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Paypal currency issue

  • 09-03-2020 9:08pm
    #1
    Effects
    Registered Users, Registered Users 2 Posts: 9,760 ✭✭✭


    I'm having an issue with Paypal and seeing if anyone can help.

    I've got sterling in my Paypal account, that I wish to transfer to a sterling bank account.

    Paypal won't let me do this without exchanging to euro, which will then be exchanged back to sterling. So I'll get stung twice for bad exchange rates.

    Is there any way to get around this? It seems bonkers to have to exchange sterling to euro only to have it changed back to sterling.
    Post edited by whiterebel on


Comments

  • #2
    witnessmenow
    Registered Users, Registered Users 2 Posts: 7,198 ✭✭✭witnessmenow


    I've heard people have successfully rang Paypal to get accounts of a different currency added. Their exchange rate is awful too


  • #3
    Corvus Libros
    Registered Users, Registered Users 2 Posts: 98 ✭✭Corvus Libros


    I think it has to do with sending money across borders. If the PayPal account is in Ireland and the bank account is in the UK there's no way to transfer without fees, that I could find. My work-around was to open a new PayPal account with a UK address to take sterling payments (I used my Parcel Motel address). Then transfer that to Revolut so I can spend it in GBP without conversion. It's not a permanent solution because I think PayPal will have to verify residency to comply with money laundering laws.

    It's possible to open a sterling account in some Irish banks, but from what I've seen the account fees defeat the purpose.


  • #4
    evolveDD
    Banned (with Prison Access) Posts: 236 ✭✭evolveDD


    Yeah try and avoid paypal's exchange rate, they are extremely greedy or what ever. Insane difference compared to using my bank when purchasing things in GPB.


  • #5
    emil_uta
    Registered Users Posts: 1 ✭emil_uta


    o transfer sterling from your PayPal account to a UK bank account, you can follow these steps:

    1. Log in to your PayPal account
    2. Click on "Wallet"
    3. Click on "Transfer Money"
    4. Select "Transfer to your bank"
    5. Enter the amount you wish to transfer and select the bank account to transfer to
    6. Confirm the details and complete the transfer.

    Please note that PayPal may charge a fee for this service and it may take a few business days for the transfer to complete. It's also a good idea to check with your bank for any additional fees or processing times for incoming transfers.



  • #6
    whiterebel
    Moderators, Business & Finance Moderators, Sports Moderators Posts: 15,007 Mod ✭✭✭✭whiterebel


    3 year old thread. Locked.



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