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If you often find yourself waking up in one country and going to sleep in another, managing money across borders can be difficult. Repeatedly exchanging cash into foreign currencies can cost a lot in fees. Wise, a company focusing on “borderless banking,” makes managing money in multiple currencies a breeze. It’s also possible to do regular money transfers through the platform without setting up its borderless bank account. (Disclaimer: The author of this post had a TransferWise borderless bank account.) How it works: Setting up a borderless bank account with Wise is free, and each section of the bank account can be designated for a certain currency. For example, if you add a euro balance, the bank account comes with a SWIFT number, just as it would in Europe; if you add a GBP balance, that balance will have a sort code. The bank account can hold and manage more than 50 currencies. The debit card tied to your Wise account is a Mastercard, and funds can be added in a variety of ways. The account has the ability to convert currencies across balances (for a small fee), and withdrawing cash from a foreign ATM is about one-sixth the cost incurred with other debit cards, according to the company. Payment options: Direct debit, wire transfer, debit card, credit card, Apple Pay. Fees for payment options depend upon the currency being paid or converted to. Fees: $0 monthly account fee; converting currencies using your card is subject to a fee of at least 0.41%; ATM withdrawals of up to $100 per month are free, while anything over that is subject to a 2% fee. Speed: The time it takes to receive funds on the debit card depends on how they’re added—some are available within seconds. Transaction limits: There are no limits for how much you can receive and keep in all currencies other than USD. There is a $250,000 limit per transaction a day and a $1 million limit per year. 3 days Fastest Transfer Speed $1 Minimum Transfer Amount $10,000 Maximum Transfer Amount Details
Stacie Hurst is an editor at Finder, specializing in a wide range of topics including stock trading, money transfers, loans, banking products and online shopping. She has a Bachelor of Arts in Psychology and Writing, and she completed one year of law school in the United States before deciding to pursue a career in the publishing industry. When not working, Stacie can usually be found watching K-dramas or playing games like Among Us and skribbl.io with her friends. What is PayPal?PayPal is one of the leading payment solutions and money transfer service providers in the world with over 325 million accounts across 200+ countries. With PayPal, link multiple bank accounts and credit cards to a single, online account, from which you can pay for online and in-store purchases everywhere PayPal is accepted. You can also send money transfers across Canada and around the world though PayPal’s international money transfer service, Xoom. PayPal was formed in 2000 by the merger of Confinity, a US software company cofounded in 1998 by Peter Thiel, and X.com, an online bank cofounded in 1999 by Elon Musk. The company was acquired by eBay in 2002 for $1.5 billion but has been operating independently since 2015. How to send and receive money with PayPalSending and receiving money through PayPal is easy. Simply login to your account, select Pay & Get Paid and enter the details of your transfer.
PayPal fees and exchange ratesPayPal’s fee structure is transparent but complex. The cost of your transfer depends on the type of transfer, where you’re sending funds and your payment method. International money transfers come with additional fees. PayPal money transfer feesHow much does PayPal charge for international transactions? How much do PayPal transfers in the US cost? See how PayPal fees break down for personal (non-business) money transfers.
PayPal international money transfer exchange rateAs of April 2022, PayPal’s exchange rate markups generally ranged from 2.9 to 5% or more, depending on the currency.
PayPal commercial transaction feesWhen selling goods and services online through PayPal, the fees can vary based on the buyer’s payment method and currency. How to check PayPal’s exchange rates
PayPal transfers: Step by step
Pros and cons of PayPalPros
Cons
Compare PayPal to other money transfer servicesOur table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Want to compare PayPal to other services side-by-side?
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:
Case study: Katia's experience Katia Iervasi Writer I mostly use PayPal for online shopping. My account is connected to my Australian bank account and debit card, so I rely on PayPal when I’m shopping on my favorite Australian sites so I don’t have to worry about currency conversion. Thanks to its ironclad security, I also like using PayPal for eBay purchases or whenever I’m shopping on a site for the first time. I know that if I have any issues, PayPal’s team will step in to help me to recover my money — which they’ve done in the past. However, PayPal’s fees and charges can seriously stack up, especially if I opt to pay with my card. For that reason, I still turn to trusty Wise whenever I need to send money to and from Australia and my adopted home in the US. I like Wise’s interface better, too. How do I contact PayPal?There are multiple ways to get help if you have questions or need help with your account or transactions. Visit the Contact section of PayPal’s website, or login to your account and click Help at the top of the page to access your options.
Other PayPal servicesPayPal has more to offer than just money transfer services. Check out these other features and services for managing personal and business funds. Personal products
Business services
Finder’s review of PayPalMust read: Our experience transferring money with PayPalHere’s what we found when we sent live transfers to Mexico and France through the digital wallet PayPal.
Bottom linePayPal is great for fee-free direct domestic transfers to other PayPal accounts. But international transfers come with a complicated fee structure that drives the cost up the more your send. You can probably cut the cost of sending money overseas with other online money transfer services. That being said, PayPal’s extensive range of products and services to help individuals and business owners manage their money is impressive. Alternatives to PayPal Frequently asked questions
PayPal transfers between PayPal accounts are instant, but transferring to your bank account can take up to one business day. Sending money internationally through PayPal can take three to five business days.
PayPal money transfers must be at least $1 and are capped at $10,000.
Sending money to places outside the United States will incur a fee that varies based on how much you send, the destination country and your payment method.
To send a PayPal international money transfer, you need your recipient’s email address or mobile number and details about the amount and currency you wish to send.
PayPal uses industry-standard data encryption methods to protect your personal and financial information from being stolen. Humans and digital technology monitor the platform 24/7 to detect and prevent fraud. Buyers and sellers who use PayPal as a payment method can use the dispute resolution center to handle disagreements.
Founded in 2001, Xoom is a money transfer service provider acquired by PayPal in 2015. Xoom supports money transfers to over 160 countries around the world. Customers can send funds directly to bank accounts, for cash pickup or for delivery to recipients’ doors — where this service is offered. Find out more about Xoom in our review.
Is PayPal a good way to transfer money internationally?Yes, PayPal offers competitive exchange rates for international money transfers. In fact, they often offer better exchange rates than traditional banks or currency exchange services. Additionally, PayPal offers low fees and fast transfer times for international transactions.
How long does PayPal take to process a transfer?Standard transfer – 1-3 days. Instant transfer to bank account – up to 30 mins. Instant transfer to debit card – up to 30 mins.
How long do international transfers typically take?How long do international payments take? International bank transfers usually take one or two days but can take as long as five depending on the currency. For example, US dollars and euros are normally quicker than weaker currencies.
How long does it take for PayPal to send money to another PayPal account?A PayPal to PayPal transfer usually are instantaneous, but it sole depends on how the sender of the payment funds it. If it's funded by eCheck it can take 5-7 working days for clearance. But other than that so long as the payment passes security risks you should be good.
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How long do international paypal transfers take
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