Transferring non local currency to Bank account
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When I transfer GBP from the Paypal account, there is a conversion fee to pay as the Paypal verified Bank account set up with Paypal in Singapore only takes SGD. The conversion rates are not very good at all and I am trying to avoid this extra charge for simply getting my own money back.
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Hi there tuts,
It is clear- welcome to the community & thanks for posting!
First, as this is a UK community forum I can only really comment from a UK perspective so you may need to call or email the customer support team dedicated for Singapore to be 100%, you can do this by clicking on 'Contact Us' or 'Email Us' at the bottom of your PayPal account or trying +6565 1046 50.
So, from my knowledge PayPal is country specific in the sense that you can only withdraw in your local currency so in this case in Singapore Dollars or USD if you have a USD bank account. There is no way for you to withdraw to a Singapore bank account in GBP even if you have it denominated in GBP with your bank.
If you wish to make payments however from a card that is linked to this bank account you can add the card and email PayPal customer service with the last 4 digits of the card and request that we change the currency so you are charged directly in GBP.
So... just to clarify, there is no way for you to withdraw in GBP to this Singapore bank account even if it accepts GBP currency & you cannot add a UK bank account. You can add a Singapore or US bank account only to complete withdrawals.
FYI- If you reside between both countries you can have both a UK & Singapore PayPal account.
Sorry this is not the answer you were hoping for but I hope this clarifies things.
Siobhán
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Hi Siobhan
Thanks for reply
Looks like I was being too optimistic thinking it would be relatively simple not to have to pay Paypal an extra few percent!
With reference to my original question, do you have any tips to allow me to lessen the amount paid to Paypal
I lose 3.4% initially anyway simply by taking credit/debit card payments via Paypal and then get charged a further 2%+ for having British Pounds changed into Singapore Dollars.
Maybe there is a cheaper way of taking card payments that allow me to keep more of what I collect?
Any advice appreciated.
Hopefully I will read any reply you might leave before I go on holiday - back on 24th June
Cheers
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I am having the same problem. I am in Singapore and I want to withdraw in USD to my bank, but PayPal customer service is useless as always.
If I withdraw in SGD, then PayPal automatically converts to SGD and take their fees and conversion commision. This equates to over 100 dollars on a withfraw of 2500 USD.
This is known colloquially as the "PayPal conversion scam it seems.
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