Verify an USD Account in UK

[Max1980]

Hello,

am located in UK, London. I have been opening an USD current account (with an UK Bank) to keep my USD payments I get via Paypal in USD.

I have been adding my London bank account (USD bank account!) to Paypal. And now I want to verify the bank account. I do get the message: "Click Continue to complete setup of bank funding. PayPal will make two small deposits (less than £1.00) to your bank account. Confirming these amounts ensures that you own this bank account."

So the problem ist Paypal wants to verify with GBP, but that won't work with my USD bank account!!!

How can I now verify my USD current account (with an UK Bank)?

[Richardcross]

Hi, 

I'm having this same problem. 

I have a UK based US Dollar account with a British Bank.  

Can you please now let me know what I need to to do get this account linked and functioning correctly so that I can: 

1) Transfer my PayPal balance to my HSBC USD account 

2) Make payments to other people (in USD and in other currencies) using my PayPal account

They keep on trying to send me the deposits to generate the code to confirm my account - yet I never receive them. 

I've been backwards and forwards to customer services for weeks trying to sort this - each time I get a different answer. 

Can somebody please give me a simple answer... Can I use a UK based USD account for bank funding with a UK based PayPal account - its a simple question - I get a different answer from PayPal everyday! 

[jaaroo79]

I'm totally sick of this too - it's been like this for years! I have UK domiciled USD account and I need to move USD funds in & out of Paypal into my USD account - WITHOUT THEIR STUPID RIP-OFF conversion rates!!!

PayPal is totally incompetent and they DONT want to enable this because they make HUGE profits everytime you convert currency - for example: if you have $5,000 to transfer into your USD account then Paypal (stupidly!) converts it into GBP and then your bank converts it back from GBP into USD again - that's double RIP-OFF. 

I noticed when GBPUSD rate was 1.21 Paypal offered 1.25, so $5000 would turn into £4,000 (instead of £4,132) = Paypal made £132 on this conversion. Worse yet your bank will use just as bad rate converting it back which means (at around 1.17) your £4,000 is turned into $4,680 so you just lost total over $300 on this.

Anyways there are now more providers coming to the market cutting Paypal's ridiculous FX margins from 3 or 4% to 0.0something or almost no FX spread at all, so either Paypal changes their greedy policy or competition will completely annihilate them.

I know of the card provider I linked my GBP, EUR and USD accounts (all in UK banks) and send the relevant currency to my card and it stays UNCAHNGED and if I want to exchange it I get FX done at 0% margin a send myself the other currency back. Now that's the future!