withdraw USD from paypal to GBP in UK bank

mmoalem

Hi all - looking for advice of the best method of withdrawing USD from a USD payapl to my UK bank in GBP. I can do it directly but paypal's exchange rate seems quite bad to me so wondered if there is an indirect way that will result in more efficient conversion rate...
anyone with ideas?

glentoran99

Withdraw it in USD to a revolut card

mmoalem

thanks. have not heard of it before... reading through the website it is a bit sparce... do you know if i can load it from paypal or set it up as a verified bank account on paypal? and can I withdraw money from it to UK bank?

glentoran99

Sorry seems to cant withdraw it to the card, You can only load paypal from it

NoodleDoodleMan

I might be totally wrong, however I suspect PayPal will take their in house exchange rate commission from the $ sum in credit before allowing it to be transferred to a linked UK bank account.

bowlhead99

If you want to be able to do your own currency conversions using a currency broker or whatever, your first challenge is to get it into the banking system so you can wire it to your broker.

As I understood it, you can't load a UK paypal account with dollars - only with sterling which they could convert to dollars ; and if you have received some dollars you can't withdraw it to a UK dollar account, only a sterling account after they convert it.

If you had a Paypal US-resident account then you could fund and withdraw it in USD - but presumably only to a domestic USA bank account rather than a UK one...

mmoalem

thanks all
1st of all revolut is not a solution (and there seem to be no legit solution) as the issue is with paypal themselves
Basically you CAN have multi currency account with paypal. I have a UK personal account to which I added USD. You can get paid in USD into paypal which will be held as USD and I can pay online retailers abroad in USD from my USD account without any currency conversion taking place. BUT, as far as I gather, paypal will not allow you to withdraw into your bank in USD - only in GBP (if your linked bank is in the UK) - that the way the make their money I guess as their main niche is cross border personal and small scale trade through ebay and the like...
I can regidter my revolut card as a linked bank account with Paypal but they will only allow me to withdraw into it in GBP.

SO I figure that the only way to avoid the conversion will be to have a US paypal account linked to possibly an HSBC US account which - so I send the USD from my UK account to the US paypal account (as friend so not to incur charges) - than withdraw it into the HSBC US account than I think HSBC offer free tranfer between accounts so you move the money to UK account in USD and than you can possibly withdraw the USD into the revolut card account which than allow you to convert at interbank rate... very convoluted but am still after a simpler way... I dont even know if I can open a US paypal account or have to get a US resident to do it...