if you couldn't

    Blog | Tweets



  • #6
    somefeen
    Registered Users, Registered Users 2 Posts: 1,656 ✭✭✭somefeen


    Blacknight wrote: »
    You should be able to update your Paypal account to use your Irish address etc.,

    I'd be very surprised if you couldn't

    I tried but I couldn't. Seems I'm not the only one with that complaint.
    Absolute arse of a company to be honest.
    In the end I just setup a new account in Ireland and transferred the money to there.
    Turns out they now feel entitled to hold onto the money for 21 days.
    Between that and their fees I'm really started to question what value I'm actually getting from them.


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  • #7
    CeilingFly
    Closed Accounts Posts: 3,369 ✭✭✭CeilingFly


    somefeen wrote: »
    Absolute arse of a company to be honest.
    .
    Multi billion dollar company, but you do need to understand that they are bound by financial regulation.

    You have a paypal UK account - and it operate under UK financial rules.

    You also have a Paypal Ireland account. It operates under Central bank of Ireland rules.

    Similarly if you had an account with Bank of Ireland GB ltd, you can't just request that they change it to an Irish account.


    Its all in their terms and conditions - but people tend to "forget" to read what they are agreeing to and then complain afterwards.

    If everyone read terms and conditions, there'd be an awful lot less complaining


  • #8
    listermint
    Registered Users, Registered Users 2, Paid Member Posts: 34,900 ✭✭✭✭listermint


    somefeen wrote: »
    Hello
    I hope you guy can help me out with this.

    I normally get clients to pay me via bank transfer and there is usually no problem.
    Someone recently asked if they could pay via paypal and I sent them my Paypal details.
    I forgot that I set up the business paypal when I lived in the UK. I can't link an Irish bank account to it to get the money out. I still have my UK bank account but by time it gets sent there via paypal, and then I pay the currency exchange and card fee for withdrawing it here I think it will add up to a fair chunk of cash.

    I've considered setting up another irish based paypal account and transfering it between the two but I reckon I'll get hammered on fees that way to.

    TLDR. I've got several hundred USD in a UK paypal account and I want to get at it without costing me a fortune.

    Thanks

    Transfer from UK Paypal to UK bank account

    Then use currencyfair to send from UK bank account to Irish one, that would prob be the cleanest and cheapest way.


    Alternatively Open a Revolut account. (great service btw) which comes with a UK bank account, transfer from paypal into that and you can spend the money straight away via the Revolut card or move between currencies instantly.


  • #9
    somefeen
    Registered Users, Registered Users 2 Posts: 1,656 ✭✭✭somefeen


    CeilingFly wrote: »
    Multi billion dollar company, but you do need to understand that they are bound by financial regulation.

    You have a paypal UK account - and it operate under UK financial rules.

    You also have a Paypal Ireland account. It operates under Central bank of Ireland rules.

    Similarly if you had an account with Bank of Ireland GB ltd, you can't just request that they change it to an Irish account.


    Its all in their terms and conditions - but people tend to "forget" to read what they are agreeing to and then complain afterwards.

    If everyone read terms and conditions, there'd be an awful lot less complaining

    No I'd still be complaining. Won't be using them anymore.
    Gonna see if there's an alternative more suited to what I do.


  • #10
    Fionn101
    Registered Users, Registered Users 2 Posts: 719 ✭✭✭Fionn101


    somefeen wrote: »
    No I'd still be complaining. Won't be using them anymore.
    Gonna see if there's an alternative more suited to what I do.

    https://www.rte.ie/radio1/liveline/
    You can email the programme at any time to joe@rte.ie, call the office at 01 208 3263


  • #11
    lastusername
    Registered Users, Registered Users 2 Posts: 338 ✭✭lastusername


    UK PayPal account will sit on the UK entity. PayPal are way too expensive, I've moved to Payoneer for my transfers. 2% conversion rate instead of PayPal's 3.5%+!


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  • #12
    pedroeibar1
    Closed Accounts Posts: 5,105 ✭✭✭pedroeibar1


    Fionn101 wrote: »
    https://www.rte.ie/radio1/liveline/
    You can email the programme at any time to joe@rte.ie, call the office at 01 208 3263


    :D:D Ye see Joe I’m been screwed by this big company that won’t do what I want and they talk about AML stuff and regulators and rules and want to charge me for stuff and I’m only a little guy and they’re huge and have been around for 20 years and have offices in more than 200 countries and have 237 million active, registered accounts but Joe they won’t change their system to suit me and do what I want and It’s going to cost me €40 euro.


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