Paypal - transfer of funds - Please help.

elvina16

I work for a company who will only pay into Paypal and only in USD.  My Paypal account is in the UK.  I want to keep my money in USD and move it either to a virtual bank like Revolut or Wise to avoid the crazy fees and exchange rates that Paypal give.  I have tried moving the money, in USD, to a Revolut card, Revolut bank account, Wise card and Wise bank account but Paypal keeps insisting that the only way that I can transfer my money is to transfer it into a UK account in GBP, they wont let me move it in USD.   I have been told that they can do this by other people outside Paypal but Paypal keep saying no.  I have also been told that by refusing to do this they are in breach of SEPA regulations.  Can anyone please give me advice on how I can get my money in USD?   Thank you.

masonic

SEPA regulations do not apply to payments that are not in EUR. https://www.fca.org.uk/firms/credit-transfers-direct-debits-euro-sepa

Neither do they apply to payments not involving an IBAN, and do not require a PSP to support transfers using an IBAN.

Paypal UK's terms did not, the last time, I checked require them to support payments to foreign currency bank accounts. Have you found anything different?

Have you considered negotiating with the company you work for to have them cover the additional costs associated with their mandated payment method?

GrubbyGirl_2

Are you living in the UK or USA?  If you're in the UK are you trying to hide your income from abroad to avoid paying tax?  I believe revolut has a multi currency current account but it won't stop you having to pay tax on foreign income

masonic

I don't think there is any suggestion of impropriety, and I am sure the OP would be declaring the income to HMRC. It is not uncommon in the gig economy for companies to pay workers using things like PayPal, and they may not be flexible on this for workers outside the US.

elvina16

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

friolento

Have you tried email transfer to Wise?

grumbler

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

Can't you have a Paypal in the currency 'where you live'?

born_again

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

So where do you live then?
Would have been helpful to have said this at the start.. As people are taking it that you are in the UK.
Now it could be a issue of holding a UK PP acc & not living in the UK..

elvina16

born_again said:

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

So where do you live then?
Would have been helpful to have said this at the start.. As people are taking it that you are in the UK.
Now it could be a issue of holding a UK PP acc & not living in the UK..

Thanks.  No that isnt the problem.  Paypal are saying that whatever country I live in they will always change the funds into the local currency regardless of what currency my bank account or card is in.  For example if I live in Europe they will insist on changing it to Euros and so on. 

elvina16

grumbler said:

elvina16 said:

Hi     No I am not trying to avoid paying tax.  I declare it.  The company that I work for is based in the USA and will only pay via Paypal and only in USD.  If I convert my USD to GBP and then into the currency where I live I will be paying two lots of conversion fees and as I have a USD Revolut card I would rather put my money straight onto that and then pay one set of fees.  Thanks

Can't you have a Paypal in the currency 'where you live'?

The same problem arises.  They insist on changing the funds into the local currency even if you dont want them in the local currency and for that they make a big charge.

elvina16

friolento said:

Have you tried email transfer to Wise?

Hi     Thanks no I havent but I have tried lots of other ways and however I try to move the money they insist on changing it to GBP as its in a Paypal UK account.