Receiving dollars

Doraemon007
Contributor
Contributor
If I receive dollars will PayPal transfer equivalent amount to bank automatically? Can I hold dollars as PayPal balance for future payments? Do i need to set dollars as primary currency? Can you mention fees for payments in sites and receiving? Please answer in detail.
Login to Me Too
1 ACCEPTED SOLUTION

Accepted Solutions
Solved

TonyTam
Contributor
Contributor

When you recieve dollars it will be on your PayPal balance, not bank.

If you have USD account currently on your PayPal account it will go smoothly. Check your "Settings" first. A wheel button next to "Log Out".

 

Go to "Seller Tolls", and you will "Payment receiving preferences" at the bottom of the page.

Click Update next to it.

 

Choose "Yes, accept payment and create new holding balance in that currency" in the menu option.

 

That's it.

 

View solution in original post

Login to Me Too
8 REPLIES 8
Solved

TonyTam
Contributor
Contributor

When you recieve dollars it will be on your PayPal balance, not bank.

If you have USD account currently on your PayPal account it will go smoothly. Check your "Settings" first. A wheel button next to "Log Out".

 

Go to "Seller Tolls", and you will "Payment receiving preferences" at the bottom of the page.

Click Update next to it.

 

Choose "Yes, accept payment and create new holding balance in that currency" in the menu option.

 

That's it.

 

Login to Me Too

Doraemon007
Contributor
Contributor
Thanks for your reply. Can you tell me how much PayPal will charge me from my balance when I will use PayPal's gateway on other sites? Or it will charge the recipient?
Login to Me Too

TonyTam
Contributor
Contributor

If you buy something anywhere (that means you use buyer protection program) as a buyer you pay no additional fees.

Fees for that payment will be on the seller side (recipient) out from the amount of payment.

Fees amount depend on the countries of buyer and seller. The maximum cross-border fee is 5.4% + 0.30 USD. Average is about 4.3% + $0.30

 

Same for donations on websites. The fee is a bit lower for recipient in this case. About 3.9% + $0.30 or something.

 

If you send somebody money as privete person to private person from whithin paypal account, the sender side will pay fees which are a bit lower for that case. About 3.4% + $0.30.

Recipient will get the full amount of that.

Login to Me Too

Doraemon007
Contributor
Contributor
Hello brother, Suppose, I need to pay 497 euro on a site. So, in that case how much money should I keep in my PayPal account? I set USD as my primary currency. Can you please do the calculation for me? I'm not understanding correctly.
Login to Me Too

kernowlass
Esteemed Advisor
Esteemed Advisor

@Doraemon007 

@TonyTam 

 

The answer given may not be correct if you do not say which country you are in?


Advice is voluntary.
Kudos / Solution appreciated.
Login to Me Too

Doraemon007
Contributor
Contributor
India. And recipient is from Netherlands Can you tell me how much dollars I need to hold as my PayPal balance to pay successfully on the site? Purchase price - 497 euro I don't want to use card or bank. I will receive dollars from my friends
Login to Me Too

TonyTam
Contributor
Contributor

It depends on the EUR-USD exchange rate on that day.

Suppose it at 1.185 plus 3% fee on PayPal currency conversion rate from Balance. (4% from Credit Card)

That is 497 * 1.185 = $589 + 3% = about $607

Very rude calculation.

To be sure suppose $610 or a bit more. This is estimated calculation only!

 

Recipient side will be deducted fee 5.4% + 0.35EUR (maximum fee on PayPal cross-border transaction) if you pay on commercial site as buyer.

As a buyer you pay no fees, the seller side will be deducted that fee in EUR.

 

If you send money as personal non-commercial payment and not covered by buyer proctecion program that will be 3.4% + $0.30 for you.

Login to Me Too

kernowlass
Esteemed Advisor
Esteemed Advisor

@Doraemon007 

@TonyTam 

 

In that case the advice you have been given is incorrect as you have auto withdrawal of funds in your country. So funds will not stay in your paypal balance.

 

Firstly......to receive Paypal payments in India read the below link.
https://www.paypal.com/in/smarthelp/article/how-do-i-receive-paypal-payments-faq1750?app=searchAutoC...
https://www.techtopic.net/steps-to-verify-indian-paypal-account/

Also read this link.
https://www.ndtv.com/business/paypal-the-san-jose-california-based-company-to-shut-domestic-payments...

 

Secondly regarding withdrawal of funds read this link...

https://www.paypal.com/in/smarthelp/article/how-do-i-withdraw-funds-from-my-paypal-account-faq1189?a...

 

As for currency conversion, that varies on a daily basis so go to your paypal wallet and put in what you want to receive or send and see what the rate is.

 

Fees are...

 https://www.paypal.com/in/smarthelp/article/what-are-the-fees-for-paypal-accounts-faq690?app=searchA...

 


Advice is voluntary.
Kudos / Solution appreciated.
Login to Me Too

Haven't Found your Answer?

It happens. Hit the "Login to Ask the community" button to create a question for the PayPal community.