Can't transfer in US dollar, Paypal automatically converting to Euro

[mso365]

Hi,

I have a short question: I've added a US dollar bank account (in a Bulgarian bank), but when I want to transfer money on that account Paypal automatically converts USD to Euro, instead of keeping the original currency.

This bank account has been created in purpose so I could transfer directly my USD without exchange rates applied during the transfer.

Can someone advise, please? Why is it that way and how to disable this automatic conversion?

Cheers

[sharpiemarker · Accepted solution]

@mso365 

Using a USD Bulgarian bank account won't work, only US bank account. Otherwise, PayPal will always convert transfer to local currency. The powers that be closed that loophole up as each country has rules about this to protect their currency and PayPal has obligations to comply in order to do business in various countries it does business in.

[mso365]

@sharpiemarker Thank you for this reply.

All the information I needed 😉

Wish you a nice day,

Cheers

[rhhs]

That Paypal automatically converts into local currency is not true. I'm a resident of Bulgaria too, its local currency is BGN, not EUR (although it's pegged to the EUR). I'm trying to transfer payments I received in USD to my bank account in the UK that can accept multiple currencies, but it still gets converted to EUR. I changed my primary account currency from EUR to USD, and removed EUR from my Paypal currencies, but this doesn't help. The only reason I can imagine why Paypal still insist on converting to EUR is that it remembers that EUR was my primary currency when I opened my Paypal account.

[PayPal_Siobhan2]

Hi rhhs, 

Thank you for contacting the PayPal Community Forum and welcome as a new member!

Money withdrawn from any foreign currency balance(s) in your PayPal account to a UK bank account will be automatically converted to British Pounds. The conversion will be based on our currency exchange rate at the time you begin the withdrawal. The exchange rate will be shown to you on the 'Withdraw Funds Confirmation' page.

- Siobhan 

[rhhs]

Sorry Siobhan, but you're wrong in my case. My UK account is with Revolut, its IBAN starts with GB, but the transfer gets exchanged to EUR which is neither my own local currency, my Paypal account's currency nor my bank's.

I think that when Paypal claims that bank transfers are free, it should offer to make that transfer without compulsory currency exchange which is not free. The customer should have the choice to use either Paypal's exchange rate or the receiving bank's rate. If not, the claim that bank transfers are free is a lie.