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multicurrency deposits are converted to Euro , Why?

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stratis63
Contributor
Posted on

I am based in EU.

However i do have USD bank accounts inUSA as well as in Greece  and GBP  bank accounts as well as in revolut. 

Neither GB or  USA are in EU

However when i try to send my GBP to my UK GBP account paypal is converting to EURO

the same applies when i try to send USD to my US accounts, 

Revolut is not recognised despite the fact that accepts multicurrency 

and Greek USD account is also converted to Euros despite the fact that the account is USD

 

Its sounds to me STONE age technology ? and not connected to any logic.

can someone advise 

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multicurrency deposits are converted to Euro , Why?

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sharpiemarker
Esteemed Advisor

@stratis63 

 

Because you have misunderstanding of how multi-currency work in PayPal.

 

The logic is that PayPal accounts are country specific and set up to always withdraw in local currency or “opening currency of your account” based on country you opened the PayPal account. It’s in the User agreement. See “Withdrawing money” section. Also in Greek.

 

The funding source (for example, bank account or card) into which you request the withdrawal must be denominated in the original opening currency of your account or another currency that PayPal supports for withdrawals in your country of residence.

 

You may only withdraw PayPal balance in the opening currency of your account, unless we agree otherwise. In order to withdraw PayPal balance held in another currency you will have to convert the currency to the opening currency of your account, or it will be converted for you at the time of your withdrawal. Our transaction exchange rate will be used.”

 

Some non-US countries PayPal account support link to US bank to withdraw $ because PayPal is US company and for US users who have US banks but live/work outside US. But every other currency need local PayPal account and local bank account. US banks is the only banks can link to non-US PayPal accounts.

 

For example, to withdraw in £, you need UK PayPal account linked to UK bank account. Not GR PayPal account link to UK bank. That is why Revolut UK bank £ currency not recognized in GR PayPal account which recognizes if £ is being withdrawn, ok convert to € on withdrawal because € is GR PayPal original opening currency. Then you ask, then why let you accept/hold £ or other currencies in your GR account? Because PayPal support holding and spending multiple currencies from your PayPal account. It’s been like this for 10+ years. People started to want withdraw foreign currencies and it is not for that purpose.

 

GR PayPal account supports withdrawals in € to local GR € bank and $ to US bank without conversion. To link US bank, you need a US bank account number and ABA Routing number. PayPal charges 3% fee to withdraw $ to US bank linked to non-US PayPal accounts.

If you linked US bank, check with who issued US bank to make sure it’s not an EU or UK IBAN/SWIFT US$ bank account. Need a “real” US based bank account with ABA routing number or code.

 

GR $ bank account do not work, it causes double conversion. PayPal converts $ to €, GR local $ bank converts € to $ = Double conversion.


Kudos & Solved are greatly appreciated. 🙂

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multicurrency deposits are converted to Euro , Why?

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Go to solution
sharpiemarker
Esteemed Advisor

@stratis63 

 

Because you have misunderstanding of how multi-currency work in PayPal.

 

The logic is that PayPal accounts are country specific and set up to always withdraw in local currency or “opening currency of your account” based on country you opened the PayPal account. It’s in the User agreement. See “Withdrawing money” section. Also in Greek.

 

The funding source (for example, bank account or card) into which you request the withdrawal must be denominated in the original opening currency of your account or another currency that PayPal supports for withdrawals in your country of residence.

 

You may only withdraw PayPal balance in the opening currency of your account, unless we agree otherwise. In order to withdraw PayPal balance held in another currency you will have to convert the currency to the opening currency of your account, or it will be converted for you at the time of your withdrawal. Our transaction exchange rate will be used.”

 

Some non-US countries PayPal account support link to US bank to withdraw $ because PayPal is US company and for US users who have US banks but live/work outside US. But every other currency need local PayPal account and local bank account. US banks is the only banks can link to non-US PayPal accounts.

 

For example, to withdraw in £, you need UK PayPal account linked to UK bank account. Not GR PayPal account link to UK bank. That is why Revolut UK bank £ currency not recognized in GR PayPal account which recognizes if £ is being withdrawn, ok convert to € on withdrawal because € is GR PayPal original opening currency. Then you ask, then why let you accept/hold £ or other currencies in your GR account? Because PayPal support holding and spending multiple currencies from your PayPal account. It’s been like this for 10+ years. People started to want withdraw foreign currencies and it is not for that purpose.

 

GR PayPal account supports withdrawals in € to local GR € bank and $ to US bank without conversion. To link US bank, you need a US bank account number and ABA Routing number. PayPal charges 3% fee to withdraw $ to US bank linked to non-US PayPal accounts.

If you linked US bank, check with who issued US bank to make sure it’s not an EU or UK IBAN/SWIFT US$ bank account. Need a “real” US based bank account with ABA routing number or code.

 

GR $ bank account do not work, it causes double conversion. PayPal converts $ to €, GR local $ bank converts € to $ = Double conversion.


Kudos & Solved are greatly appreciated. 🙂

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multicurrency deposits are converted to Euro , Why?

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stratis63
Contributor
Its tragic that you are soooo far from todaysneeds. Maybe that model worked 30years ago not any more. If you do not understand people simply will move away...

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