Transfer USD paypal funds to USD account in UK

[idh]

Hi,

Not sure if anyone in this forum will know the answer to this.

But we are UK business with both a GBP bank account and a USD bank account. The USD is a foreign currency account, but still has an account number and sort code for UK.

With our paypal account, we also have two currencies. Previously we have been transfering all our paypal funds both USD and GBP funds to our GBP bank account. But ideally what we want to do is create a USD bank account, and transfer the USD papal funds to our USD bank account.

Is this possible?

[PayPal_david]

Hi there Idh,

Welcome to the Community!

Customer's can only withdraw money from their PayPal account to a local bank account in their local currency.

Even though this bank account is registered in the UK and the currency is in USD, you won't be able to withdraw the money from your UK PayPal account.

You will need to transfer the money to GBP before you will be able to withdraw the money from your PayPal account to your bank account. This can be done by going to Profile, then My Money and then click Currency Balances.

Please let me know if there is anything else you need.

David.

[harvestfest]

I have a follow up question: if I don't want to do the USD to GBP conversion, can I transfer the money in USD to my USD account in the United States? Will there be any fees?

thank you

[jacquima]

Hi there

I have customers in the USA who are paying in USD and i have a UK foreign currency account in USD? why can't i just keep the USD and deposit it directly into my USD account in the UK?

If i do want to transfer it to this account am i effectively converting the money from USD to £ and then back to USD? 

i do believe this should be possible. it would be great to get an answer about this from paypal.

Otherwise i should have just got my international clients to pay via another method- bank transfer or credit card as there was alreayd a significant fee whacked on.

thanks

jacqui

[sheeptest]

Hi Jacqui,

Yep, you just got shafted by PayPal. I've spent days researching whether or not it's possible to avoid their ripoff exchange fees and couldn't find a solution.

They don't let you transfer USD to a USD account outside the US without applying the exchange fee.

If you sign up for a US bank account with a service like Payoneer they don't allow you to link that as a bank account, even if you create a US PayPal account.

Basically they're determined to charge their outrageous exchange fees if you want to use PayPal to accept payments in USD but live outside the US.

They can do this because it's pretty much a hidden fee and they're relying on the apathy and ignorance of customers.

Use another service such as Stripe or Payoneer wherever possible. Their exchange rates are less than half those of PayPal and they're transparent about the fees and even give advice on how to minimise them.

HTH,

Neil