How to receive money internationally

[js487]

So my brother (here in Southern California) has a business partner in New South Wales, Australia - they buy & rebuild vintage motorcycles. Right now sending money to each other is difficult with the exchange rate and fees that come with doing western union money transfers. Could they be doing this thru PayPal? The only thing they're worried about would be how long are the holds and what would the fees be? It's usually $10k-$15k being transferred. I assume the holds would be similar to a bank around 3-5 business days?

[Whac-A-Mole]

if they use Paypal to pass money back and forth under goods and services,Paypal charges a fee-30 cents transaction and 4.4% cross border fee .

currency conversion is 3%.

but we are also allowed to keep foreign currency in our Paypal account without converting to our local currency,say your brother receives Aussie dollars and keep them as such,he will see a separate balance in his Paypal account,ditto with his Aussie partner holding  US dollars.

Paypal may review the payment ,so there could be a delay.

I think for that kind of money,it is better to do it outside Paypal as 4.4% is pretty steep for the size of the transaction.

Online intl wiretransfer for me with Bank of American is $45 if I am buying foreign currency from them or $55 if not.

check to make sure the receiving bank charges an incoming wire fee.

the foreign exchange rate you will get from Paypal is the wholesale rate  for that day ,you have to compare with bank rate,which is real time

[Whac-A-Mole]

wow,4.4% of $10,000 is 440 dollars.