AUS Business Account transferring money to GBP Bank Account

[mjb2023]

Hello,

I'm trying to 'transfer money' from my paypal balance to a UK bank account. 

I have received money from clients in GBP, however I think my account was originally registered in Australia as that is my nationality and where my business name is registered and it's only giving me the option to transfer to an Australian bank account.

Is there anyway to either: 

A) Change my account to United Kingdom instead of Australia since I'm living here, or

B) Transfer money into a GBP Account 

I'm trying to avoid transferring this money from GBP (which is what I'm being paid in, so that is the currency my money is sitting in inside Paypal), to AUD (to transfer it), then back to GBP (as that is where I am living and will be spending the money in. 

It seems excessive and surely not my only option.

Thank you for your insight and help.

[kernowlass]

@mjb2023 

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

You should really withdraw any funds / resolve issues / remove cards and bank accounts / cancel any subscriptions and close the old Paypal account before you move countries. If you don't then you may have problems doing so once you have moved and may need to contact customer services for help to resolve things.

However if you open a UK account with another email address and information you could then try 'sending' the balance to your UK account in the correct currency, make sure you mark that currency as primary and select your balance when you send the funds. 

Then its best you close down the Aussie account if you are not going back there. You are allowed 2 paypal accounts but only if x1 is personal and the other x1 is a business account.

[sharpiemarker]

@mjb2023 

Nope, as per the user agreement:

”If you hold a PayPal balance:

you may only withdraw it in Australian dollars, or US dollars (only when you withdraw the US dollars into your US bank account linked to your PayPal account). In order to withdraw balance held in another currency you will have to convert the currency to Australian dollars, or it will be converted for you at the time of your withdrawal. PayPal's currency conversion rate, including our currency conversion fees, will be used.

You are responsible for all risks associated with maintaining multiple currencies in a PayPal account. You may not manage or convert currencies for speculative trading purposes, conversion arbitrage, conversion options, or any other activity that PayPal determines is primarily for the purpose of gaining or making money based on currency conversion rates. PayPal may hold, cancel, or reverse any transaction we determine to violate this policy.”

PayPal make their money from currency conversion fees, too.

To avoid currency conversions in general, only accept payments in your PayPal account’s local currency and let the customers deal with choosing who does the currency conversion for them to get the best exchange rate on their end during checkout, PayPal or their card issuer.

PayPal accounts are country specific, before moving abroad, it’s typically recommended to close your account to set up account in new country of residence upon arrival (unless you are maintaining multiple residences). To change account different country, close out your AU PayPal account. Register your business in the UK, open a UK PayPal business account.