Money Transfer

gwbg2585
Contributor
Contributor

I am an English man living in Bulgaria and have a paypal GBP business account. I want to transfer funds to my UK GBP bank account but I only have the option to transfer in euros, something I was not made aware of until I tried to make the transfer!

 

Obviously, this is far from an ideal situation as I will not only incur extra costs from paypal to convert funds from GBP to euros but I will also incur additional costs from my UK Bank to convert back to GBP.

 

I'm hoping that there is more to it than merely "it's your location, I'm afraid" for this ridiculous situation, as I fail to justify that as sufficient reason to incur additional multiple costs for what should be, in my simple mind, a straight forward GBP to GBP transfer.

 

I look forward to hearing from whoever is able to reply...

 

Thank you

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3 REPLIES 3

kernowlass
Esteemed Advisor
Esteemed Advisor

@gwbg2585 

 

You have a Bulgarian business account so you can't withdraw funds to a UK bank account.

Paypal is country specific so you have to open a paypal account in the country you reside in and add an address / phone number / bank accounts / cards from within that country.





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Kudos / Solution appreciated.
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gwbg2585
Contributor
Contributor

Thank you for your reply.

 

While I appreciate the whole Bulgarian business / UK bank account limitations for new accounts / transfers etc, the UK bank account, including my UK debit card associated with that account,  that I am wanting to transfer the funds to is linked to my Bulgarian paypal account, and has been for several years. In fact, any and all paypal purchases are processed through this very same UK bank account.

 

So what I am actually attempting to do is transfer available paypal funds into my linked bank account, both of which are in GBP.

 

The biggest frustration of course is that if, while producing my very detailed and accurate spreadsheet of all additional costs to process these transactions, the notification of "all money transfers will be in Euros due to your location" I could have adjusted my prices accordingly.

 

As it's transpired, I now have multiple hits to my projected margin, including two manipulated currency exchange rates.

 

As you can no doubt appreciate, this is more than a little annoying

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Mservisas
New Community Member

Did you found solution ? I have same problem. I think best way to create second account, but or not ovoid paypal rules ? 

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