Noticed some changes? You can read all about the improvements we've made on the Forum in our latest announcement. We also have a new set of Forum rules so please take the time to give them a read and familiarise yourself.
How best to withdraw $US balance from UK Paypal account avoiding fees? Already tried TransferWise...
in Budgeting & Bank Accounts
10 replies 241 views
My wife has been doing some work for a company who pays her into her Paypal account in $US. This part of the equation can't be changed, so don't ask! When trying to withdraw the $ to her UK bank account, Paypal offers a very poor conversion rate, way below the standard exchange rate, so she loses a hefty chunk of what she's earned. She has a TransferWise borderless account, and she's managed to add the US bank account details to Paypal (that in itself was a challenge, Paypal don't make it easy!). The idea being she could withdraw the $ balance to her TransferWise $ account, and then convert the balance to £ back in TransferWise at the proper rate. However, even though the Paypal withdrawal is technically $ to $, they still want to charge a 3% fee because her Paypal account is registered in the UK and it is considered an international transaction (go figure). We thought about using her Revolut card but Revolut don't have US bank credentials, and even if they did we'd still have the same issue as with the TransferWise account. So, does anyone have any workarounds as to how best to withdraw this $US balance to her UK bank account avoiding fees / bad exchange rates? Thanks for reading this far, and thanks in advance!