Add bank account in different currency

[szemian]

Hi, I have a Paypal account in Italy, and I wish to transfer my usd in Paypal to my wise account in usd.

When adding bank account to my paypal account, there is no option to change the currency. If I try to add my wise deibt card card, I have the option to change the currency.

Why there is this restriction?

Thank you.

[kernowlass]

@szemian 

Firstly Paypal does not support Wise / Payoneer (or any other virtual banks).
Whilst you can sometimes add an account it wouldn't work properly and Paypal advise you against trying.
If you do succeed then Paypal wouldn't be responsible for any missing funds to or from that virtual / digital bank account.

Secondly withdrawals to bank accounts are always in local currency.

 

[szemian]

@kernowless

Thanks for your advice. I am surprised to know that Paypal doesn't support Wise/Payoneer, because Paypal itself is virtual. I did manage to add Wise as my bank account but I don't remember Paypal showing any warning.

I wish to transfer to Wise only because Paypal does not have a debit card in Italy, When I tried to apply for the card, the website stated that the service would cease in June 2024 and wouldn't be issuing any new debit card). So my only option is to transfer to my local italian bank which I have a card if I wish to use the money for non-online payment.

If I need to spend in another currency other than the euro, I will be losing two conversion rates + service charges (first from USD to euros, then from euros to the third currency). Paypal currency conversion and service charges are not low, and so are most traditional brick-and-mortar banks.

If someone else has another workaround, kindly advise. Thank you.

[kernowlass]

@szemian 

Read the confirmation of what I have said on these links.

https://www.paypal-community.com/t5/Transactions-Archives/Withdraw-money-from-TransferWise-account/m...

Scroll down past my post on this one to the moderators post.

https://www.paypal-community.com/t5/Wallet-Archives/my-card-cannot-link/m-p/2877985#M15084

[szemian]

@kernowlass 

Thanks for the heads up. I managed to add both wise bank account and card to Paypal but haven't tried to transfer besides the initial PayPal test transfers. Those posts you have given are a bit old, but I prefer not to risk it.

Guess I just have to stop using Paypal to receive US dollars and finished using the current balance for online shopping.

[kernowlass]

@szemian 

Yes they are old but have been confirmed as correct by the moderators on a regular basis. 

Up to you if you want to risk it or not but be careful.